this is such a classic meme that its a bit like seeing an old schoolmate. i recently discovered the source image from a rulebook published in 2003 so this meme is probably older than some of my followers. but this is one of the first 40k memes, along with kharn is a swell guy, metal bawkses, and armless abaddon.
The U.S. federal debt has hit $40 trillion. Add the debt owed by U.S. states, corporations and consumers and the figure rises to about $77 trillion in debt, set against an annual G.D.P. of about $32 trillion. The interest on all of it is compounding constantly. It’s not just the U.S., either. Globally, there is $350 trillion in debt, roughly treble global G.D.P. It’s like snowpack on a mountainside. It may look stable right now, but it’s creating the conditions for an avalanche. We are past the point where we can deal with our current debts in normal ways. The options open to us are extremely unlikely or highly destructive: Grow our way out of it, raise taxes, inflate the debt away or wait for the economic fallout.
Ancient societies had another method to deal with debt. It was called an amargi — a blanket declaration of public debt cancellation. All public debts written off. Disappeared. It sounds laughable, I know. But, really, that’s just because the idea has been buried so deeply in history you’ve probably never heard of it. In the ancient world, it presented a pragmatic solution to an intractable problem. And now, faced with impossible-to-repay debts that are weighing down our economy, is the time to look at the amargi and the lessons it offers about how to think about finance.
Seems weird to go back to ancient Sumeria, which I don't even think applies, when we could look into the legendary civilization known as the "Argentinians."
central banks did what they had to do to weather the GFC in 2008 and covid in 2020, but each time they weren't able to start reeling it back in before the next crisis hit
also means that getting rich over the past 20 years was substantially about your access to this newly printed money, rather than your share of profits
in zombie economies, profits are an ancient legend and access to credit is all that matters
I grew up reading Calvin & Hobbes, and one of my favorite running jokes was the snowmen that Calvin would build.
Basically every non-republic form of government quickly devolves into primae noctis and executing protestors. On the other hand democracy is signing up to endlessly argue with men about the benefits of water as they burn to death.
I've said this before but it's kind of funny that you could run on "affordability" and "tariffs" at the same time. you just have to trust that no one actually knows what tariffs do. and apparently they don't!
