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 · 53 min read · MacroSovereign DebtGuideGeneral
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 · 80 min read · MacroSovereign DebtGuideGeneral
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 · 53 min read · MacroSovereign DebtGuideGeneral
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 · 80 min read · MacroSovereign DebtGuideGeneral
