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mwilbert.bsky.social
did:plc:metteb47if6pwuc4lfqbt27t
First, see Krugman's Wile E Coyote piece.
Second, while there would be bad effects, interest costs are not necessarily one of them--they could move all the borrowing to the short end, or have the Fed buy the long end. This is actually a way to fix the debt problem, but the cost is inflation.
2025-08-29T13:05:41.305Z