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The US government paying off the national debt by borrowing more money, and/or printing more US bonds and selling them. This is an over simplification, but when these existing US bonds come due, the US government redeems these bonds with US dollars that are raised by selling more freshly printed new...
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http://www.moneyandmarkets.com/the-g-20s-secret-debt-solution-27996 As someone who studies Austrian economics I am still very much a rookie especially when it comes to monetary manipulation by governments. This article is someone explaining what he thinks the major governments of the world are up to...