The US recorded the largest budget deficit in its history in June owing to the stimulus packages released to manage the impact of the Covid-19 pandemic.
Jon Matonis, chief economist at Cypherpunk Holdings, shared an article on how the US printed more money than in the first two centuries since its founding.
The US had a budget deficit of $864bn in June, which is larger than the total debt incurred between 1776 and the end of 1979.
The article notes that the government should tackle the deficit by moving away from paper money to Bitcoin, as there is no inflation or hyperinflation associated with the cryptocurrency.
A decentralised financial structure in which everyone can participate at a very low cost is needed.
In other news, new lockdown restrictions imposed in Melbourne are expected to prolong Australia’s recession until the end of the year.
Australia recorded two consecutive quarters of negative growth and the fresh lockdowns may lead to another quarter of negative growth.