Forum Post: Does the national debt really matter?
Posted 12 years ago on Dec. 28, 2011, 8:08 a.m. EST by foreeverLeft
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Obama has asked for another 1.2 trillion increase in the debt ceiling and as the debt begins to bump 20 trillion does it matter? The world is on a US dollar standard which means they have to buy dollars with their shitty little currencies to buy external energy and food so where are they going to go? Drachmas? Euros? Pounds? I think not.
The Imperial US has been the world's banker since the end of WW2 and no one is strong enough to replace us so what the hell, print it and spend it I say!
that is very much what michael hudson wrote about in "super imperialism" - the gov't realized during vietnam that central banks around the world had to recycle our dollars into treasuries so that they fund our debt - one day this will run it's course but when? nice job