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by bithive123
302 days ago
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On a long enough timeline we're all dead. In the near term, expect a lot of stupid decisions and huffing and puffing based on an ideological framing of what the national debt is. I am not an economist or finance guy, but I have noticed a lot of debt hysteria from people who don't seem to understand basic accounting. That is, one party's asset is another party's liability. You cannot have buying without selling, and so on. Your mortgage is a liability for you, but an asset for your bank. Your checking account is an asset for you, but a liability for your bank. I'm not saying the debt can grow infinitely, but clearly if some of that debt is held as assets by the non-government (most of the world including you and me) then paying off that debt means a wealth transfer from the non-government back to the government. This isn't necessarily in my interests. If the government has to claw those dollars back from somewhere, I'd rather them start with the richest people. But that doesn't happen for obvious reasons. |
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The people who don't understand accounting actually seem to be pretty consistent on that point, because one of their other major complaints is inequality, ie, the people doing the lending have too many assets.