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Originally Posted by Golden Teapot
The government can devalue their debt if they need to; that's their magic wand. It's never talked about and those who only know about text book economics don't understand why this is possible. But they can and that's their get out of jail free card.
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It takes time though....realistically several years for inflation to eat away at debt, at least if if the rate is at levels of any typical western nation.