Most of us understand governments are spending money they don’t have. This is accomplished through two mechanisms: selling bonds, which must be paid back with interest, and during the final phase, by printing money from thin air.

While governments have been doing this for centuries, there isn’t one example of this ending well. It always ends badly, either all at once by outright default, or bit by bit through ever increasing inflation.

There are of course social consequences like tyranny, revolution and civil war. Read more…



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