National Debt Master Class Part One
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In part one of this three part series, we consider why a country that issues debt in its own currency can't default unless it chooses to. We also explore how central banks can control interest rates on the national debt. We also consider whether it is possible for government borrowing to crowd out the private sector.

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Show Notes

Money In The Modern Economy: An Introduction – Bank of England – Q1 2014)

Money Creation In The Modern Economy – Bank of England – Q1 2014)

Congressional Budget Office 2017 Long-term Budget Outlook)

Going for Broke: Deficits, Debt, and the Entitlement Crisis – Michael D. Tanner)

Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?) – Pavlina R. Tcherneva – Levy Institute (includes quotes referenced in episode by Ben Bernanke and Michael Woodford

New Framework for Strengthening Monetary Easing: “Quantitative and Qualitative Monetary Easing with Yield Curve Control” – Bank of Japan)

Japan’s Debt Burden Is Quietly Falling the Most in the World – Bloomberg)

The Bone Clocks – David Mitchell)

Venezuela Is Starving – Juan Forero – Wall Street Journal)

Curse or Blessing? How Institutions Determine Success in Resource-Rich Economies – Cato Institute)

Forget Taxes, Warren Buffett Says. The Real Problem Is Health Care. – New York Times)

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