A revised version of a previous article.
A lot is written today about debts of governments. I want to make a short note on this topic (not referring to any particular state or government, but to all of them). 1)
I suggest that when we think about public debts, we start to distinguish between two types of debts.
On one side are exploitative debts. Governments have financed some things that are short-lived and of no use to future generations. This includes debts made to bail out private banks in the wake of what is called the “financial crisis”. I call these debts exploitative because if we inherit them to future generations that means we are living at the expense of future people. Our governments take credits, spend money for things we or some of us are benefitting from and then pass on the credits to future people who get nothing but the debts. That…
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