The statement that this is debt we just owe to ourselves does have a problem. If we have to keep passing the bonds, and the new ones issued as the old ones mature to others of us, then subsequent generations of ”we” have to be willing to buy into the scheme and in ever greater amounts. If “we” ever decide to hold gold or land, or decide we have to buy consumables instead, then inflation goes through the roof because there are no bond buyers. Prices for all goods and services skyrocket as bond yields increase exponentially.
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It’s a ponzi scheme!
I hope my kids fully realize just how badly their elders screwed them one day. I have lost hope for my generation.
Yep. It is a ponzi scheme. I realized I could have added that analogy after I hit post. It also comes under the heading of the greater fool concept such as those from tulips to real estate.