If you can print your own money, you can issue unlimited. The only risks are inflation and a decline in the currency. It just so happens that inflation and a decline in the currency are exactly what many governments want. In the developed world, inflation is non-existent and the currency war rages. The trump card in that game is default via monetization and it's coming. The dominant ethos of the past 25 years has been a drive towards fiscal discipline. Politicians and political commentators have built their reputations and careers as misers. There is something inherently, almost pathologically wrong about defaulting. ... (full story)