jake on Nostr: “The global economy is currently in a debt spiral, and the world is past the point ...
“The global economy is currently in a debt spiral, and the world is past the point of no return. While there was a time after the 2008/2009 financial crisis when we could have corrected course by paying down debt prudently, politicians were incentivized to continue kicking the can down the road to maintain their power. Now, it is mathematically impossible to reach a growth rate in the global economy that can service the debt, and the debt balloon will continue to expand organically. Countries like the United States are running deficits, requiring them to take on more debt to fund themselves, and increasing interest rates to combat inflation only exacerbates the problem. The situation is similar to an individual maxing out multiple credit cards at higher interest rates, with no way to pay off the debt.”
ChatGPT summarizing transcript snippets I stitched of Foss, Lavish, and LeClair 👀
Published at
2023-03-22 20:39:38Event JSON
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"content": "“The global economy is currently in a debt spiral, and the world is past the point of no return. While there was a time after the 2008/2009 financial crisis when we could have corrected course by paying down debt prudently, politicians were incentivized to continue kicking the can down the road to maintain their power. Now, it is mathematically impossible to reach a growth rate in the global economy that can service the debt, and the debt balloon will continue to expand organically. Countries like the United States are running deficits, requiring them to take on more debt to fund themselves, and increasing interest rates to combat inflation only exacerbates the problem. The situation is similar to an individual maxing out multiple credit cards at higher interest rates, with no way to pay off the debt.”\n\nChatGPT summarizing transcript snippets I stitched of Foss, Lavish, and LeClair 👀",
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