Government debt doesn't get you anything other than more printed fiat. It's not like one can go take away some acreage or foreclose on a government property

That is true. However, a good case could be made that currencies are backed by the productivity of their economies (i.e. populations).

Of course, debt is exploding yet economic growth rates are going down so that highlights the problem of the current situation. The productivity backing these currencies, overall, is waning.

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