By Peter Freyd

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S. economy has grown at less than 2 percent per year once you adjust for inflation. S. economy will grow at more than twice the rate at which it has grown over the past decade, despite the numerous headwinds still facing the United States. An aging workforce, increasing regulation, an overly indebted consumer, and a still weak financial sector are unlikely to contribute to above-average growth. Given these headwinds, growth is likely to be lower than assumed in the budget estimates, and therefore the deficits are likely to be even larger.

While we’ve been running deficits for most of the past 40 years, they used to be smaller. 5 percent of the GDP. 15 percent of the GDP. In 2010 it was approximately 9 percent. Larger deficits translate into larger funding needs and bigger Treasury auctions. It was easier for the bond market to absorb the supply of Treasury bonds when there were fewer of them. Until very recently, not only was the deficit much lower, but so was the national debt. Back in the mid-1980s, the last time we had large, persistent deficits, the gross federal debt was roughly 40 percent of the GDP.

Debasing the currency, however, robs not only the nation’s creditors but also its citizens because the money they now have is less valuable. Just as the Romans could and did create more money by diluting its precious metal content, governments today can perform the same type of financial alchemy, literarily creating money out of thin air. S. government, however, would need the cooperation of the Federal Reserve. Monetizing the Debt and Hy perinflation Monetary conditions are under the control of the nation’s central bank, the Federal Reserve.

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