Re: OT: America could go bankrupt : Musk

On Fri, 25 Oct 2024 08:15:18 GMT, Jan Panteltje <alien@comet.invalid>
wrote:

On a sunny day (Fri, 25 Oct 2024 01:20:55 -0400) it happened bitrex
<user@example.net> wrote in <671b2a78$2$1428050$882e4bbb@reader.netnews.com>:
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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.â€?
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.
 

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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."
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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.

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I dunno how Musk does it, but I somehow like his succcess

Not many individuals can start successful car companies. Or reuse
giant rockets. Or become the richest person on Earth.

He embodies the silicon valley philosophy "fail fast, fail often".
History is littered with now-gone companies that had no new ideas and
failed slowly, once.