James Galbraith, simple minded math

That Galbraith kid says that the central bank can digitize as much money as it wants, because the electricity to the digital account will never be shut off.

I claim as evidence the trend in ATM machines has been reduced absolutely.  That is the electricity has been cut off to the accounts.

But, getting to the real point, government itself will be unable to find the debt service payments within its own budget because it pays the ten year rate, and grows at the one year rate.  That difference is the result of accumulated debt.

So, bankruptcy happens within government because of government borrowing, and it will happen before anyone is concerned about default. Government does not measure long term potential in a suppressed rate environment. So, more sudden shutdowns, more intermittent delays,  more squeeze. The suddenly one of the major state government goes simply belly up, causes a municipal bond crisis.

But the worst part is the second differential, the one that makes these huge delta dirac, but periodic spikes in asset prices; that one will surely do us in.