We’ve had a certain kind of economy in this country since WW2. If we’ve become a country where repaying debt is considered equivalent to enslavement, or only really obligatory if the debt was used to purchase assets, and only if the assets have risen in value, then we will have a different kind of economy in the future.
People elsewhere have been lending us lots of their money. Would you lend your retirement savings to the neighbor who says he might pay you back if the bets at the races all go his way?
