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  1. December 12, 2013 at 3:05 pm

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  2. December 12, 2013 at 3:18 pm

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    • F. Beard
      December 12, 2013 at 3:44 pm

      This isn't meant to excuse deficits, youtube

      Deficits by the monetary sovereign should be beats studio titanium 2 selenide the norm, not the exception. Otoh, fiat should only be legal tender* for government debts, not private ones. That should optimize the fiat creation rate since if the monetary beats studio titanium 2 selenide sovereign overspends relative to taxation and the real beats studio yankee yearbooks growth rate then only the monetary sovereign and its payees should suffer; i.e. the stealth inflation tax is abolished. beats studio yankee yearbooks

      *But voluntarily useable for private debts too.

  3. December 12, 2013 at 3:22 pm

    I put the "not" in the wrong place. I meant to say that a deficit in the public sector is defined as "going into debt" while a deficit in the household sector is defined as "not paying debt obligations when the payments come due" .

  4. F. Beard
    December 12, 2013 at 3:23 pm

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  5. December 14, 2013 at 7:03 pm

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  6. December 20, 2013 at 1:27 am

    Awesome article!

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