The Commonwealth government gross national debt, which currently stands at $421 billion is not debt in the true sense of the word. When the government borrows, it issues Treasury bonds and only accepts payment for those bonds in Australian dollars, not US dollars, not Pounds or Euros.
Read more at: The Australian Independent Media Network
One thought on “The Myth of Inter-generational Debt”
I like the way you give a quick summary then link back to the AIM Network. I must pinch that technique myself.
Really enjoy your regular contributions by the way. It gives me home for Aussie Democracy.