| When debt levels reach extreme sizes relative to income, governments are left with a limited set of choices. They can cut spending, raise taxes, restructure the debt, or print money. History shows that most systems end up relying heavily on the last option, but printing money doesn’t eliminate the problem–it just shifts how the debt cycle plays out. Understanding this dynamic is key to understanding the economic environment we’re in. |
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Tags: Featured,newsletter,Ray Dalio
