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The Return of Arthur Hayes, Original Crypto King
Raoul Pal: The Journey Man
Real Interest Rates and Government Debt in Global Economies
Real interest rates in major economies are negative, calculated as 10-year government bond rate minus nominal GDP, reflecting high government spending and debt issuance. GDP growth in countries like China can be manipulated through government spending, leading to a cycle of borrowing money cheaper than the growth rate generated. The GDP serves as a pivotal variable for governments to pay interest on debt, enabling continuous debt issuance despite rising debt levels.
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