At all levels of society, debt is unsustainable. Everyone knows it. U.S. national debt has crossed $38.9 trillion. Annual deficits run above $1.7 trillion with no ceiling in sight. The war in Iran is pushing it still higher. Foreign creditors — Sweden, Denmark, India, and dozens of others — are quietly reducing their Treasury holdings. The old trick of rolling over debt by issuing new debt is running out of steam.
So what is the plan? Not to fix the debt, but to replace the system th
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