George Hall on the History of the U.S. National Debt and Government Financing
Macro Musings with David Beckworth
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The History of the US
John Avlon: Would we have been able to win the Revolutionary War? Had we not relied on that money financing? Great counterfactual. In the end, we issued a lot of paper and we then defaulted completely on that. We ran a hyperinflation and ultimately defaulted explicitly on our money holding. But then we even after the hyperinflation, we still had three more years of the war to fight. And we really, we had to resort to expropriation.
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