Exit Bond Vigilantes, Enter Crypto
Alongside expansionary monetary policy, government efforts to beat back the effects of the coronavirus––more aptly, the effects of fear mongering and knee-jerk policy responses––in 2020 included the largest issuance of US Treasury debt in decades. Measured on the basis of debt-to-GDP ratios, the last time that Western countries were as fiscally profligate was during and just after World War II.
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