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← Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital.
15 connected korrents · 13 moments on record from 5 Sept 2010 to 21 Aug 2026.
Everything filed under interest rates
interest rates
Everything filed under fiscal policy
fiscal policy
Everything filed under inflation
inflation
Everything filed under public debt
public debt Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: The real price of debt is paid in options and flexibility, which is the asset that matters most. — tap to centre the map on it The real price of debt is paid in options and flexibility, which is the asset that matters most. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. — tap to centre the map on it A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. Last stated 3 weeks ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: When safe interest rates are expected to remain below growth rates for a long time, rolling over public debt without later tax increases is feasible and public debt may carry no fiscal cost. — tap to centre the map on it When safe interest rates are expected to remain below growth rates for a long time, rolling over public debt without later tax increases is feasible and public debt may carry no fiscal cost. Last stated 3 years ago
6 Nov 2023
OB
Olivier Blanchard — holds since 2019-02-11 — tap for who they are
OB
Olivier Blanchard — no longer holds since 2023-11-06 — tap for who they are
Same subject: Success in growth is the output of a lot of failures, so the real constraint is how much time you have left to fail in. — tap to centre the map on it Success in growth is the output of a lot of failures, so the real constraint is how much time you have left to fail in. Last stated 2 years ago
19 Jan 2025
EV
Elena Verna — holds since 2025-01-19 — tap for who they are
Same subject: Bad loans are bad revenue that will eventually kill you, even though for a while they look like profit. — tap to centre the map on it Bad loans are bad revenue that will eventually kill you, even though for a while they look like profit. Last stated a year ago
16 Jul 2025
JD
Jamie Dimon — holds since 2025-07-16 — tap for who they are
Same subject: There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate. — tap to centre the map on it There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. — tap to centre the map on it Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 5 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
Same subject: Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. — tap to centre the map on it Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2022-07-25 — tap for who they are
Same subject: Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. — tap to centre the map on it Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. Last stated 11 months ago
10 Oct 2025
AM
Andy Masley — holds since 2025-10-10 — tap for who they are
Same subject: Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. — tap to centre the map on it Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. — tap to centre the map on it Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Pandemic relief checks function mainly as retroactive social insurance rather than stimulus, because people receiving them during a pandemic save or pay down debt instead of spending. — tap to centre the map on it Pandemic relief checks function mainly as retroactive social insurance rather than stimulus, because people receiving them during a pandemic save or pay down debt instead of spending. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2021-02-07 — tap for who they are
NS
Noah Smith — no longer holds since 2022-07-25 — tap for who they are
At the centre
Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital.
Holds MH Morgan HouselRead this korrent →
The real price of debt is paid in options and flexibility, which is the asset that matters most.
Holds MH Morgan Housel
A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement.
Holds
When safe interest rates are expected to remain below growth rates for a long time, rolling over public debt without later tax increases is feasible and public debt may carry no fiscal cost.
No longer holds
Success in growth is the output of a lot of failures, so the real constraint is how much time you have left to fail in.
Holds EV Elena Verna
Bad loans are bad revenue that will eventually kill you, even though for a while they look like profit.
Holds JD Jamie Dimon
There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate.
Holds
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds SS Scott Sumner
Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government.
Holds
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds TP Thuan Pham
Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022.
Holds
Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did.
Holds AM Andy Masley
Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster.
Holds
Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them.
Holds
Pandemic relief checks function mainly as retroactive social insurance rather than stimulus, because people receiving them during a pandemic save or pay down debt instead of spending.
No longer holds