“A sovereign State that creates its own currency can never break”, the economists attached to the Modern Monetary Theory (MMR) repeat incessantly. If the US government owed a zillion dollars, then it would be enough for the Fed to print (physically or electronically) a similar amount of new money to cover its liabilities. Problem solved. Why worry, in such a case, about the public over-indebtedness having at hand the printing press?

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