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Discussion and Debate
Discussion and Debate
Politics
General Political Discussion
Economic Impact of Debt.
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<blockquote data-quote="Richard T" data-source="post: 77525043" data-attributes="member: 408298"><p>They will print rather than default though this printing will fall short of MMT theorists expectations, which are incorrect. VP Cheney was incorrect too in saying "deficits do not matter." For a single year that is right but piled up it can lead to collapse. Still, Treasuries are the surest thing for now. I suppose the Swiss franc and a few other small nations would be better, but the reserve currency needs high volumes that these cannot provide. It is likely the Bric nations challenge will fail, leaving the dollar or the IMF SDR as the only potential means. China is on the ropes too by the way. <a href="https://www.lemonde.fr/en/economy/article/2023/08/20/china-s-unprecedented-economic-crisis-worries-the-rest-of-the-world_6099473_19.html" target="_blank">China's unprecedented economic crisis worries the rest of the world</a> What makes this interesting is that if all the currencies are equally bad the status quo will remain very slow to change. Only gold and hard assets will outperform.</p></blockquote><p></p>
[QUOTE="Richard T, post: 77525043, member: 408298"] They will print rather than default though this printing will fall short of MMT theorists expectations, which are incorrect. VP Cheney was incorrect too in saying "deficits do not matter." For a single year that is right but piled up it can lead to collapse. Still, Treasuries are the surest thing for now. I suppose the Swiss franc and a few other small nations would be better, but the reserve currency needs high volumes that these cannot provide. It is likely the Bric nations challenge will fail, leaving the dollar or the IMF SDR as the only potential means. China is on the ropes too by the way. [URL="https://www.lemonde.fr/en/economy/article/2023/08/20/china-s-unprecedented-economic-crisis-worries-the-rest-of-the-world_6099473_19.html"]China's unprecedented economic crisis worries the rest of the world[/URL] What makes this interesting is that if all the currencies are equally bad the status quo will remain very slow to change. Only gold and hard assets will outperform. [/QUOTE]
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