#41
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The debt for the government is an asset for households and businesses. So it should not be seen in isolation. As for inflation, the central banks have been trying to actually start some inflation but it’s not happening. So we have room to print plus with COVID we’re far from full employment. |
#42
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Sure, there were some that persisted, the Pandyean Empire of wealthy South Indian Kings lasted 1850 years... It still ended as did Byzantine, Silla, Ethiopian and Roman Empires... Australian Aboriginal culture has remained intact, with largely continuous religious and political structure, for more than 50,000 years (and possibly 65,000 or more). Australians Aboriginals have never formed empires or states in the same sense as the other known nations. The US has been around for 244 and already there are some big questions as to where it is all headed with such a debt and budget deficits. The 2025 US Debt, according to the same clock will be $49 Trillion... |
#43
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While on the topic, pretty good video on the US Debt Limit explained https://youtu.be/McclWuXy-gY
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#44
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Another video of interest. National Debt: Who Cares? https://youtu.be/tBb6Dh234TE
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#45
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The government is not a household and shouldn't manage its budget like one. |
#46
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Actually, it was exactly what happened. History does have a tendency of repeating itself, just seems different... "With soaring logistical and admin costs and no precious metals left to plunder from enemies, the Romans levied more and more taxes against the people to sustain the Empire. Hyperinflation, soaring taxes, and worthless money created a trifecta that dissolved much of Rome's trade. The economy was paralyzed." History is full of sudden currency collapses. Argentina, Hungary, Ukraine, Iceland, Venezuela, Zimbabwe, Germany. A collapse of the dollar is an unlikely scenario... Since the days of Bretton Wood agreement, our (US) government relies on the power of the military and NATO to make sure the dollar stays the world reserve currency and anyone that opposes that will have to try and take that away. It's really that simple. It is not the only reserve currency but by far the dominant one. There were examples when some bold leaders that got the bright idea of doing things differently and it didn't end well for them. I'm not going to get into that. Last edited by PHC1; 01-18-2021 at 12:42 PM. |
#47
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So what happened the first time around, with our Continental money?
Let's see... Continentals refers to paper currency issued by the Continental Congress in 1775 to help fund the American Revolutionary War. Continentals quickly lost value, partly because they were not backed by a physical asset like gold or silver, but also due to the fact that too many bills were printed. That sounds familiar. |
#48
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Well worth seeing. https://youtu.be/bgPDW0ZpgJU
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#49
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This is like a giant game of musical chairs.
Last edited by GSOphile; 02-08-2021 at 08:42 PM. |
#50
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Last edited by JBT; 02-09-2021 at 09:36 AM. |
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