I can make is simple, Brad

The Intergenerational Burden of the Debt: Nick Rowe Tempts Fate Weblogging: Hoisted from the Archives

But, Dean Baker would correctly say, the reason that the next generation's debt-holders are not winners is because they acquire debt instead of rather than in addition to real capital—that the current generation invests less in building up the capital stock. What causes the burden is not that government debt is issued, but rather that the issuance of government debt crowds out the formation of useful capital.No crowding-out of investment, no burden of the debt on the future.Thus the argument that issuing debt burdens future generations is really an argument that issuing debt right now crowds-out investment by shifting resources from forming capital to working for the government, or that holding debt in the near future crowds-out investment by making people feel wealthier and shifting resources from forming capital to producing consumption goods and services.Those are fine arguments to make, and they have a lot of validity.

It is a probability transformation.

Did a representative sample of the next generation actually overlap with the previous?  Did they have the meeting of the elders? That is the spectral requirement, and that answers the question, the two generations make a deal and set the balance to zero by definition.   Brad, it is all spectral theory.

Simon Wren gets it wrong when he assumes a magical Godot does the balance.  Stiglitz gets it wrong if he thinks the overlap can replaced by a social compact.

The answer is that about two years after the MMT, we do the overlap, historically and theoretically. How do I know the overlap works? Because we are having the same debate that every other damned the sets of generations have been having since the founding, and we are here, still counting.

What if Stiglitz wins the debate, and we wait 20 years for Godot? Then we are Japan, and the next generation loses, like in Japan. We are not doing the Japan, we will have both our MMT and overlap, as we did the last two times, as Brad is aware, he dunnit with us, last time.. Japan is doing the Japanese wait for one simple reason, they wait for the USA to go first.