The last empire before the US, the British Empire, had an enormous debt problem and was running a massive welfare/warfare state with very high taxes, rules and regulations.
What did the Bank of England (BOE) do to deal with the high debt and to try to maintain the size of government and the welfare/warfare state? It did very large currency devaluations over a 4 decade period from 1931-1967.
England’s post WW1 economy had high taxes, high inflation and high unemployment. It was “stagflate and tax and lie” before the term “stagflation” to describe high inflation and high unemployment happening simultaneously was even invented.
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