Money Doesn’t Grow on Trees (Really!)

Recent article by John Cochrane

“The danger the US faces, the danger we should repeat and keep in mind, is a debt crisis. We print our own money, so the result may be a sharp inflation that wipes away the value of debt rather than an even more disruptive default, but the consequences will be almost as dire.”

https://review.chicagobooth.edu/economics/2020/article/debt-still-matters