If the amount of money being lent to finance the debt is inadequate, it is perfectly fine for the central bank to print the money and be the lender of last resort as long as the money is invested to have a return that is large enough to service the debt. (1/4) 
History shows and logic dictates that investing well in education at all levels (including job training), infrastructure, and research that yields productive discoveries works very well. (2/4)
In fact, improvements in education and infrastructure, even those financed by debt, were essential ingredients behind the rises of virtually all empires, and declines in the quality of these investments were almost always ingredients behind empires’ declines. (3/4)
If done well, these interventions can more than counterbalance the classic toxic mix.
The classic toxic mix is usually accompanied by other problems.
For the complete picture of how things work and where we are, my new book is now available: amazon.com/Changing-World… (4/4)
The classic toxic mix is usually accompanied by other problems.
For the complete picture of how things work and where we are, my new book is now available: amazon.com/Changing-World… (4/4)
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