What if every federal government paid off its national debt
The following is a heavily edited excerpt of my upcoming book whose title has changed so many different times now, I don’t even know if it’s worth mentioning. Right now I’m thinking: ‘The Big Lie — How The World Really Doesn’t Work’. You can read a longer excerpt by subscribing to Hello Humans on Patreon for as little as $1 a month
IT might make you feel better but tomorrow if the US Federal Government, or Australia or the UK repaid the entirety of its national debt, it would make not one dollar’s difference to your bank account.
In fact the economy would tank.
“If America repaid all its national debt tomorrow, we very likely would crash into the mother of all great depressions long before the debt is ‘paid off’”, says economist, Professor Randall Wray.