.@gibsopi @JAMyerson Yes but "government" isn't an abstraction. Sovereign debt *is* a representation of the credit worthiness of a people
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Replying to @vgr
.@gibsopi
@JAMyerson It's not like we're in 16thc Spain where you can get sloppy with sovereign debt defaults, even with a reserve currency1 reply 0 retweets 1 like -
Replying to @vgr
@vgr@JAMyerson Much evidence, including 20th century, of debt levels of 90% of GDP or more with no negative effects. So yeah, not 16th c.1 reply 0 retweets 1 like -
Replying to @upwithppl
@vgr@JAMyerson Of course, to get that you have to understand that "national debt" in abstract is meaningless-- only meaningful as % of GDP.1 reply 0 retweets 2 likes -
Replying to @upwithppl
@vgr@JAMyerson & then you have to annualize vs annual GDP. "18 trillion terror terror terror big number!!!!" means exactly nothing.1 reply 0 retweets 1 like -
Replying to @upwithppl
@vgr Anyway, didn't@JAMyerson already dispense with this? http://america.aljazeera.com/opinions/2015/4/what-uncle-sam-really-owes.html …4 replies 0 retweets 0 likes -
Replying to @upwithppl
@gibsopi
@JAMyerson Not the sort of question you can definitively dispose of :). Sov debt cannot be separated from confidence in a people1 reply 0 retweets 0 likes -
Replying to @vgr
@vgr@JAMyerson U.S. treasuries are below 2%. That's not a dispositive sign of confidence in U.S. debt?3 replies 0 retweets 0 likes -
Replying to @upwithppl
@gibsopi
@JAMyerson There's no ground truth here, remember. Confidence is relative to *other* instruments available globally.1 reply 0 retweets 0 likes -
Replying to @vgr
@vgr@JAMyerson I'd say, let me know when it seems U.S. debt is impacting U.S. borrowing power. It does not appear to have ever happened.1 reply 0 retweets 1 like
@gibsopi @JAMyerson Agreed. But it's no longer as unassailable as it once seemed. In 1990, Saudis would not even have bluffed about dumping
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