"Our point is that the means to repay debt must be in the assets
purchased by that debt. We define assets broadly, to include the social
assets of education and social order and the public goods of
infrastructure. If assets do not generate the net increase in value to
pay the debt, debt service will be a reduction of net incomes. A
reduction of net incomes means reduced means – sometimes called growth –
from which debt may be paid and will thus lead to a downward slope –
sometimes called a spiral."
Demand Side Economics
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