@SteveRoth A government that primarily buys current goods and services can make use of taxation to mitigate (not necessarily arrest) the expansion of debt, and can use regulatory tools to help prevent “failure” (inflation beyond expectations it has telegraphed to its public). This is how we ordinarily think of governments, as not-banks-at-all, but tax-financed purchasers of current public goods. Let’s use the catchy acronym TFPCPG for this kind of government. 4/