Many years ago, I did beta reading/copy editing for a book about this topic. (I mean like fifteen years ago.) The author laid out exactly how this happened why it happened, and its inevitable end. Specifically, that if you need constant growth to roll over your debt eventually...
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Replying to @WhippleMarc @sonyasupposedly
... you run out of growth. People who say that national debts aren't like household debts are right: nation-states can print money. Under MMT, "money" isn't even a real thing so much as a way for the government to direct how resources added by growth are to be allocated. But...
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Replying to @WhippleMarc @sonyasupposedly
...what they can't print is economic growth. It used to be that if your population grew, your economy grew. Then it used to be if your population got more educated, your economy grew. But all that growth is now spoken for, baked into the existing allocation system.
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Replying to @WhippleMarc @sonyasupposedly
We need not just growth but *more* growth, or we won't be able to allocate resources as we do now, because the demand growth for the resources is outpacing the production growth of the economy.
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Replying to @WhippleMarc @sonyasupposedly
He referred to this as a "debtberg," and I think it was the first time I ever saw the word. The metaphor is that eventually icebergs roll over, because they melt faster under water than in air. It's a catastrophic event, especially if you're standing on the iceberg.
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yeah, in the end, the US will have to print the debt away, which results in massive inflation, world chaos, everyone getting !@#-ed, collapse of trust in US dollar, etc Could happen in 3 years. Could hold off for 30+. I dunno.
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