Re: OT: America could go bankrupt : Musk

This is not the first time the tech billionaire has sounded the alarm over US debt.
Earlier this year, Musk said that the current rate of government spending was putting the US in the fast lane to bankruptcy,
and that government overspending was stoking inflation.
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In September, he wrote that every trillion dollars of debt added is money that “our kids and grandkids are going to have to pay somehow.”
If debt keeps growing at this pace, Musk warned, the US will be trapped in a vicious cycle where “the only thing we’ll be able to pay is interest.”
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 The simple - if nasty - solution to this problem is inflation. Let the dollar inflate and the debt (and the cost of servicing it) dwindles.
 People will stop lending you money denominated in terms the inflating currency, so it does effectively bankrupt the country. It has happened from time to time and the countries involved have survived.
 Musk doesn't know as much history as he should.
 

Milton Keynes wrote: "Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, distill their frenzy from some academic scribbler of a few years back."
Almost like he had Musk in mind. He seems to lift his ideas on debt from dead neo-Austrians and his ideas on money as a "database for resource allocation"/information theory from dead Marxists.