The fact that the field of economics can't agree on foundational questions ("what is money") and sound like innumerate idiots when they venture into epidemiology makes me think this entire branch of social science is a scam. But I want to believe. Show me!
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Over the long term, a few different things can happen: 1) People might decide they just have enough US sovereign debt and stop buying it 2) People might adjust their idea of how risky long bonds are Either has the effect of increasing effective interest rates.
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Some people don't think this is bad, that's a defensible position! But you would generally like for the government not to spend too much of its current income (tax revenue, mostly) paying interest on outstanding bonds.
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I feel like the Modern Monetary Theory folks are the only economists making a lick of sense
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It depends what you do with the deficit: If invested in something that increases productivity: A limitless amount will have positive consequences. If you spend it mailing everyone a billion dollars, you'll get inflation.
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Sounds like an empirical question to me ;^)
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First about the connection: I would say: I have some servers that have gone down under sustained load. I also have a different server over here. It has never been overloaded. I’m confident it could be, but don’t know how many requests it would take.
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Naturally, what this means is we need a QA copy of the US economy to load test.
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For what can happen when a powerful, dominant nation goes bankrupt, see the French Revolution.
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