The USA and Chin have the highest debt in the world but i don’t understand the concept of them being some of the wealthiest countries, does that debt need paying off? How do they get this debt? Ultimately it just doesn’t make sense to me.
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The banking system (debt) creates money. Well as much as money is a tangible thing these days. Makes sense the richest nations would have lots of debt.
A better question might be, if the US is trillions of dollars in debt why is it considered rich?
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