Comments by "Fredinno" (@innosam123) on "Whatifalthist" channel.

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  29. TBH, a Depression is not likely. You showed the Debt-to-GDP ratio as a a supporting factor in your argument- but it’s only a meaningful number if you include private as well as public debt to GDP. Private debt to GDP in the developed world has fallen since 2008, resulting in overall stagnation or decline in total debt-to-GDP. Economists generally agree that public debt is less of an issue than private debt due to the fact they can just print money (which has issues, but not as bad as private sector defaults.) There is a reason Japan has such a high government debt-to-GDP and is still a stable, functioning economy. Worst case scenario is stagflation. Second, despite the arguments from Austrian economists, there has not been a single economic depression since 1946 (COVID was artificial, and cheating- if I included it, I would also have to include the similar 1920 depression.) Meanwhile, from 1830-1930, there were 3 depressions. Arguably, without interventionism, there would have been 2 more depressions- the late 1970s, and 2008. No inflation… and worse economic performance. Global currencies have always been maintained by the geopolitical and commercial strength of the nations backing it. Britain was not the only nation with currencies backed by Gold. Its decline coincides almost perfectly with its decline as a superpower. Has it been abused? Yes. So did Britain. That’s just how it works. Countries use their power for good and evil. Is it right? Arguably no, but that’s not the point. This is the same “guilt” you’ve criticized the modern left for. —- Note also that the current bout of inflation is also accompanied by reindustrialization and economic growth in North America. No matter how badly Biden tries to fuck it up.
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