That some sort of global institutional mechanism of sovereign debt restructuring is necessary has been obvious, particularly since the Never Ending Greek Debt-Slavery Saga. --PT
Verily. Greeks need their own currency.
Some nations might be better off not borrowing, but rather having their own central banks finance government outlays.
Yes, this might lead to some inflation. But some inflation is better than debt peonage.
Inflation has become The Macro Boogyman. But many nations have higher real growth rates with moderate inflation, than they have had when holding inflation under 2% (the central bank nirvana zone).
That some sort of global institutional mechanism of sovereign debt restructuring is necessary has been obvious, particularly since the Never Ending Greek Debt-Slavery Saga. --PT
Verily. Greeks need their own currency.
Some nations might be better off not borrowing, but rather having their own central banks finance government outlays.
Yes, this might lead to some inflation. But some inflation is better than debt peonage.
Inflation has become The Macro Boogyman. But many nations have higher real growth rates with moderate inflation, than they have had when holding inflation under 2% (the central bank nirvana zone).
Sorry if I am off topic, but if you have not read this yet, then you should:
https://www.theatlantic.com/magazine/archive/2021/07/george-packer-four-americas/619012/