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Does debt really exist? Not just "a service is owed" or something like that, but why is the international economic system dedicated to its existence?
Being around observing things like infrastructure planning, pension planning, environmental planning and the rest including education. Mostly fine and dandy in those terms but then it's taxation and implementation. In all fast growing nations and new infrastructures the growth exceeds the maintenance and the money is often debt financed dealings through a bidding process. But in many cases the government has too many fingers in the jar and the bidding is rigged. Certainly something is wrong when debts and taxes both increase without maintenance being done, it is common. Chicago put off water tax/fees for the overdue replacement of water pipes and gas pipes for one generation so the next could pay for both generation’s of cost. It made water a cash-cow like many municipalities in Illinois so water went up 150% from 1990s to 2015 75% just from 2010 to 2015 for city residents $100+ a month nearing as expensive as bottled water a tax where money gets shuffled and fat cats eat it up for nothing. The gas replacement of pipelines deal is Twice as expensive per mile as NYC ! What a deal for the rate payers of People's gas where fully $36 a month or more $38 is a smart meter charge ( to help fund that too for the last generation) All in all its $500 a year for no therms for gas and no garden no laundry and landlords are afraid of the water bill so low income renters get the shaft and the rats own the yards. It is common by human nature and politics to put off things then when t do get around to them EXPLOIT THE SHIT OUT OF THE STUPID DEMO TAXPAYERS! $$$ The democratic machine. Aka INTERGENERATIONAL ECONOMIC WARFARE that and the PENSION BOMBs have Chicago's future under wraps. The Dumb still haven't figured it out with among the highest taxes in the country and no end in sight. People are running for their lives out of Chicago and Illinois. -300,000 since 2016 . Let me mention how INTERGENERATIONAL Economic WARFARE worked in another case in the world's 6th largest economy (my home state) the year 1978 PROPOSITION 13 JARVIS GAN a simple education bill right? No and education bill with a nasty little catch for any and all who would dare want to buy a piece of the American dream and maybe live middle-class , better buy it before January 1st 1979 WHY? Because all the fat cats that bought up all the real estate knew t would drive up value of land and all real estate faster and pass on the savings (extra profit) to themselves which actually would come from those way higher assessments. It was basically ( if you owned or bought before the deadline you were allowed a 66% lower tax rate). All those bought after pay the NEW higher rate. An intergenerational economic H bomb. It worked and the value of real estate skyrocketed even faster, but it also ended most of us living standard being equal to parents and created more poor renters and wider distance commutes only taxing people more with time and gas and traffic jams. So the deficit spending often even when avoidable is not avoided instead the battle for power (your money) and more of a bigger cut of it continues. Govt in democrat states is notorious for fiscal insanity. It has become that bad. There are republican issues, but in global terms I am sure some similarities and worse occur. Some countries are in fire straights and need global help. Bangladesh is one, Ethiopia and Sudan are others, Haiti too. These are so far behind what is needed people are dying from flooding and sewage. War in Yemen has people starving. Locusts swept Africa the Mid East and Pakistan and India last year. Due to global climate issues and warming unexpected expenses in the hundred billion dollar range are more common. This no doubt along with Covid 19 have made this imbalance more common and yes, noteworthy.
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You might say that they aren't global, but global is a broad term in the sense that the entire planet and its population make up it. It is global in nature because all nations and the earth share the earth together as a unit, but not only. It is global in that all countries and the earth share the same laws and rules, but not only. It is global in that every area of the earth and every country and its citizens and businesses (and their countries) share the earth together. Just this is what one might call the global population. That is why the world has a global economy. Global is a global. Global is the earth and that is in the long run, not just the short run. How did this global economy happen if not from people? If the world as a whole was not the same,.