“I don’t think there’s ever been a moment when the trajectory looks nearly as ominous as it does now.” So says economist Larry Summers, speaking about federal finances. The feds have got into the habit of spending money they don’t have and never will get. Team Biden added $1trn to US debt in just five weeks. Team Trump before them did more
Having a Minsky moment
Jul 21, 2023
2 minutes
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