The claim that "everyone has public debt but not all have a printing press" oversimplifies a systemic crisis. While AES countries like Burkina Faso, Mali, and Niger face unsustainable debt-to-GDP ratios (58.6%, 49.7%, 43.2% respectively), their inability to print currency or issue bonds reflects structural vulnerability. Unlike nations with monetary sovereignty (e.g., the U.S.), these countries rely on external creditors, making debt servicing a perpetual tightrope walk. Even if they could "print," inflation would likely erode credibility, worsening crises.

Modern Monetary Theory (MMT) suggests governments can spend without immediate tax hikes, but this assumes control over currency and confidence in institutions—luxuries these nations lack. The Fed’s 2020 debt-buying showed limits: quantitative easing props up markets only while it lasts. Once halted, bond yields rise, forcing austerity. For AES states, selling bonds risks triggering capital flight or default.

It’s already too late. Debt is a trap; solutions like austerity or privatization deepen suffering. Without systemic change, these economies will stagnate.

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