The Future Tense
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Congratulations to the USA which passed the $13 trillion mark on the Federal budget deficit this afternoon with their $42 billion auction of treasury bonds.
At the current rate of issuance (assuming the economy does not get worse and tax receipts fall), our USA will pass $14 trillion in 7 months.
$15 trillion will then be breached 8 months later.
Fortunately we already know what happens when a country has runaway deficits financed with a printing press. The images of people in Germany burning their money to stay warm is but a recent memory:
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