"The debt we create is basically money we owe to ourselves, and the burden it imposes does not involve a real transfer of resources."
-- Economist Paul Krugman in a recent article
The problem with this reasoning is that Klugman is a quack. He doesn’t understand money and debt as well as, say, a certified public accountant. "Money we owe to ourselves" can grow so big and so fractious that it ruins nations.
Here’s a link that shows, in plain language, the havoc created by too much borrowing:
http://www.american.com/archive/2012/november/lenders-and-spenders-confronting-the-political-reality-of-debt
-- Economist Paul Krugman in a recent article
The problem with this reasoning is that Klugman is a quack. He doesn’t understand money and debt as well as, say, a certified public accountant. "Money we owe to ourselves" can grow so big and so fractious that it ruins nations.
Here’s a link that shows, in plain language, the havoc created by too much borrowing:
http://www.american.com/archive/2012/november/lenders-and-spenders-confronting-the-political-reality-of-debt
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