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More On The National Debt

Updated on August 23, 2017

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This is a hub page that has been created for a more in detailed response to a comment left on an old Squidoo lens. A comment was made on and I do wish that you could have taken a look at that lens first before you continue on with this one.

i do plan to make a full hub about the National debt situation, since the old Squidoo lens is no longer online.

Poll Debt v. Currency

Did having debt come before having currency, or was currency first?

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The Point Taken

A comment to my old Squidoo lens indicated that he thought that there would be no currency if there was no debt. It seemed like he thought that debt created the currency that we use as money. In the modern economic system, I could see how he got that view, and only in some aspects he might not be very far off track.

However, I do not think that money is an instrument of debt. I think that debt is an instrument of money.

If it be the dollar, the yen, the peso, or one of many other names, money is a representation of symbolic value and debt is a promise to pay something of value in the future. Before the banking system started the money system had been well established. Something of value was exchanged for something of value, or that represented value. Over time, a promise to give something of value became acceptable practice.

It does seem like a political debate as to how much a country should be in debt, but money or currency is not equivalent in any way to debt. Yet, taking on debt is a way to add to your current money supply.

Below are two clips from YouTube that illustrate one point of view on how debt and money are related to each other. The presentations are well crafted, even if you do not agree with their conclusions, or interpretations of the facts.

Money as Debt

Money as Debt 2

Debt? What Debt?

In an ideal situation, should the govenment of a country operate without going into debt?

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    • profile image

      jjprusk 5 years ago

      Keep up the good work as we need to keep focusing on this major problem.

    • OrganicMom247 profile image

      OrganicMom247 6 years ago

      Great lens! I learnt so much, cool insights.

    • BSieracki profile image
      Author

      Bernie 6 years ago from Corbin, KY

      @puerdycat lm: shure, thanks.

    • sousababy profile image

      sousababy 6 years ago

      I am Canadian and saw the recommendation by puerdycat. Great points raised here, for sure.

    • puerdycat lm profile image

      puerdycat lm 6 years ago

      Like your idea so much that I posted it on amplify. Let me know if that's OK with you!

      http://puerdycat.amplify.com/2011/08/31/debt-didnt...

    • spiritualll profile image

      spiritualll 6 years ago

      Hi!

      I've seen your lenses!

      They are nice!

      Good luck on squidoo and may you earn much money!