Deficit aside, how does a nation "borrow" money and must therefore pay interest on it, which rich trillionaires are financing the U.S?.
Paying interest on money that only exists because others trust you seems too stupid to actually be true, right?.
Paying interest on money that only exists because others trust you seems too stupid to actually be true, right?.
One large creditor is the Social Security Administration. They have invested trillions in treasury bonds. Sometimes when you hear SS is hav8ng a crisis its really just them needing to pull money out of that investment and people in congress being unhappy they have to pay back money borrowed by previous congress people. Fortunately even some high level folks from the federal reserve have educated them that it is in fact real debt and not some type of funny money they can just ignore.
They sell treasury bonds, mainly to other nations and corporations.
This is literally the fundamental basis of all modern monetary systems.
This is essentially how a bank works, so I'm not sure how stupid it actually is.
fiat currency is a game of trust.