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It reminds me of the national debt/fiscal gap discussion. Everyone will agree you can't owe a million times GDP, but no one can describe the "limit". Every year
by justnotworthit 5y ago
It reminds me of the national debt/fiscal gap discussion. Everyone will agree you can't owe a million times GDP, but no one can describe the "limit". Every year and decade you have people crying out that it's unsustainable and will result in collapse, and you have people saying "nah, more". You have examples of countries imploding, and you have the USA with doubles down every X years.
Surely you can't parlay indefinitely, but there hasn't been an implosion yet... until there is... but then everyone who enjoyed the political and financial benefits of parlaying is long dead, their inheritors heavily insulated... or there isn't a financial implosion... or there's some other disaster rendering this disaster moot... or something else (free energy? Second Coming?) appears and fixes it, allowing the reckless to get away with it... if we ever agree on who the reckless were...
We could just follow Taleb's warnings (the precautionary principle, antifragility, black swan events), but we can't even agree on basic reality, and the people who are greatly benefiting off their version of reality will never budge, and the people who might suffer aren't yet born (probably).
- nomoreplease 5y ago> Everyone will agree you can't owe a million times GDP, but no one can describe the "limit". I’ve heard the limit described as “when the nation can only afford the interest payments on the principal” which means the nation can never pay back the principal itself. I heard that 10 years ago