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I see no intention from governments of ever paying off that debt. All I see, worldwide and US is more and more spending. At one point in the future we won't b
by megaman8 8y ago
I see no intention from governments of ever paying off that debt. All I see, worldwide and US is more and more spending. At one point in the future we won't be able to pay for it anymore. So, what happens if everyone finds out they're not getting their money back? i hope we never find out.
30% of US debt is owned by intergovernmental agencies: like Social security/medicare/military retirement funds - so that might go down the tubes.
The other 70% of US debt is public debt, of which almost half is owned by foreign governments and investors.
https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124 https://www.thebalance.com/who-owns-the-u-s-national-debt-33...
- zanny 8y agoIts turtles all the way down. US debt isn't just money the US owes some guy sitting on a pile of money. The debtors owe debtors owe debtors - nobody has a Scrooge style money pit sitting around. It is a house of cards, but it isn't one with a clear winner and loser. A loss of faith in international credit destroys all economies.
- mempko 8y agoIf governments paid off their debt, there would be no money. Money IS debt.
- appleflaxen 8y agoyou keep posting this all over the thread, but it's not true. money requires no interest payment. debt does.
- saganus 8y agoThere's a very interesting explanation on why you can consider money as being debt by Paul Grignon [0]. Of course, there are critics of this view and it's not necessarily 100% correct, but it does seem plausible. [0] https://en.wikipedia.org/wiki/Money_as_Debt https://en.wikipedia.org/wiki/Money_as_Debt