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> If you as a citizen make $1 and spends $2, you're officially bankrupt! Not exactly, if I've got resources banked to cover the gap. Unfortunately, the resour
by jungturk 8y ago
> If you as a citizen make $1 and spends $2, you're officially bankrupt!
Not exactly, if I've got resources banked to cover the gap.
Unfortunately, the resources we're selling to cover the present excesses are the tax receipts of future citizens, and they would probably prefer to have those funds to cover other priorities.
- WkndTriathlete 8y agoBear in mind that if the US decides to print $21 trillion dollars it wipes out its entire debt. Granted, all your dollars would be buy about 1/20th as much as they did before, but the US would be debt-free. (There are other problems with printing $21tn dollars that I'll leave to actual economists to point out.)
- jotjotzzz 8y agoOverprinting is called hyperinflation. People lose trust in the currency because they are worthless. It has happened before. https://en.wikipedia.org/wiki/Hyperinflation https://en.wikipedia.org/wiki/Hyperinflation
- jotjotzzz 8y agoYou're talking about assets vs. liabilities. Unfortunately -- we are racking up more liabilities.