“Why so much Debt?” by Doug Duff – 12.24.23

Entry Submitted by Doug Duff at 10:17 AM ET on December 24, 2023 On or about the 5th of December, 2023, Judy Byington asked: “Judy Note: My question is, just who do we owe the National Debt to? No one will answer that one.” I can answer that one very quickly: In the Circular named “Public Debt: Private Asset” published by the Federal Reserve Bank of Chicago in January, 1999, you will find on page 4, “Debt as an asset” these words, “…to a customer a savings account at a bank is an asset. However, to the bank it is a debt.”  (May be downloaded at:…