Would it be fair to think of prototypical citizens as asset underlying sovereign bonds? So US treasury= trust in value of typical "American"
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i.e. if the us economy is full of taxpaying visa holders, and the citizens are in trouble, from the bond perspective that's ok
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That describes Dubai probably
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whereas if all the citizens are doing great but nobody pays any taxes, then the bonds are in serious trouble
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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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but if they don't pay taxes, none of that matters. Noncitizens DO pay taxes, and taxes are what make the bonds good
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