Hanno Lustig @HannoLustig · 04 Jan 2025
10/If spending is unfunded, then the debt will be marked down in response to the spending shock, because the PDV of surpluses decreased, just like we’d mark down MBS when there is adverse news about future mortgage payments. Adventurous fiscal policy makes for risky debt. And https://t.co/IX7rCOz1U0
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