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47 sats \ 1 reply \ @Manikese 22 Aug \ on: Debt levels: irresponsible policies are sinking the world into debt econ
What if it isn’t really “debt”? Not like you and I use the word. If I borrow from you then I have a debt to you and I pay it back. National debt can’t and won’t be paid back. It isn’t even designed to be. Maybe it is actually the kinetic energy of a society represented by the currency units that society uses.
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10 sats \ 0 replies \ @TomK OP 23 Aug
the problem with growing public debt is that it absorbs good private capital and thus contributes to misallocation in the economy as a whole. this is how the economy gradually loses productivity growth and the ability to create wealth. it is the cancer
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