The Monetary System: Sovereign Debt Crises (2026) The Monetary System series built up the machinery of government money — how a state spends and borrows (Part 1), how that debt is financed and priced in the bond market (Part 2), and how the central bank sets the rates … Published Aug 29, 2026 · 85 min read · MacroSovereign DebtGuideMonetary System
The Monetary System, Part 3: Rates & Inflation (2026) The first guide in this series explained why governments run deficits; the second, how they borrow. This one covers the institution that sits above both — the central bank. Since 2008, central banks have moved from quiet … Published Aug 25, 2026 · 54 min read · MacroInflationGuideMonetary System
The Monetary System, Part 2: Bonds & Yields (2026) The previous guide in this series ended with a government running a deficit. This one picks up the next question: how does it borrow the money? The answer is the government bond market — the largest, deepest financial … Published Aug 25, 2026 · 42 min read · MacroBond MarketGuideMonetary System
The Monetary System, Part 1: Spending & Debt (2026) Every government does three things with money: it spends, it taxes, and it borrows the difference. Do that year after year and the borrowed differences pile into a debt — and across the rich world and China alike, that … Published Aug 25, 2026 · 92 min read · MacroSovereign DebtGuideMonetary System
The Monetary System: Sovereign Debt Crises (2026) The Monetary System series built up the machinery of government money — how a state spends and borrows (Part 1), how that debt is financed and priced in the bond market (Part 2), and how the central bank sets the rates … Published Aug 29, 2026 · 85 min read · MacroSovereign DebtGuideMonetary System
The Monetary System, Part 3: Rates & Inflation (2026) The first guide in this series explained why governments run deficits; the second, how they borrow. This one covers the institution that sits above both — the central bank. Since 2008, central banks have moved from quiet … Published Aug 25, 2026 · 54 min read · MacroInflationGuideMonetary System
The Monetary System, Part 2: Bonds & Yields (2026) The previous guide in this series ended with a government running a deficit. This one picks up the next question: how does it borrow the money? The answer is the government bond market — the largest, deepest financial … Published Aug 25, 2026 · 42 min read · MacroBond MarketGuideMonetary System
The Monetary System, Part 1: Spending & Debt (2026) Every government does three things with money: it spends, it taxes, and it borrows the difference. Do that year after year and the borrowed differences pile into a debt — and across the rich world and China alike, that … Published Aug 25, 2026 · 92 min read · MacroSovereign DebtGuideMonetary System
