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it will always fail.
people, logically, view governments fiscal situations as analagous to their own. “live within your means” makes sense to them for governments… except two things
1. gov’t spending directly impacts government income
2. economies need currency creation due to sectoral balances (UK has a current account deficit) and due to the tendency of people to save.
To the penny, savings of US citizens = government deficit – US current account deficit. If the US government balanced its budget, it forces a negative savings rate upon its citizens, PERIOD. Economic calamity HAS ALWAYS AND WILL ALWAYS ensue.
The real beauty of this worldwide catastrophe will be NOT that we return to a gold standard, but that the whole world winds up on true self-issued fiat currencies, and MMT will probably rise to the forefront of economic theory as everybody else repeatedly torpedoes themselves with silly predictions.
Got to hand it to you Checklist, really dropping some knowledge today.
Well done.