Paul Krugman : ' the world economy as a whole owes money to itself.'

Paul Krugman repeats the Keynesian nonsense:

You can see that misunderstanding at work every time someone rails against deficits with slogans like “Stop stealing from our kids.” It sounds right, if you don’t think about it: Families who run up debts make themselves poorer, so isn’t that true when we look at overall national debt?

No, it isn’t. An indebted family owes money to other people; the world economy as a whole owes money to itself.

In the failed Keynesian world, there's no real bondholders and property rights with everyone sharing everything. So, a bond default really isn't a default.