I pity the fools when the backlash starts. And yes, the memes shown in the reply are that way for a reason.
That is an extremely stupid way to present the argument
The only thing keeping the world together is the fact that fiat money is monopoly money.
plenty of people have true wealth.The only thing keeping the world together is the fact that fiat money is monopoly money.
33 trillion in debt? We could be six trillion trillion trillion dollars in 'debt' and the factories would keep on chugging, the world would keep on revolving.
It's just that nobody would have any 'true' wealth.
Edit: People also never mention WHO we are in debt to. What, the fucking Decepticons on the moon or something?
The trick of it is that it's a running total, where on a per-loan basis it's consistently payed back. As the US government operates with no expectation of stopping and the bonds most of this works with are securitized for High Finance shenanigans, such an "eventually" is fine for the creditors.There is no way that money is ever going to be paid back, I guess that is just a time bomb our government keeps ignoring.
it isn't really a "trick". It just relies on debasing the currency. which makes the commoners poorer via the grindstone of inflation.The trick of it is that it's a running total, where on a per-loan basis it's consistently payed back. As the US government operates with no expectation of stopping and the bonds most of this works with are securitized for High Finance shenanigans, such an "eventually" is fine for the creditors.
No, it goes back long before dropping the gold standard because padding the budget with debt is always useful lubrication, continuous inflation just makes it a lot better because old debts are actively easier to pay off. So long as the economy expands in some way the government can tax, it's a sound strategy.it isn't really a "trick". It just relies on debasing the currency. which makes the commoners poorer via the grindstone of inflation.
I am pretty sure it is not "how much money we ever borrowed"No, it goes back long before dropping the gold standard because padding the budget with debt is always useful lubrication, continuous inflation just makes it a lot better because old debts are actively easier to pay off. So long as the economy expands in some way the government can tax, it's a sound strategy.
...Treasury bonds are literally labeled by how long they last. A 5-year bond is payed back five years from being issued, period. The legislation they constantly modify to raise the debt ceiling is not required to take out any new debt, it is required to take out additional debts that increase the big number of how much debt is currently owed. That is the rolling total, individual creditors are payed back quite regularly and usually in short order but are replaced by yet larger sums.I am pretty sure it is not "how much money we ever borrowed"
but "how much money we currently owe"
when debt is paid, the national debt figure decreases.
it is just that they always raise it instead of paying it.
So you agree with me....Treasury bonds are literally labeled by how long they last. A 5-year bond is payed back five years from being issued, period. The legislation they constantly modify to raise the debt ceiling is not required to take out any new debt, it is required to take out additional debts that increase the big number of how much debt is currently owed. That is the rolling total, individual creditors are payed back quite regularly and usually in short order but are replaced by yet larger sums.
I am aware of it, yes.This is the chart of what I'm talking about:
Notice how it only started seriously climbing after 2008. Notice how the spike in 2020 immediately started going down.
The point is that the big scary number that @Carrot of Truth thinks "will never be payed back" has always been payed back on a per-loan basis, only really took off after arresting a housing market collapse, and began going down within months of the recent crisis spending spike.Although it is a bit misleading. it is not numerical debt, it is (debt / GDP * 100%).
This is what the bankers tell us.It generally going up is normal and desirable by everything that is understood of how money works for governments
The economy needs a predictable money supply to run efficiently instead of having noisy loss from price fluctuations due to unplanned changes, and fiscal policy driven inflation is predictable while the savings-spending it disincentivizes is not.More money does NOT mean more goods and services, so the real economy doesn't grow based on the money supply.
You cut out the reason. Are you saying that it is wrong for somebody to increase their credit card spending after getting a raise? Because that is the basis from which I am defending a growing face-value sum of government debt, and this basis inverting is definitionally a contraction of the economy.This is what the bankers tell us.
But it is not true.
1. yes. credit cards are bad. debt traps meant to enslave you. you should only use them when you absolutely must.Are you saying that it is wrong for somebody to increase their credit card spending after getting a raise?