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A deficit is not a loan. The USD and the historical strength and faith on the US allowed the US to offer its own securities, not ones pwned by and with terms dictated by external entities.

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the US borrows money. sure it can monetize its own debt at any time but that would have its own set of very high costs

It smells, looks and quacks like a loan.

Smells more like a tokenomics scheme than a loan to me.

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