Quote:
Originally Posted by BardPop
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Fun fact, we haven't been debt free since the 19th century, this country has massive problems with not paying back our creditors whether it's ourselves or foreign nations, we need to just pay the over $1 trillion debt we currently owe and be done with it. God knows we spend enough on the military to have that kind of money laying around. We currently spend over 600 billion on the military each year, we could probably cut that down a little bit so we can pay off our debt. Over a trillion dollars debt is generally bad.
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You can't be debt free in a debt-based economy. All the money in supply was created out of loans (debt); loans that accumulate interest which has to be paid.
money supply = total loans
money supply < total loans and their interest
Someone will have to default on their loans by design.