DEBT-WILL-RUIN-US Mini-Series #1

No, the Fed isn't funded by commercial banks and no, it cannot default

In the midst of the corona-crisis, the deficit hawks were justifiably quiet. Markets were melting. Society was facing a not-that-well-understood pandemic for the first time in decades. It wasn’t the moment to debate the proper amount of government debt.

However, as markets have stabilized over the past half-year, the deficit hawks have returned. And …