RE: You Owe You

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beelzael in Finance and Economy • 18 days ago

I'm thankful my mom raised us with a no-debt-mentality, and that my father was always complaining about the debt he had (he got a bad deal at a bank, and will likely be paying of his debt until he dies). I built everything with what I had, which honestly was quite a bit thanks to a previous efforts and some luck.

As soon as debt falls, the whole economic system falls. Debt is just another currency, a shadow-currency so to speak, used not to buy goods, but good-will and favors. And the best part is - you don't even have to spend it. The one that owns the debt can ask many favors, and the debt is still there.

It would be great to see the RoW unite on that, but they're part of the system, too. The ferocious consumerism in the US is easy to criticize, but it keeps the whole system alive, too. Alas, that's what most countries still want. They're scared of the afterwards. And I'm not an economist, so I can't have the most educated opinion on the matter. But I'm more inclined to going cold-turkey than slowly dying from addiction and taking the rest with me.

18 days ago in Finance and Economy by beelzael

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tarazkp 17 days ago

The one that owns the debt can ask many favors, and the debt is still there.

And this is what the US does. It generates its own debt, and then increases that debt by buying the debt of countries that they can then get favour from.

Alas, that's what most countries still want.

Nope. They want to keep playing the game that fucks the rest of us over.

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amigoponc 17 days ago

It is true that multinational corporations use complex tax strategies to minimize their tax burden, a topic of global debate. However, @tarazkp presents this as a purely American conspiracy rather than a feature of modern global capitalism.

The final phrase, “None of the debt is real,” is an ideological statement, not an economic one. While the nature of fiat money and debt can be debated, in the current system, debt has very real consequences for individuals, businesses, and governments. Dismissing it as “not real” is a way of evading the complexity of the problem.

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