How cities borrow from the public for stadiums

HERE’S THE INTERESTING PART

When a city wants to build a giant, unnecessary sports stadium, they just ask the public for a loan. Municipal bonds allow local governments to rack up massive debt by promising taxpayers a tiny bit of interest later, all to fund shiny immediate projects that rarely return a real profit.

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How cities borrow from the public for stadiums — STACKY / Economy

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How cities borrow from the public for stadiums

A bigger world.One discoveryat a time.

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Japan possesses the highest national public debt in the developed world, routinely hovering around two hundred and sixty percent of their entire gross domestic product.

Thomas Jefferson died deep in debt

Julius Caesar introduced a massive debt restructuring program that effectively banned creditors from charging exorbitant interest rates and stabilized the failing Roman economy in 49 BC.

Global debt has ballooned to over 300 trillion dollars, a figure that massively outweighs the total amount of actual, physical money and easily accessible liquid assets that currently exist on planet Earth.

North Korea literally ordered one thousand luxury Volvo sedans from Sweden in the 1970s and then just completely ghosted them on the invoice after the cars were successfully delivered.

The Sumerians invented compound interest before the wheel

A bigger world.
One discovery
at a time.