In part one of this three part series, we consider why a country that issues debt in its own currency can't default unless it chooses to. We also explore how central banks can control interest rates on the national debt. We also consider whether it is possible for government borrowing to crowd out the private sector. Sponsors Shopify  NetSuite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Money In The Modern Economy: An Introduction – Bank of England – Q1 2014 Money Creation In The Modern Economy – Bank of England – Q1 2014 Congressional Budget Office 2017 Long-term Budget Outlook Going for Broke: Deficits, Debt, and the Entitlement Crisis – Michael D. Tanner Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation? – Pavlina R. Tcherneva – Levy Institute (includes quotes referenced in episode by Ben Bernanke and Michael Woodford New Framework for Strengthening Monetary Easing: “Quantitative and Qualitative Monetary Easing with Yield Curve Control” – Bank of Japan Japan’s Debt Burden Is Quietly Falling the Most in the World – Bloomberg The Bone Clocks – David Mitchell Venezuela Is Starving – Juan Forero – Wall Street Journal Curse or Blessing? How Institutions Determine Success in Resource-Rich Economies – Cato Institute Forget Taxes, Warren Buffett Says. The Real Problem Is Health Care. – New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.