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In a twisted way, the US government, via its reckless spending, actually provides a service to foreign governments [1]. By selling an unlimited supply of debt
by tc 17y ago
In a twisted way, the US government, via its reckless spending, actually provides a service to foreign governments [1]. By selling an unlimited supply of debt abroad and being a black hole of unlimited consumption at home, the US allows foreign governments to keep their people both busy and poor.
[1] Note that I didn't say a service to foreign people.
- joe_the_user 17y agoSo this is why we'd define the US as having a "service economy"?