Comments by "David Ford" (@davidford3115) on "Should Wealthy EU Countries Take on Poorer Debt?" video.

Great analogy!
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"Redistribution of wealth from the top to the bottom"? Didn't they do that in the old Soviet Union? How did that work out?
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@Sphere723 And you really believe that Japan is sustainable? Between their aging population and the shrinking workforce, they are living on borrowed time. They are a debt bomb waiting to go off just like Detroit. And that doesn't even begin to discuss the issues that made that debt so bad, namely their "lost decade". As for Afghanistan, until the fall of Kabul, most Western countries were willing to take a risk on loaning to them, but now those debt contractors have had to write off those loans as losses, which artificially lowers the debt to GDP ratio. Also, your numbers don't take into consideration the collapse of the Afghan economy under the Taliban and how far it has contracted. Your example is fundamentally flawed. But I get that a partisan would use false analogies and poor analysis to justify their agenda.
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Wishful thinking.
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I was just thinking about that. And while initially Alex Hamilton's idea of consolidating the debt within the national treasury sounded nice, reality was, Hamilton had zero intention of ever paying off that debt. He and Henry Knox along with their stock jobber (ie gamblers) buddies who caused Shay's Rebellion in Massachusetts were going to game the system and extract lots of money from the taxpayers by leveraging that debt to line their pockets. Those that say a nation makes money off its own debt are liars who would directly benefit while bilking the taxpayers.
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@Sphere723 Extremely well in the short term, but the long-term costs actually stifle it. Countries with LOW levels of debt see boom-times. Countries with large amounts of debt are hamstrung by the interest.
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@Jay...777 Something tells me the devil is in the details. Certain critical pieces of data that completely undermine your claims. "The problem with socialism is that you eventually run out of other people's money," -Margaret Thatcher.
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Yeah, but at what cost? Keep in mind that Alex Hamilton, Henry Knox, and their stock gambler buddies are who caused Shay's Rebellion in Massachusetts. Then Hamilton repeated it with his tax on whiskey leading to the Pennsylvania Whiskey Rebellion. It took Andrew Jackson following Thomas Jefferson's policies to finally retire the debt. Unfortunately, presidents after him repeated Hamilton's blunder leading to the American federal debt crisis we see today. The debt to GDP ratio is unsustainable.
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"The great problem with socialism is that you eventually run out of OTHER people's money," -Margaret Thatcher. Debt sharing is simply Soviet Socialism by another name. It has never worked because it rewards the lazy and irresponsible while punishing the productive.
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@English_Dawn Indeed. And Ukraine having lived under Soviet Socialism along with Poland would quickly put a kibosh to the neo-communist policies of the Franco-German block.
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