Sublime

but it is just as correct, and probably more so, to say that foreign accumulations of dollars force Americans to consume beyond their means.

This is almost total nonsense. The only possible way it could be true is if the amount of intervention in the renminbi was unaffected by the price level, and this is certainly not the case. If it were, the People’s Bank of China should anyway immediately raise the value of the renminbi substantially in order to improve its terms of trade at no cost

What makes debt different is that it is premised on an assumption of equality.

All subsidies must be paid for, of course, and it is usually, although not always, the household sector that pays.

Maybe innovators in the private sector will produce some entirely new form of money that is not dependent on government at all.

En 1887, de l’autre côté de l’Atlantique, James Carter Adams a cartographié les détenteurs de la dette publique étatsunienne. Il décrit l’existence au XVIIIe siècle d’une classe sociale de détenteurs d’obligations du Trésor. La bondholding class exigeait le maintien du service de la dette en tant qu’objectif national garantissant les profits des en

a test question says that foreigners are paying off loans to American banks, this could lead to a balance of payments surplus for the U.S., for example.

The fact that a change in the relationship between savings and investment in one country must force an obverse change in the relationship between savings and investment in another country is a very important point.