I think we've crossed the threshold where no one can really conceive this number anymore. https://twitter.com/zarkoh/status/772504524917469185 …
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: there's so much wrong with this that I don't even know where to start.
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Replying to @slightlylate @ZarkoH
: I *COULD* start by noting that "total debt" here likely includes bonds, which are largely held by citizens & US firms
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Replying to @slightlylate @ZarkoH
: or I could start by pointing out the uselessness of this as a metric for anything other than a systemic fragility argument
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Replying to @slightlylate @ZarkoH
: ...which requires a discussion of counterparties, but that's the thing about denominating the reserve currency, isn't it?
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Replying to @slightlylate @ZarkoH
: or I could work backwards from the logical mis-attribution of "debt" to "deficit" (often the goal in these discussions)
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: or I could just outsource the whole thing to CEPR: http://cepr.net/documents/publications/debt-2011-06.pdf …
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Replying to @slightlylate @ZarkoH
: (although they're much kinder than I'd be)
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