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This is unprecedented. It breaks the pattern of running it up in war and paying it down in peace. And it's worse than that because of modern monetary theory. Here's where my friend Stephanie Kelton comes in. She says, what's the problem? We don't actually need to borrow any money. All you have to do, you want to buy 10 F-35 jets, give the Fed wire instructions to Lockheed. This is far than the money. What's this business up? You know, issuing debt and having underwriters and primary dealers and treasury gets the money,. They deposit the Fed and they pay Lockheed. Just cut out all the middlemen. I disagree with every word
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