A government that borrows in its own currency rarely has to default. It can always print instead.

Total global debt has climbed above 300% of GDP, and the cost of carrying it rises as yields climb. Cutting spending is politically punishing and printing has become the way out.

Money created faster than the economy grows buys less over time. Households feel the debasement with the rising cost of living.

Gold and Bitcoin draw investors partly because no government can print more of them.

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