Debt overhang is because of the internal combustion engine? Got you elimaNate the internal combustion engine today in those countries their debt would skyrocket. Maybe they could elimInate their socialist communist spending habits, which included whacko energy subsidies, and live within their tax revenue.
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The USA has been shipping 500 billion dollars overseas every year for a couple decades to pay for foreign oil. The Germans and Japanese have no internal oil industry like the USA. So they are also shipping 100—200 billion annually overseas to pay for their oil. This money transfer is unsustainable for everyone.
How does the “USA” Ship money overseas. Please explain that statement.