I agree except for the last part.
Not all debt is fraudulent. But almost all debt is. Perhaps that is what you meant by 'virtually.'
Since the US government is gargantuan, the debt it holds dwarfs private sector debt. If you add other government debt, such as from Japan and from Europe, that debt is staggering and obscene.
All these debt is fraudulent. They're paying for politicians who've assumed government positions to satisfy their voter's penchant for freebies and entitlements. Government revenues are not enough to pay for these, and so debt is used. The problem is these debt will never be paid for in the future. It's because future politicians will keep renewing these obligations, and adding to them, as they keep deferring payment of these debt.
What is the obvious solution then? Is it default? Just like what Iceland did. The people were not afraid to face the consequences. The world population should follow in their footsteps.
Not all debt is fraudulent. But almost all debt is. Perhaps that is what you meant by 'virtually.'
Since the US government is gargantuan, the debt it holds dwarfs private sector debt. If you add other government debt, such as from Japan and from Europe, that debt is staggering and obscene.
All these debt is fraudulent. They're paying for politicians who've assumed government positions to satisfy their voter's penchant for freebies and entitlements. Government revenues are not enough to pay for these, and so debt is used. The problem is these debt will never be paid for in the future. It's because future politicians will keep renewing these obligations, and adding to them, as they keep deferring payment of these debt.
What is the obvious solution then? Is it default? Just like what Iceland did. The people were not afraid to face the consequences. The world population should follow in their footsteps.