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Robert P. Murphy, industry influencer, discusses the historical context and significance of U.S. government debt exceeding 100 percent of GDP and presents an Austrian economic response to a Modern Monetary Theory perspective on the issue.
Murphy points to a detailed analysis for those interested in understanding the implications of high government debt relative to GDP levels.
Murphy has previously discussed Maurice Obstfeld's observations on the U.S. current account deficit and the dollar's reserve currency role. These earlier comments provide additional context for his analysis of U.S. fiscal and monetary conditions.