>> The risk, and its consequences, should remain with the creditors who extend credit to shaky debtors.
With all due respect, you seem to be saying that it’s OK for the US to continue our current role of “debtor nation” ad infinitum — subject not to any moral or sound economic reason for doing otherwise, but subject only to finding a steady stream of lenders willing to lend.
Alrighty then. Here’s where I get off the bus.
>> The risk, and its consequences, should remain with the creditors who extend credit to shaky debtors.
” Alrighty then. Here’s where I get off the bus.”
This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart’s content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt.
No, I'm not engaging in any "shoulds" for the nation as a whole. I'm acknowledging that the choices of individuals are not within the control of, nor any of the business of government policy.
Personally, I think people should stay out of debt as much as possible. I try to keep my personal debt to my mortgage and sometimes a car payment. I'm not always there, but I'm usually pretty close.