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army1987 comments on A proposed inefficiency in the Bitcoin markets - Less Wrong
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Actually we've been running deficit for as long as I can find data for, except for about a decade in the 1990s.
But then, who hasn't? The US?
(edit: Speaking of which, US has the tax law that is effectively anti-progressive on the high range - every big company exploits loopholes)
Good point.
The budget has to be in defecit, or else the whole system falls apart. That's the modern system of fiat money - it's based on continued issuance through deficit spending. Just not too much deficit or you end up in hyperinflation.