Very few nations do not have debit. Saudi Arabia and another oil producer comes to mind (I can't remember which one it is).
The other nations (few in number) who are debt free are extremely small nations.
None of the debt free nations have defence forces to fund.
Borrowing stimulates the economy. The credit rating designates the ability to repay that debt.
Even Costello (the ex Lib Treasurer) certainly understood this and said debt is good).
You can also apply this to personal debt and personal credit rating..
Borrowing for investment properties, to purchase shares. Both tax effective.
It is personal borrowing and paying interest for items which decrease in value (ie motor vehicles) which bring people undone.
