Re:Bitcoin: A flawed currency with a useful application for ...
by calibraxis on Friday July 03, 2015 @01:11PM
(#9826733)
Interesting notion, the global bully with the big weapons owing you (a nation) a "debt". Which is made by you giving them your money in exchange for IOUs. And you keep rolling it over. Sounds more like tribute.
> None of what I said is controversial among people who understand economies.
I have a degree in economics, so yes, I understand how sovereign debt works. The point is that even if the market never loses faith in the US's ability to pay back its existing debt, if it stops being the most trustworthy source of newly-issued debt, the US loses a great deal of power.