Reply to: The French are right: tear up public debt – most of it is illegitimate anyway

[darmstadt]

As Seasick Steve said; 'I started out with nothing and I've still got most of it left'

If you get the chance to see him, do so. Saw him last year and it was really rather enjoyable...

[lilelvis2000]

As Seasick Steve said; 'I started out with nothing and I've still got most of it left'

I have that album - probably his best work.

[Mich the Tester]

Well the USA might be very successful...it is also very very deep in debt. Probably means that being in deep debt has nothing to do with success or whether you are left or right. If you can spend it, you'll find a way.

As Seasick Steve said; 'I started out with nothing and I've still got most of it left'

[lilelvis2000]

Take a wider view. The most successful ever nation, the US, is the most capitalist. The least successful nations, outside of the third world, have been communist. Some, like China and Vietnam, have only started to be more successful when they embraced at least some of our market principles.

Well the USA might be very successful...it is also very very deep in debt. Probably means that being in deep debt has nothing to do with success or whether you are left or right. If you can spend it, you'll find a way.

Though with all the cronyism around, politicians just spend the public purse and get a massive kick-back from cronies when retired.

[BrilloPad]

Judging by recent results, I'd always thought that most of the contributions went on Peruvian Marching Powder & expensive hookers.

The rest was squandered.

[tomtomagain]

Hmmm, but how did the government create the bonds in the first place?

Ah, I know... they are created out of thin air.

The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 | Mike Maloney - YouTube

Not that old one again ..... money isn't a physical thing. It is a combination of a promise and a unit of measure.

I am completely happy that money is created "out of thin air". I don't think it is odd at all. Certainly no odder than putting all your faith in a shiny metal that you can dig out of the ground.

[MicrosoftBob]

Indeed. The crux of their argument seems to be this; 'we borrowed a load of money. Now we've decided that we don't like the people we borrowed it from so we're not going to pay it back'.

Are we talking about Scotland again ?

[Mich the Tester]

Yeah cancel all the debt.

Now what happens when you want to borrow some more money.....No one will lend it to you

Indeed. The crux of their argument seems to be this; 'we borrowed a load of money. Now we've decided that we don't like the people we borrowed it from so we're not going to pay it back'.

[Mich the Tester]

Surely it's not really a mystery as to who owns the bonds issued by governments? I would have thought that most of it was bought by pension funds...

You mean the pension funds that have to finance retirement for us, plus of course the odd sports car or two for the fund managers (and thus the food on the plates of the people who make the sports cars)?

No, don't be silly, it's much more politically convenient to blame 'the rich' and the 'multinational corporations'!

[SantaClaus]

Surely it's not really a mystery as to who owns the bonds issued by governments? I would have thought that most of it was bought by pension funds. They have to spend our monthly contributions on something you know.

Hmmm, but how did the government create the bonds in the first place?

Ah, I know... they are created out of thin air.

The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 | Mike Maloney - YouTube

[Zero Liability]

Banks (including central banks) probably also own a good share of it. European banks, in particular, favour sovereign debt due to its low risk grading.

[tomtomagain]

Oh No! Politicians lied to us...the banks lied to us.....

I really would love to know who owns the debt though. But like HMRC, the government will never tell (unless it suits them).

Surely it's not really a mystery as to who owns the bonds issued by governments? I would have thought that most of it was bought by pension funds. They have to spend our monthly contributions on something you know.

[Zero Liability]

That's the issue. The people most loudly agitating for the debt to be repealed certainly don't want to. Enter The Lib-dems (*insert French analogue*) and their snake-oil: soak the "rich" and make them pick up the tab (until of course they don't and just leave.) Governments seem to be run on behalf of toddlers, with all the common sense thereof. Not their problem, though. In a few decades (when they know full well they won't be in power), the deficit will be reduced. In the mean time, lets go tax us some contractor scum.

[BrilloPad]

Yeah cancel all the debt.

Now what happens when you want to borrow some more money.....No one will lend it to you

Why would we need to borrow money? Can we not live within our means?

[Flashman]

The French are right: tear up public debt

If only it were really going to happen.

Yeah cancel all the debt.

Now what happens when you want to borrow some more money.....No one will lend it to you