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America is now paying more in interest on its record $33 trillion debt than on national defense — here's who holds the IOUs (finance.yahoo.com)

submitted 11 months ago by yogthos@lemmygrad.ml to c/us_news@lemmygrad.ml

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[–] cfgaussian@lemmygrad.ml 17 points 11 months ago

It's only free if you don't consider the fact that the rest of the world pays for it. The US can create money out of thin air without negative consequences to themselves, but only because they offload those consequences onto everyone who uses the dollar as reserve currency and settlement of international trade.

This will no longer be possible to do once that global financial hegemony is eroded. Then the US will finally have to pay for its own lunch.