@ToolGuy How could we built up a public investment fund large enough to mean much while we are under such a staggering debt. We need to have a balanced budget and we need to pay down that debt.

Norway has a public fund worth a trillion dollars, $195,000 per citizen.

[en.m.wikipedia.org]

@ToolGuy OK, I watched the video, but I am not persuaded. I have various questions or objections.

First, of all though, I am fully aware, and have said many times that money is nothing but an accounting system and is not real wealth. You can’t tell that to your creditors however. You have to pay them back.

In the video it is stated that when governments run deficits the economy flourishes and when the government has a balanced budget depression ensues. Ok, what happened to Norway? Norway continuously has a net surplus of assets, a very large surplus, yet they are not having a depression. What about Venezuela with its huge debt and history of social spending? Not so good, and there are other examples—Greece e.g.

If the economy is driven by government borrowing and spending, then why put any limit on it? Why not just have a trillion trillion dollar debt and a hundred trillion dollar deficit so that we can all be rich? It makes no sense. IMO the government does not drive the economy. Government has a role but does not drive or control the economy. Government is a parasite on the economy, a necessary parasite but government can choke the economy if it becomes too large. Money is not real wealth and government provides little in terms of goods and services.

The point was made that treasury bills are assets held by the public and represent wealth to the nation in the same way as stocks. Baloney! Private corporations are in the business of creating real wealth. Yes, T-bills are great assets to the holders of those bills, but they represent a burden to the public at large.

IMO there is no rational reason for government to have debts. Every penny of the debt will have to be paid back at some point, and with interest. The general public of a country represents at huge bank. There is no reason for the public to borrow at all. Not one thing is gained by delayed payment, but lost is the interest payed. The only beneficiaries are the bond holders. Taxpayers have no obligation to provide bonds as an investment option for the world.

I am no economist, but there are many, many economists who warn against government debt, and as was said in the video, politicians of all stripes. At some point the debt will be unsustainable with dire results.

But thanks for the link. I guess we disagree.

@stick48. I just looked at the list, 14 seemed about right to me .

The list hasn't been updated since Obama was in. We have since fallen off the chart.*

• Trump supporters - The previous comment was meant as sarcasm and not to be confused with political fake news.

@chucklesIII That makes more sense.