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This shit is getting ridiculous
(lemmy.zip)
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this post was submitted on 19 Jun 2024
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how much of this still applies when the debt is as big as the United State's current debt? (genuine question)
It applies more. If you borrow $1000 and by the time you pay it back (including interest) you've paid $1500, but that would have had the buying power of $2000 today, you've made a pretty good deal. If you do that with a trillion dollars, you've made a great deal.
National Debt is a weird metric. For the US, the biggest foreign owners are Japan having ~4% and China having ~5% of the debt. The huge majority of the debt is within the US, either to individuals, businesses, or the government itself.
Plus there's an old adage by J Paul Getty, "If you own the bank $100, that's your problem. If you owe the bank $100 million, that's the banks problem."
Similarly everyone you owe money to is now invested in your success.