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kevinali1 | 9 years ago
Europe: "Whatever, everyone here is middle class, self-fulfilled and happy... Forget about balanced budgets, unemployment and negative interest rates..."
Rest-Of-World: "Dammit, I just want to survive..."
kevinali1 | 9 years ago
Europe: "Whatever, everyone here is middle class, self-fulfilled and happy... Forget about balanced budgets, unemployment and negative interest rates..."
Rest-Of-World: "Dammit, I just want to survive..."
crdoconnor|9 years ago
You can forget about balanced budgets. If you print a currency you borrow in, you never have to worry about insolvency. Ever.
Unless you're one of those kooky economists who predicted Japan would experience full on hyperinflation in the 90s. Then again in the 2000s. Then again in the 2010s...
kevinali|9 years ago
sevenless|9 years ago
dragonwriter|9 years ago
It made sense in the late 1800s, when foreign potentates exporting friends and family members and sponsoring their efforts to become rulers abroad was more of a thing, and the US was a young and not well-established country that might be particularly vulnerable to that.
Its arguably outlived any reasonable need, but at the same time the US has developed enough cultural nativism that, combined with the by-design difficulty of amending the Constitution, its difficult to change.