In an advanced economy, credit does more good than bad. But it’s important to remember that borrowing creates cycles — and if the cycle goes up, it eventually needs to come down. I explain why this is particularly important today in my new book, How Countries Go Broke.  But if you’d like more context on how all of these pieces come together, I recommend you watch my 30-minute explainer “How the Economic Machine Works” on YouTube. #principles #economics