[ExI] antiscience from both sides

spike at rainier66.com spike at rainier66.com
Tue May 5 18:34:11 UTC 2020



> On Behalf Of Darin Sunley via extropy-chat
Subject: Re: [ExI] antiscience from both sides


>…There's an argument for government debt analogous to the Doomsday Argument.


>…Government debt is essentially borrowing against future real productivity …


>…Either way, borrowing against the future is cool, and we will never have to stop doing that, or pay it back…  Darin


Sure, but what about those left holding the bag?  We will never have to pay it back, because that will be after we are gone, but some live on, ja?  What about them?  What about the younger set here, those under 50?  Are you cool with being the ones left holding the bag?  Really?  Why?


And what about if that whole notion of borrowing grows ever more popular and necessary, then suddenly… there are no more lenders?  Suppose the previous lenders suddenly cannot lend anymore because they are also in financial distress.  Perhaps the same black swan event occurred to the lenders.  Then they cannot lend, and they need to call in debts already incurred.  They now depend on the productivity of the US, but not future productivity: they need right now productivity, and they need it desperately.  


In that scenario, there is no more borrowing, for lenders everywhere are in a similar situation.  Whoever is running the White House in that scenario is nearly irrelevant, for all they do there is struggle to manage debt.


Is that scenario really so hard to envision?


Darin, in light of that, what else is really of any significance?







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