The US is sinking ... sinking ... sinking, page-35

Radison

"To me it looks like the US and many countries have been running various levels of debt in perpetuity."

There are actually good reasons for governments to have reasonable amounts of their debt in the market all the time. Banking systems need high quality assets to repo back and forward between the central bank and the clearing banks in managing system liquidity. Bank's need high quality assets for their liquidity buffers.

I was a Keynesian in the 1970's. I found it a particularly useful analytical model in the 1980's when the world went over to the "supply side".