MMT is great. > government debt is consumer surplus You are referring to the Sectoral Balances Framework, which says that in aggregate, one sector's deficit i

MMT is great. > government debt is consumer surplus You are referring to the Sectoral Balances Framework, which says that in aggregate, one sector's deficit is another sector's surplus. https://en.wikipedia.org/wiki/Sectoral_balances https://en.wikipedia.org/wiki/Sectoral_balances The MMT response to "the world's debt is soaring" is that means "the world's assets are soaring" as well. Because every liability is someone else's asset. The question is, what kinds of assets are these? If we are talking about debt of governments with sovereign control of their currencies, this is a stable situation. But other kinds of debt could lead to a bubble popping and a financial crisis.