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"...And MTG threw a tantrum on the way out. Win-win"
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this post was submitted on 30 Sep 2023
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Absolutely correct. And for more detail on how non-fiat economies work and why the deficit is essentially a fiction to keep bond markets functioning, I recommend reading "The Deficit Myth" by Stephanie Kelton. This also explains why the EU will never rival the US (TLDR: EU member states are not able to control their individual monetary policies).