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Worldwide Debt Spiral with James Lavish (WiM294)
The "What is Money?" Show
The Debt Spiral
The three choices to address a debt crisis are austerity, raising taxes, or issuing more debt. Austerity is political suicide, raising taxes only slows productivity, and issuing more debt leads to higher interest payments. As the old debt is replaced with new debt at higher interest rates, the expenses increase every year. This endless cycle of issuing more debt at higher interest rates is called the debt spiral, and it is impossible to escape.
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