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Public Debt

Money or credit owed by a central (or state or local) government to creditors foreign or domestic. The size of the public debt reflects how much of public spending is borrowed. Since government revenue comes mainly from taxation, public debt translates into future taxation.

 

Antony Davies - What are the Dangers of Too Much Debt (LearnLiberty.org)

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The Lowdown on Crude Keynesianism

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You mean we don't owe it to ourselves?

FEE Timely Classic
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September 2014

For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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