They can buy treasuries from either two sources.

The public agency with the greatest expertise on Earth is of course the treasury that is, the British Treasury.

There is the United States government.

But if the Fed wants to inject more cash, it can now buy different types of securities.

This is the other context.

T bill if it's a shorter duration,

Treasury bond if it's a longer duration.

This is a Treasury bond.

That's why it's called open market operations.

This is an example here

It's not accurate, but just gives you an idea.

It went for 20 billion pounds through auction.

The Ministry of Finance is the next tower over.

And I'm doing this just to show you a point

And maybe it also does some longer term treasury securities, or whatever else.

So this right here is a Treasury bond or bill.

I'll draw it as a dollar bill, right over there they hand the U.S. Treasury money, and then the U.S. Treasury gives them an IOU.

Okay? We want to try to recalculate.

So let me draw them over here.

They are going to issue Treasury bills, when they essentially just need to borrow money.

And then that's led to a decrease in prices.

And then at some future date, the U.S. Treasury is going to pay them a larger amount of money than they put back in.

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If the British Treasury can be out by a factor of 10, think what the ministry of finance in Sierra Leone is going to be like.

I traveled to the Gaza Strip.

So whenever they get this money into circulation they do go out there and they do buy assets usually treasury assets, and then they say even, Indeed, although the bank of Japan's policy, so he's comparing relative to what Japan did when they kind of faced deflationary crisis.

And I made a Freedom of Information application in May this year to the Ministry of Finance.

10 million, in negotiable US Treasury certificates, coupons attached.

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And yet what we are doing about?

It can buy Treasury securities, so instead of short term Treasury securities, maybe it could be longer term Treasury securities.

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This difference between this AAA corporate debt and the treasury, that is the yield spread.

The general hospital right next door emerged largely unscathed.

I work in the State Department.

I have a whole video on this, especially the ones where I talk about the yield curve.

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They don't shy away from infrastructure.

We inspected government buildings.

And I decided to take some time out from work.

One o'clock sharp, lunch with foreign ministry.

And Jack Benny is treasury secretary.