"As we see in wartime or in financial crises when monetary means are
always found by governments to pay for needed goods and services, in an
era of fiat currencies, government spending of a currency issuing
government is not limited by taxes collected nor public debt issued,
which are operations that have functions different from the generation
of “revenue” for government, and in certain cases, are ritual vestiges
of an older era of convertible currencies. The recognition of the lack
of affordability constraints on monetarily sovereign governments is not
an invitation to spend with abandon but simply a fact of life and, like
it or not, a source of governmental power."
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