"I suppose they would have to explicitly collect taxes to cover their current spending, not make bets on the future of economy. Isn't it how our civilization wo

"I suppose they would have to explicitly collect taxes to cover their current spending, not make bets on the future of economy. Isn't it how our civilization worked for a long time?" So, If the government have pay all its debt and it's not spending anymore, where the money that is collecting as taxes come from? " don't really see the difference. If we are productive, we can compel citizens one way or another to deliver on those promises. If we aren't, we can't and we have to reduce them - either explicitly or implicitly by devaluing the money they are denominated in." The difference is what we should be doing now. Should we be reducing the deficit because we will "run out" or money? or should we try to increase the future productivity creating infrastructure and knowledge? What of the two options will make it possible to pay in the future? "OK, so somehow I got back to making bets on future economy. But this time it appears to be a bet made to justify future spending, not current spending, so unavoidable." I'm talking about investing in the sense of creating real assets. A bet and an investment are not the same thing, even if it is true that many 'investors' nowadays think that it is. You added content to your post after I answered you, by the way. It's better if you answer in another post.