Zeev's Turnips Talk Politics (ZTTP)

[rbl100]

There is another aspect of the debt crisis which has scarcely been considered. It is not a debt at all, but the artifact of a deformed accounting system. It also explains why Third World debt has become un-payable. If nations like Japan, Germany, Korea, etc. would pay back the U.S. for having rebuilt their economies and in addition all the third world nations pay back what was donated…There would be no “national debt” to speak of today.

“It’s a fiddle of course, but a fiddle of the kind which already keeps international banking afloat, as non-repayable debts are reported at their full theoretical value.”