developing countries should not be allowed to borrow money, in the same way that 12 year olds are not allowed to get credit cardshttps://twitter.com/GoldTelegraph_/status/1253384457081495552 …
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what about things like highway bonds (backed by tolls) and or voted bonds (direct vote like "VOTE FOR BOND XYZ FOR NEW TRAIN SYSTEM")
Have you ever seen a scheme where a project is supposed to be funded by tolls, and the tolls are removed when it is paid off?
Sectoral balances though. If everything sums to zero, who's taking the fall for indefinite government surpluses? The American system is that the rich indebt the poor, and government deficits fund household savings which are then invested in heavily indebted corps.
And then of course, there's this giant political football of a trade deficit that must in turn be funded by further debt. So you can either be printing money or you can have 2008-style explosions every few years when the household debt goes bad.
every time they want to raise taxes, they should have to sacrifice a congress person to the wicker man. or baal, or whatever.
actually i take that back it would never stop them.
We expect all competent adults to achieve financial independence in ~30 years. Gov’t had >240 years, practical ownership of all natural resources, power to take money from others, and could literally print currency - and STILL got > $22T in debt. WTF?
The current government's ability to borrow (or inflate) now to provide benefits and kick the responsibility for paying back the debt down the road is pure moral hazard.
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