The problem is adding freebees when you don't have the money to pay for them and never will so you just keep borrowing to finance them.
As I said before, Debt to GDP nonsense is just about claiming we can depend on infinite growth to justify infinite borrowing. When the growth has a pickup, future generations get screwed.
Yes but doesn't the real nonsense start with the economic precept that it must grow or we die? When you think you're going to die its easy to claim or justify virtually anything.
Growth will clearly have to pickup off planet which is why I keep pointing at that asteroid Psyche that's worth a cool $10 quadrillion. Apparently there's only 4 quadrillion dollars presently circulating on Earth. Future generations are going to need shades the future is so bright. I don't think it will be hard to justify borrowing against that with the understanding of course that we need to start actually making progress towards getting to Psyche or better yet getting Psyche into Earth orbit. Perhaps the minute that asteroid starts inching closer to Earth the more Debt to GDP will matter again.
Home
Contact
Login
Register