34 sats \ 2 replies \ @SatsMate 13 Jul \ on: The Runaway Train of Deficits bitcoin
Great post! Don't we have a ton of wiggle room technically? Japan is a great example. They have 260% debt GDP which is almost double of ours - and they aren't thriving, but they are managing.
Taking a realistic look, couldn't the U.S. also have 260% debt/GDP and be able to manage itself?
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33 sats \ 0 replies \ @Coinosphere 13 Jul
The wiggle room is all cultural, but the underlying problem isn't changed in any way.
In Japan's case they can shoulder so much debt because the mindset of the average Japanese consumer is incredibly obedient. They'll work 80-hour work weeks without vacation for decades at a time just because it is expected of them. When their government expects things from them the story is the same. They obey blindly.
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0 sats \ 0 replies \ @BitcoinSearch OP 13 Jul
Yes, it could, but that will not prevent the quality of life from deteriorating little by little until the population has nothing and is happy, like countries with economic crises.
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