Op-ed by Reg Sanday, includes “… Ulysses Grant, 18th President of the US, understood this principle when he visited Japan in August 1879. He gave the following advice to Emperor Meiji: ‘There is nothing a nation should avoid as much as borrowing money abroad.’ The president gave examples of nations enslaved by foreign currency denominated debt and advised that Japan get rid of its external debt as soon as possible. … Governments who issue their own currency can do what they like with it — they cannot run out of it.”
Read the full article on: The Fiji Times