Here is a clearer link to he Aussie Debt...

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moorookamick

22,171 Posts.

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16/04/20

10:29

Post #: 44072009
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Originally posted by moorookamick: ↑

Could I ask a question :If those who say that MMT is the answer to our Soverign Debt then why is the Commonwealth paying almost $22 billion a year to service debt(not to mention half that again paid by States & Munis

.https://commodity.com/debt-clock/australia/

Why cant the Commonwealth transfer State & Muni debt to its balance sheet & then via Treasury & the RBA just write off the debt?
Why are taxpayers asked to pay over $30 billion a year interest on combined Governments; debt when and if MMT is correct, that that debt can be wiped out?
To me there is something fishy about MMT: it seems fine once it is not applied and those in power seem to know that it is bullshit; otherwise authorities would apply it now and save taxpayers heaps of interest payments in servicing the debt

.I'm aware that our RBA can print money as required but the global market has the final say, IMO. That is if we print too much currency that its value will go down the gurgle like Zimbabwe or Argentina etc.

Obviously the US has found an out due to the Greenback being the defacto reserve currency with 10s of Trillions abroad hoarded by China ,other central banks and multinationals' tax havens.( $7 Tillion USD held by China & foreign Central banks + God knows how much held byMultinationals' tax havens)

It is interesting hat Trump as been mute about the Multinationals repatriating their tax-evaded stashes from tax havens. Perhaps someone has whispered in his ear that by doing so would snooker the FED's ability to print more Greenbacks to prop-up his Government?PS:

I know that Canada has written off debt 40 years ago but are there current examples where that has been done short of a country's default in payment?

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Here is a clearer link to he Aussie Debt Clock:

https://commodity.com/debt-clock/australia/
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