Cricket Web: All-Time Legend
ngl I am enjoying all the new Jonathan Swan memes online
Theoretically the problem with it is that:I don't know enough about these things either but my instinct is that the outlook for Japan is not great - looking at the slow death of the 3rd largest economy in the world. And from what I understand, Japan's Government is far more robust and effective at implementing economic strategies than America...yet from what I understand they basically have no way out. On the other hand my other instinct is that it's unsustainable to just expect constant growth of an economy...but then surely that's why you don't take on huge public debt. I dunno, I'm not an economist. But I'm yet to see a properly convincing argument for why public debt is something that you just shouldn't worry about at all. Which seems to be the line from the journalists at the Guardian et al.
One thing is for sure is that public debt crises can and do ruin ordinary people's lives...Greece, Argentina etc etc...It's not like we're talking about Nauru here. People can and do starve.
Also it's especially not particularly applicable for the United States for reasons which don't have a great deal to do with economics.Theoretically the problem with it is that:
1. People start to think it's unsustainable
2. They start charging the government higher interest rates on its bonds
3. This causes interest rates in the economy to rise, leading to a recession
But the yields on Western government bonds are looooooow, which suggests that we're miles away from the point where this is a valid concern.