IOU


This is a graph of total worldwide government debt vs. GDP. There are three peaks: the first in the mid-1800's after the Napoleonic wars; the second after WW2; and the third, now - when there are no wars on that sort of scale.

Given nobody* accepts tax increases or services cuts, the only semi-feasible way that this can end is ever higher inflation - potentially to Argentina levels (which have come down hugely - to 2% per month; still insanely high by most other countries' standards).

*Interestingly, the accompanying article names Canada as the one and only country that ever successfully reduced debt to any significant extent, other than thru inflation - thanks to one Stephen Harper. That is ancient history at this point, of course. Sources disagree but it looks like overall Canada is somewhere worse than Planet Earth but better than USA on this metric.

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