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I'm far from a reflexive debt hawk, but when someone mentions something like this, aren't they usually referring to the instability inherent in unfunded liabili
by wutbrodo 11y ago
I'm far from a reflexive debt hawk, but when someone mentions something like this, aren't they usually referring to the instability inherent in unfunded liabilities (as opposed to what you seem to be assuming (s)he means, which is that the money is illusory)?
- seanmcdirmid 11y agoAnd let's not ignore the usa's role as a debtor of last resort: people actually need to save money for retirement, China and Norway needs to do something with their dollars so their economies don't overheat. Even if the interest rates suck, the US gov and financial system has always been will to take your dollars off your hands in a pretty safe way, which is part of the reason the dollar has been so successful.