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The Liquidation of Government Debt | The Lyn Alden Series | Episode 1 (WiM187)
The "What is Money?" Show
Debt to GDP - Is There a Debt Reduction Channel?
When debts g t p hit certain levels, there's only a select number of ways out of it. These include economic growth or substantive fiscal adjustment and slash austerity plans. But options four and five are viable only for domestic currency debts. If the debts denominated in currency, you can just print more of the currency to pay it. You're not technically defaulting, but you're sort of implicitly defaulting. And that you're paying back de valued currency. The evidence is not particularly encouraging as high levels of debt appear to be associated with lower growth. So there's a bit of a pernicious thing here, where you need economic growth to get you out of this debt to g
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