Absolutely correct. And for more detail on how non-fiat economies work and why the deficit is essentially a fiction to keep bond markets functioning, I recommend reading “The Deficit Myth” by Stephanie Kelton. This also explains why the EU will never rival the US (TLDR: EU member states are not able to control their individual monetary policies).
Absolutely correct. And for more detail on how non-fiat economies work and why the deficit is essentially a fiction to keep bond markets functioning, I recommend reading “The Deficit Myth” by Stephanie Kelton. This also explains why the EU will never rival the US (TLDR: EU member states are not able to control their individual monetary policies).