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Yes, I am aware of SF county being unable to print (only the central bank can). The point I am making is that this is an instance of wasteful expenditure that would be expensive in a world where nations lose control over currency and are operating on a tight budget that enforces skin in the game and discipline.

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This is also an argument for a gold standard. What is a society to do when collective debt can help? For example: existential war, economic turmoil. Do you contend that governments should never spend on credit? I contend that printing money may sometimes be a good idea.

What society would undertake moonshots like DARPA... or going to the moon... if it could not invest with debt collateralized on a future generation's produce?

Spending on credit that you never pay is different. With a smart contract a government would have to release it's collateral. Now they can just keep the inflation up.

Ah, sure, the next generation pays, even as they generate even more debt themselves. I acknowledge it's a Ponzi scheme. But well managed, and expecting consistent growth in the productivity of our society over generations, the Ponzi scheme won't collapse.

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