Category: Debt
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Money and the Making of America: The Secret Second Revolution
Happy (almost) Independence Day! We all know the Fourth of July as the date upon which the Founders signed the Declaration of Independence, the official beginning of the United States of America.[1] History books emphasize the surprising fact that a ragtag band of British colonies gained independence from the British…
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Does The Debt Crisis Mean Inflation?
A debt crisis is building in the US, and there is nothing that can be done to stop it. However, there are alternatives for dealing with it. We explain the alternatives, and why we think inflation, over the medium to long run, is almost guaranteed. The Oxford English Dictionary defines crisis as…
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US Debt Downgraded! Does It Matter?
At the end of July, 2023, the financial rating agency Fitch announced that it was downgrading the sovereign debt of the United States. The stock market tumbled. The bond market tumbled. Talking heads talked. But what does the downgrade really mean? “Sovereign Debt Cannot Default”In the aftermath of the Fitch announcement, many pundits…