Well, my accounting degree argues otherwise, but I’ll let it go... ;-)
I did state in my previous post that “debt” as quantified in Government entity accounting is different than GAAP accounting.
My original point I think still has some merit — banks have gotten a pretty sweet deal over the last century. They are the ones that own most of the currently issued debt instruments. I would like to see something that makes the government debt something not owed to businesses that have skated with an advantageous tax system for years, but something that can be used as a payment in kind for other people the government has agreed to pay money to — federal pensioners, veterans, social security recipients.
“Well, my accounting degree argues otherwise, but I’ll let it go... ;-)”
I would appreciate it if you can show me how I am incorrect, I have no interest in spreading incorrect information/speculation.