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I think the detail you are missing is that just because a nations government is in debt, doesn’t mean it’s citizens and institutions are net debtors.Almost all of the large superfunds would own government debt, as would the insurance companies, banks, charity endowment funds, high net worth individuals, etc etc.It’s totally possible that a government could be in debt to its own citizens and corporations, traditionally most government debt was held by its own citizens. Now offcourse the markets are more global so the debt holders can be anywhere in the world.
I think the detail you are missing is that just because a nations government is in debt, doesn’t mean it’s citizens and institutions are net debtors.
Almost all of the large superfunds would own government debt, as would the insurance companies, banks, charity endowment funds, high net worth individuals, etc etc.
It’s totally possible that a government could be in debt to its own citizens and corporations, traditionally most government debt was held by its own citizens. Now offcourse the markets are more global so the debt holders can be anywhere in the world.
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