Recently, I've been seeing the odd headline about how Greece is paying down its debt and how great it is, but when asked 'how' is, basically, GDP growth, inflation, and poverty for people. The media is too busy having an orgasm about it , while the average person suffers.
Now, politicians talk a big game when it comes to paying down debt etc, but it begs the question - what happens if you do pay off the debt?
Has it been done before? Is it even worth it in a fiat system?
Well, apparently, yes, yes it has, by none other than Romania.
Some Romanian Redditor chimed in on the discussion, and here's what he said:
**Communist Romania was the only country in history to completely pay up its foreign debt, and it was done trough food rationing with food scarcity (everything was for export), energy rationing, petrol rationing (if you were lucky to have a car), forced labour production output for export, working on Saturday was compulsory, no private owned land or companies every resource was the the collective good of the workers etc.
And complaining about it would make the Secret Police (Securitatea) throw your ass in the coal mines or the stone quarry to break some rocks 9 hours a day, for a few months or years to make your ass start believing the communist socialist multi-developed dream.**
So Ceaușescu caused so much poverty for people, it actually got him killed!
/s