very curious where you're going with this. Maybe to a certain extent, yes--US got downgraded during debt ceiling crisis because 1/2
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it made clear that US policy/politics not as stable anymore (i.e. We're electing the same nutjobs as banana republica do)
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where I'm going: not sure yet, trying to get a handle on the planetary balance sheet and its conceptual foundations
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well, non-taxpayers also contribute to GDP and overall productivity of an economy right, except retirees (children are NPVed)
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what about the robots and other means of production that contribute to GDP
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well, they'd be technically counted as part of assets owned by citizens. So Saudis valued by per-capita share of oil wealth?
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That describes Dubai probably
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in that case, the immigrant income would be attributed to the productive capital assets owned by citizens perhaps
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This is basically the case for most countries except the US, due to $ reserve status.
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It's also about trust in the institutions of the country, including the government's ability to collect taxes, its currency.
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For example, risks and assets underlying Greek bonds would be evaluated differently if in drachma, and govt set up differently
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