Yomiel :antidushman: on Nostr: Imagine unironically thinking global debt doesn't benefit America. Trust me dude, ...
Imagine unironically thinking global debt doesn't benefit America. Trust me dude, it's not America who's suffering from debt.
If you want to see when debt first skyrocketed by the way, it was under conservative legend, libertarian hero Ronald Reagan. The debt didn't decrease under Trump's first term either.
What is debt? It's something you are obligated to serve, you can be indebted to service too, not just money. We imagine debt in terms of personal finance. In our day to day lives, we don't want to be in debt, it's something we could ideally pay off.
But government debt is superbly different. Debt is never payed off. Individual loans may be, but never the whole debt. That number will only increase. Feel free to look to the UK, where we lived under horrible (conservative) austerity for 14 years and it destroyed the country, and of course the debt still rose. Funnily enough, when you limit taxes and government spending you have to borrow more.
What really is concerning is debt to GDP, of course. Debt can cripple a country, like the Weimar republic. But just having debt? It really doesn't matter.
In spite of the fact it has huge downsides, (I'm not going to defend global international capital and finance) but it has it's upsides too.
For example, it was great for post-war Germany and Japan to have this ability to borrow large sums of money to rebuild and prosper. It also made them great allies. Generally everyone is also friendly, even if tense, due to this global system of finance.
If you want to see when debt first skyrocketed by the way, it was under conservative legend, libertarian hero Ronald Reagan. The debt didn't decrease under Trump's first term either.
What is debt? It's something you are obligated to serve, you can be indebted to service too, not just money. We imagine debt in terms of personal finance. In our day to day lives, we don't want to be in debt, it's something we could ideally pay off.
But government debt is superbly different. Debt is never payed off. Individual loans may be, but never the whole debt. That number will only increase. Feel free to look to the UK, where we lived under horrible (conservative) austerity for 14 years and it destroyed the country, and of course the debt still rose. Funnily enough, when you limit taxes and government spending you have to borrow more.
What really is concerning is debt to GDP, of course. Debt can cripple a country, like the Weimar republic. But just having debt? It really doesn't matter.
In spite of the fact it has huge downsides, (I'm not going to defend global international capital and finance) but it has it's upsides too.
For example, it was great for post-war Germany and Japan to have this ability to borrow large sums of money to rebuild and prosper. It also made them great allies. Generally everyone is also friendly, even if tense, due to this global system of finance.