No one knows where this leads

https://mishtalk.com/economics/its-our-dollar-but-your-problem-2022-style

Ever since Nixon killed convertibility of gold [1971] there have been no checks on fiscal deficits. Countries could spend at will and did. Total dollar credit is now over $90 trillion and US national debt is close to $31 trillion. There are no constraints on debt or deficit spending anywhere.

Stephanie Kelton says deficits don’t matter.

She may be right.

Or not.

Nobody knows.