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Do Americans Need to Worry About the National Debt?
707 sats \ 4 comments \ @spiderman 12h econ
Paul Krugman, a nobel laureate economist, already said you should not obsess with the national debt.
Now I see states like Florida and Utah are already legalising gold as a legal tender of settlement. Even Bitcoin is growing in popularity, adopted b corporations as a reserve asset, even big real estate transactions being settled via Bitcoin.
So it seems America is well prepared to not give a fuck anymore about the national debt or dollar anymore. Let it grow to 36T, then 40T, then 50T who cares!
Is not it quickly becoming like America's Debt, Your Problem? I mean those treasury bondholders or fiat dollar asset holders will be the only ones losing, not anyone else, right?
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143 sats \ 0 replies \ @Undisciplined 8h
Some of us are becoming more prepared, but all the people living paycheck to paycheck are going to get wrecked by inflation.
The reason regimes fear high inflation is that it leads to civil unrest, which is the same reason bitcoiners should still fear it too.
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94 sats \ 0 replies \ @88b0c423eb 8h
Paul Krugman is totally ignorant about economics and a corrupt human being, the nobel prize goes to those that lick the king's balls. Check this: https://www.usdebtclock.org/ The problem is if many people get destroyed without saving and a job, there will be a lot of poverty around, and now USA is mostly importing a lot of goods from abroad and producing only a few, exporting big tech stuff and dollars. When that system collapse americans wll have to start producing again to trade with bitcoin/gold and whatever it won't be easy. It comes to my mind a mexican working in a factory while there a fat american over 100kg who does not have a job and would only work for 5x the salary of the mexican.
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58 sats \ 0 replies \ @BlokchainB 5h
I think we still have a lot of runway before it becomes a serious issue.
Most of the debt interest payments that are made are funneled back into the majority of the American economy. What people fear is the rising costs of food and energy.
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0 sats \ 0 replies \ @kepford 3h
Krugman? Really?
https://contrakrugman.com/
The most damning thing about their take down of him week after week was how often the dude links to sources that are saying the opposite of what he claimed they said. Guy was so dishonest. It's not just that he was wrong. It's that he would just lie. Often with himself.
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