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But the bondholder has born the burden in the present, not the future. The bondholder has given up buying consumer goods or making investments in the present when he lent to the state. So future generations do not bear the burden of the debt. If the state coerces taxpayers to pay bondholders in the future that is an additional burden on the taxpayers that is independent of the primary burden of the debt, which is born in the present. This secondary burden on future taxpayers is exactly offset by the secondary benefit to future bondholders. So future generations do not bear the burden of the debt.