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I've always kinda felt that a Venezuelan/Zimbabwean type currency crash has always been the end goal when it comes to US debt.
Borrow more money than exists many times over.
Spend the money
Devalue the underlying currency of the debt to effectively zero
Fuck over millions upon millions of people
But hey, the spending was, in the end, all free!
I dont think they've had that kind of foresight tbh. The goal is to make lots of money and kick the can of being fiscally responsible down the road to the next administration.
If a global USD is devalued that far, its not just bad for America.
Every central bank system is a perpetual debt machine. It’s why the founding fathers specifically fought against them being established here. If you print the money then loan it to a government, how does the government pay that interest? Central bank loans the government $100 at 1% interest, even if they spend none of it, how do they pay the 1% when the issuer of the currency is also the loaner? Governments have to continue to accumulate debt in this system. They have always been a perpetual and compounding debt system.
The founding fathers also kept slaves and didn't let women vote. I'm tired of how Americans deify them, I suggest citing economists as authorities on economics instead of 18th century wealthy landowners.
I’m not deifying them by mentioning something they got right. I’m tired of people’s all or nothing lack of nuance. Humanity would be nowhere without the advancements of flawed people from the past. We can’t use our measuring stick on their lives without a huge degree of hypocrisy considering how much society has changed even in the last half century. For all their short comings, the founding fathers did create the frame work that most modern democracies are built on and ushered humanity away from monarchy.
Most modern democracies are parliamentary, actually. The US system has not been widely mimicked aside from cherry-picking a few specific details.
Also, monarchy and democracy are not mutually exclusive. I'm Canadian, for example, which is a democratic constitutional monarchy. We still have a king but we elect our government.
Yes, but your king is basically a mascot. If they had any actual power, your system would be less democratic basically by definition.
Sure, but that's adding quibbles beyond the scope of what I was responding to. We're a democracy and we still have a monarch.
They were the economists of their time. Basic economic theory hasn't changed in millennia, only opinion on how to manage economies has.
There were economists in the 18th century and none of the founding fathers were one.
The closest was probably Alexander Hamilton, who ended up as the first treasury secretary. Where he proposed and set up the very central bank that the commenter I was responding to is complaining about.
Taxes.
Pretty sure they're saying if we taxes everyone 100%... Collected all the money from everyone in the country, then gave it all back to the central bank we borrowed it from originally, we'd still owe the interest on the debt... With no more money in the system where would we get the "taxes"?
As with most debt, it can't be paid off immediately or it wouldn't have been debt to being with. It's a bet on the future.
Worst part is, we all participate so we are the enabler. There are alternatives but people have mostly rejected as media told them it is bad.
Propaganda works
It really does including on myself if I am not super diligent and aware. It is exhausting but is our reality.
Why default on loans when you can just get moar loans?!?!?
I mean that's not what happened in Venezuela at all but ok...
I mean, I was more looking for examples of currencies that had crashed to near zero than the specific driving forces behind the illustrations, but ok.
Yeah but you literally stated the reasons why...
This isn’t a conceptually difficult hypothetical to follow.
Don't you understand? Every casual comment made in passing online needs to have been put through rigorous academic peer review and include citations on international economies and the mechanics of global currency exchanges, or the commenter must face complete social ridicule and ostracization. /s