@vgr heh just the very conflation of sovereign debt with personal debt
-
-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@vgr Thinking of macroeconomic debt this way is simply wrong, especially since the $ is the world's reserve currency. US debt=global assetThanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@JAMyerson@vgr Also, significant chunk is $ the govt owes itself; and much of the rest, investment yielding future returns to citizens. -
.@gibsopi
@JAMyerson Yes but "government" isn't an abstraction. Sovereign debt *is* a representation of the credit worthiness of a people - Show replies
New conversation -
-
-
@vgr http://www.bloombergview.com/articles/2016-04-18/america-is-nowhere-close-to-having-a-debt-crisis … Debt fetishism is a political position not grounded in economics. US provides liquidity to world trade via debtThanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@vgr@JAMyerson sovereign debt is not intended to be repaid, but creates a new rentier class that collects rents from the sovereign foreverThanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@JAMyerson@vgr closest historical parallel is pre-revolution french aristocracy.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@vgr@JAMyerson ridiculous suggestion to do away with private property, utter, bloody failure when tried.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.