He said the greater our debt, the wealthier we are. Too bad this astute comment is over the head of the interviewer and many others, including me.
I have heard this drivel from Big Zero down through a multitude of Demorats. If the larger the debt means you are richer then why don’t the masses run out and buy larger homes, more expensive cars and by doing so become Buffet/ Gates Billionaires?
His statement would be 100% correct if the monetary supply was tied to production, with a fixed constant (such as gold) used as a measure.
As it is, Mr. Stark makes essentially a factual statement, leaving out the key details that the system is un-Constitutional and concentrates enormous power into the hands of a few to the detriment of many.
To see Mr. Stark’s point you have to know that our money (dollars) is created out of think air by the issuance of debt. In that case, you can measure the “wealth” by looking at the debt. More debt = more “wealth”.
Actually, it is very simple.
Who can borrow more money, an unemployed 18 year old, or a man, 45, who has a good paying job and 20 years experience at the same company?
That is all Stark was saying, because we are a wealthy nation, we can borrow more money, then a poor one.
I do not agree with the level of debt that we now have, it is terrible, and is a disaster in the making. But the truth remains, we can borrow, because we are rich.