tag:blogger.com,1999:blog-11906042.post4817499401137691082..comments2024-03-29T10:51:27.752+13:00Comments on Not PC: When currency wars turn into the real thing, what will happen next?Peter Cresswellhttp://www.blogger.com/profile/10699845031503699181noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-11906042.post-12493023646295969912012-08-27T03:12:18.783+12:002012-08-27T03:12:18.783+12:00so, if you lend me some gold, and I blow it like a...so, if you lend me some gold, and I blow it like a drunken sailor (government), and cannot replay it, the gold has been "consumed"?<br /><br />The gold may have a new owner, but surely it still exists? <br /><br />the drunken watchmannoreply@blogger.comtag:blogger.com,1999:blog-11906042.post-19070368155314851452012-08-24T09:35:51.618+12:002012-08-24T09:35:51.618+12:00Well, yes, a zero sum game in the sense that debt ...Well, yes, a zero sum game in the sense that debt just transfers resources from creditors to debtors.<br /><br />It's a positive-sum game when those resources are used productively, to produce more resources.<br /><br />Not so however when all those resources have been consumed--as they are when the debtors are govts--and even worse when the debts are defaulted on. As they will be, inevitably, given their levels of debt.Peter Cresswellhttps://www.blogger.com/profile/10699845031503699181noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-50749124871352535792012-08-24T01:39:51.389+12:002012-08-24T01:39:51.389+12:00Debt?
Isn't that a zero sum game?Debt? <br /><br />Isn't that a zero sum game?the drunken watchmannoreply@blogger.com