George Hall on the History of the U.S. National Debt and Government Financing
Macro Musings with David Beckworth
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How to Turn Bonds Into State Contingent Contracts
In both models, you don't want to tax finance large at sudden expenditures. The key insight then is who's bearing most of the burden? Taxpayers are bondholders. And if we honor our commitments to deliver high returns during this war, we can go back in the next war and deliver high returns.
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