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BloombergOpinion/Niall Ferguson
“After the disease, the debt. After the plague, the pile of IOUs. It is a veritable mountain — a reminder that the original public debt in medieval Venice went by the name monte.”
USAGOLD note: The federal government’s appetite for debt has left the country teetering on the edge of a very large hole. Historian Niall Ferguson concludes that the best option for dealing with the debt, and the one taken by most governments, is to print money – “the much less painful path.” His exploration of what this mountain of debt might mean to the future of the U.S. economy is worth the time spent at the link above.
Sources: St. Louis Federal Reserve [FRED], U.S. Department of the Treasury Fiscal Service
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Repost from 12-15-2020
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