It's not fun to go through times of turbulence and uncertainty, but it is far worse to damn our children to a worse fate by standing by and doing nothing.
It's time to rip the band-aid off and come to grips with reality; we aren't paying the debt back.
If there must be trouble, let it be in my day, that my child may have peace; and this single reflection, well applied, is sufficient to awaken every man to duty.”
- Thomas Paine
You know what they say, "ignorance is bliss". Sounds like central bankers have been living in blissful ignorance for far too long now. It's refreshing to see someone in power publicly acknowledging the elephant in the room- that we aren't paying the debt back. But instead of ripping the band-aid off, maybe they should replace it with some 24 karat gold or platinum strip? That should solve everything, right?
Low time preference maximalism
Back to the roots of life
The debt is essentially a measure of printed money, not actual debt to be paid. It tracks inflation.
Love the article and agree with what you said about the debt never being paid back.
But this isn't quite so binary. As a father myself I don't want my kids to be in a worse situation. But defaulting will just sacrifice a different group of people. There are plenty of middle aged people who have NO CLUE about what's coming. I'm related to some. They believe the stories their financial planner tells them about their retirement in 15 years based on their social security payment and the modest growth of their 60/40 portfolio currently valued at $100k. These people aren't rich, have little to no saving, and have worked and saved most of their life. And unfortunately don't have 30 more years to accumulate. How do we prevent them from becoming collateral damage?
If we default, inflation wipes out everything not nailed down. Be ready to be generous if you have any wealth left with those blindsided by this. I think we go back to multi-generational households. Might not be that bad, come to think of it.
Good luck out there.
This is brave.
