Will future historians just think we were completely stupid to think running the world like this on debt would work? I can just see future students saying “Well what did they think would happen?” and the professor just shrugging.
Entirely depends on how we get out of this hole...
On other hand, it is not like the money in sense vaporizes. Just that some holders must lose it... Or already lost it. Or the value drops massively as debt is defaulted, but the units stay in the system.
If most of that debt was an investment on energy transition, education, research, we'd be absolutely fine. But from what I gathered it's mostly QE that ends up as extra dividends.
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On other hand, it is not like the money in sense vaporizes. Just that some holders must lose it... Or already lost it. Or the value drops massively as debt is defaulted, but the units stay in the system.
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