May

19

 Roughly 47% of "Debt Held by the Public" ($13.1 trillion as of March 30, 2015) is now owed to people (individuals and institutions) who do not use the dollar as their own unit of account. The rest is owed to holders who do their accounting in greenbacks.

I can remember Galbraith making one of his royal appearances at the one undergraduate class he still taught and entertaining the assembled worshippers with a quip about the national debt not mattering because "we owed it to ourselves".

"We" are about to become the minority creditors. Clearly, the solution is abolish the use of cash itself so that even the vague historical memory of currency as the yardstick for measuring debt can go bye-bye.


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