The hottest Government debt Substack posts right now

And their main takeaways
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Top Finance Topics

We can't afford to keep cutting taxes for the rich

Noahpinion • 29882 implied HN points • 02 Jul 25
🇺🇸 U.S. Politics Government debt
  1. The government can't keep giving big tax cuts to wealthy people because it leads to huge debts. It's not sustainable for the future.
  2. Raising taxes on the rich could help address the financial issues the U.S. is facing. This could provide more funds for essential services and programs.
  3. Continued tax cuts for the rich will mostly benefit wealthy individuals while putting more burdens on middle-class families and the poor. This creates a cycle of growing inequality.

March 12, 2026

Letters from an American • 28 implied HN points • 13 Mar 26
🇺🇸 U.S. Politics Government debt
  1. A small number of billionaires are spending huge sums on campaigns and political groups, which tilts elections and policymaking toward tax cuts, deregulation, and rules that favor the wealthy.
  2. That concentrated influence has real costs: it helps elect officials who push policies that increase deficits, cut the social safety net, and can contribute to risky, expensive decisions like war and economic instability.
  3. There is another choice — governments can ask the wealthy to pay more in times of crisis (as happened during the Civil War) so the burden is shared and public programs can be preserved instead of being cut.

The Fed Is Adding $20B A Month To The Balance Sheet

QTR’s Fringe Finance • 22 implied HN points • 03 Mar 26
💰 Finance Government debt
  1. The Fed quietly restarted QE and is adding roughly $20 billion a month to its balance sheet, which is already about $6.6 trillion and could balloon much higher in the next crisis.
  2. Most Fed purchases have been in short-term debt, which has pushed short rates down and steepened the yield curve. The Fed has been losing money and isn’t remitting profits to the Treasury, leaving a large deferred loss.
  3. Foreign buyers have helped absorb new Treasury issuance but their buying has flattened recently, so if the Fed won’t buy long-term bonds and foreign demand stalls, Treasury borrowing costs could spike and further strain the budget.

The US Must Return To A Gold Standard

QTR’s Fringe Finance • 25 implied HN points • 26 Jan 26
💰 Finance Government debt
  1. The dollar has been heavily debased over time because the government and the Fed keep creating money, which erodes purchasing power and risks a currency collapse.
  2. Reinstating a gold standard—by promising future redeemability of dollars for gold at the market price and never suspending that promise—would force strict monetary discipline.
  3. Without a hard money anchor like gold, politicians will keep hiding the real costs of spending and war through inflation, so only a gold-based system can deliver lasting monetary stability.

Britain's austerity has millions of losers

System Change • 432 implied HN points • 02 Mar 23
🌍 World Politics Government debt
  1. Austerity in Britain has negatively impacted public services and public sector employees.
  2. The economic policy of austerity has failed and led to a significant decrease in real wages for British workers.
  3. High public debt in Britain is a consequence of economic policy failure and does not directly impact the funding of public services.
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It’s a Mixed Credit-Fiat World

Building a New Economics • 196 implied HN points • 01 Feb 24
💰 Finance Government debt
  1. Mainstream economics' focus on minimizing government debt while ignoring private debt may not be effective in understanding the full picture of the financial system.
  2. Government debt and deficits can actually play a vital role in creating money and increasing the net financial worth of the private sector.
  3. A government running surpluses while the private sector accumulates debt can lead to economic imbalances and potentially trigger financial crises.

The NY Fed Trading Desk's Time to Shine?

The Overshoot • 373 implied HN points • 01 Sep 23
💰 Finance Government debt
  1. Central banks should consider being more active in making markets for government debt directly.
  2. During the Covid crisis, bond dealers did not step in to stabilize markets, prompting central banks to intervene.
  3. Constraints on dealers may have led to market instability, prompting discussion on potentially revising regulatory choices.

The Real Mission of the Fed

In My Tribe • 607 implied HN points • 11 Nov 24
💰 Finance Government debt
  1. The main job of the Federal Reserve is to help the government borrow money easily and cheaply. This allows the government to spend on various programs, including wars and welfare.
  2. Despite originating to stabilize the banking system, the Fed has faced criticism for not preventing financial crises. Even after its creation, the U.S. has experienced repeated financial problems.
  3. Quantitative Easing, a method the Fed uses to handle money and loans, may need to end. This would help limit government debt and potentially benefit everyday Americans in the long run.

Yellen's Billion Dollar Credit Card

The Dollar Endgame • 339 implied HN points • 05 Jun 23
💰 Finance Government debt
  1. The Treasury is issuing extremely short-term debt instruments to finance government operations, essentially turning into a massive credit card to avoid default.
  2. The history of short-duration Treasury bills dates back to World War I, where the debate of financing war expenses through debt or taxes arose, leading to the issuance of Liberty bonds and certificates of indebtedness.
  3. The use of these short-term debt instruments by the Treasury is a strategic move to meet immediate financial obligations, especially amid significant spending needs, while also impacting liquidity in the banking system.

The Return Of Quantitative Easing

QTR’s Fringe Finance • 23 implied HN points • 22 Dec 25
💰 Finance Government debt
  1. The Fed has stopped shrinking its balance sheet and is restarting quantitative easing to keep reserves ample and preserve policy flexibility.
  2. Huge Treasury deficits and political pressure have pushed up demand for reserves, so the Fed is buying assets to ease policy without formally cutting the federal funds rate.
  3. Restarting QE will help lower government borrowing costs and reduce the Fed’s interest bill, but it risks higher inflation and may look like capitulation to political pressure.

The Japanese Maginot Line

The Dollar Endgame • 239 implied HN points • 13 Aug 23
💰 Finance Government debt
  1. The Bank of Japan's shift in monetary policy caused chaos in FX and stock markets. The volatility in bond markets led to unscheduled bond-buying operations.
  2. Yield Curve Control aims to keep bond yields in a tight range to suppress yields and maintain accommodative monetary policy. This strategy becomes crucial in Japan with high government debt.
  3. The BoJ is strategically intervening in bond rates, pushing them back down whenever they approach a certain threshold. They aim to maintain confusion and market control.

The Transitory Pause

Concoda • 421 implied HN points • 10 Jun 23
💰 Finance Government debt
  1. The 'Transitory Pause' discusses the impact of the Fed's actions on the market.
  2. Despite concerns over market instability due to debt issuance, history suggests bond markets can handle it.
  3. High demand for sovereign debt and expectations from major market players may offset liquidity concerns.

The Great Depositor Bailout

MD&A • 78 implied HN points • 14 Mar 23
💰 Finance Government debt
  1. Depositing money in a bank is a safe store of value but doesn't yield much return.
  2. Depositors face risks like losing purchasing power due to inflation.
  3. Inflation can benefit borrowers like the government and households, while bank depositors bear the brunt of losing purchasing power.

Exactly how damaging is fiscal policy uncertainty?

Klement on Investing • 2 implied HN points • 18 Jun 25
💰 Finance Government debt
  1. Fiscal policy uncertainty can harm economic activity by making businesses hesitant to invest. When companies can't predict future costs or regulations, they cut back on spending and projects.
  2. Research shows that a small increase in fiscal policy uncertainty can lead to significant slowdowns in industrial production and stock market performance. This lingering uncertainty can last for months and hurt overall growth.
  3. Increased uncertainty can also raise the borrowing costs for governments. Higher interest payments can lead to billions more in expenses, which can impact public services and budgets.