Quote:
Originally Posted by mapuc
^ I have tried to find out which countries, besides China that has borrowed U.S. most
I can see it is Japan on second place
I found some old article from 2009 and 2011.
If you can find the latest and how much it is by percentage on totally debt
Markus
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Japan. Explicit debts are 2000% (two thousand) of the GDP. I do not even want to know what numbers you get when assessing their implicit debts.
When the gold standard was given up after Bretton Woods, the Dollar had already lost over 95% of its real buying value from shortly after the end of the civil war. Go figure how it is today, four decades later. When the Euro was introduced, the often hailed, oh so stable German Mark that was founded after WWII had already lost over 80% of its value. It was anything - but not a stable currency.
So much for stable currencies and claims that there is no significant inflation and no significant devaluation. Devaluing real money and turning it into debt bonds - bets on the future, in other words - only is the reason why you give up gold standards.