It is not negative in fiat terms, but in real terms, it is absolutely negative. Look at the real value of fiat. The curve slopes downward and to the right. 

Thanks for the detail, I don't know much how to express it in economic terms. Isn't the DCF then negative, as a result of all the value created and backed by what we commonly known as _tiny air_. Trying my best...

supratic

The value of the debt is derived from the expected cash flows, sir. 

TNStacker

AGORA

Governments are registered Business, what's their most valuable asset?

That's what want citizens to believe. On the other side, their value is the debt they are able to create. Bigger the debt, most valuable the cattle productivity.