It turns out that money is just a shared illusion ...An economist explains the biggest myths about the national deficit — and how we can save the economy
[alternet.org]
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Feel free to reply to any comment by clicking the "Reply" button.A university economics professor told his class, and I was among them, that the federal debt is unimportant because it's just money we owe ourselves. As most of the class loudly booed him. I booed him less noisily and to myself said it's money that some of us owe to others of us. I don't trust economists simply because they are economists.
yvilletom
Level 8
July 2, 2020
1
Not only his statement nonsense, it's dangerously wrong. At least a third of the @21 trillion federal debt is held by foreigners; I'm sure they expect to be repaid in real money, not illusory money.
I minored in eco sixty years ago but know little about it. Do debtor nations, such as the US, remain debtor nations solely by paying the interest?
@yvilletom , debtors owe both principal and interest payment; they can default on principal repayment or interest payments, or both. However, AFAIK they remain debtors as long a a single dollar is outstanding.
In reality nations are usually issuers of debt and buyers of debt at the same time.
Does that answer your question?
#default #sovereigndebt
Shared illusions get me what I need...
Cutiebeauty
Level 9
June 30, 2020
2
I won’t touch that with a 20-foot pole.
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