bitcoin could establish itself as a global alternative to fiat currencies during a historical period when these moneys are vulnerable to the depredations of the world’s governments, now indebted to the unsustainable level of $280 trillion.

Governments cannot run deficits in excess of the growth in GDP without eventual consequences. As we will see in the chapter covering the research of Rogoff and Reinhart, things go along well until Bang! bond investors lose confidence in the ability of a government to pay its debt, even if that debt is denominated in a currency the government can pr

(total global debt is now $244 trillion, three times the size of the world economy)

Washington also received a valuable education in finance from Robert Morris, who had raised money for the Continental cause on his own credit. Because the states had refused to collect their quota of taxes, Morris couldn’t service the sizable debt raised to finance the war. He warned that creditors “who trusted us in the hour of distress are defrau

As early as 1780 Washington had predicted that France, to pay for its American adventure, would face a huge deficit and resort to ruinous taxes that “the people of France are not in a condition to endure for any duration.”10

spending by America's Federal Government (adding in state and local governments significantly increased the total) was around 24% of national income whilst tax revenues were 15% of national income. That left a near-record peacetime budget deficit to be financed by borrowing of 9% of GDP.