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A nation's central banking depends on the ability of that country's economy to put working age people into a productive, taxable, job.
That is why America has been considered a safe credit risk, given our economy and culture, and legal system, etc.
That is because credit is based on future earning potential. When the birth rate can't keep up with the mortality rate, there is a contraction in that nation's ability to not only produce tax revenue, but future earning potential, and therefore credit, also declines.
There was a great column by "Spengler" in the Asia Times about this. I'll see if I can find it.
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