The bond market thinks the U.S. government won't run a permanently massively larger budget deficit. Current interest rates: Endogenous to future fiscal policy. [A theme of Chapter 2 of 10% Less Democracy] [Also: Nobelist Thomas Sargent is still wildly underappreciated]https://twitter.com/mattyglesias/status/1169016809854558212 …
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People can have knowledge or liquidity. Later wins all the time
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