I disagree. To politicians, money is free. 1. Banks do QE to pour money in causing inflation on taxpayers. 2. Taxing citizens is done by force.
So, yea, to them, it is free... for them.
That's like saying: "to robbers, money is free."
Nevertheless, either through taxation or through devaluation, that debt will be covered. It's not so much an edict but more a law of nature.
There is no debt in the classic sense. Since currency has no value, there is no actual debt. When currency is tied directly to gold, then there is debt.
Having just pointed that out, us deplorables do incur debt because we are the slave class. I freed myself from debt at the last possible moment. I believe corporations are going to absolve people's old debt by UBI. Then, after they've done that, start taking away benefits. The population will be trapped.
Yes, I agree (regarding the intrinsic value of currency). Decoupling the US dollar from the gold standard was Nixon's real sin IMO.
Nevertheless, as you suggest, the population at large does value those pieces of paper, and they are exchangeable for goods and services - at the moment. The US has incurred a huge debt in that currency, and its payback will occur. Whether it be through taxation or devaluation (the latter more likely IMO), we'll be impoverished when it happens.
I believe the best hedge against this is to minimize the holding of dollars in favor of more tangible or inflation hedged assets, minimize taxable income, and learn to add value directly (as in make your own stuff and grow your own food) and not as an employee.
Edit: missed a word.
Edit2: clarified "add value directly."
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