Dhaka, Oct. 3 -- Every country pays for its debt - but not every country pays with its dignity, institutions, and future. In the United States (US), the headlines scream of fiscal disaster as the national debt crosses US$36 trillion, with nearly $950 billion in annual interest payments. To many Americans, this seems like the edge of collapse. But the structure of US debt is designed to absorb and recycle its own pressure - turning fiscal strain into institutional resilience. Much of this interest is paid domestically. In essence, America owes itself.

In Bangladesh, the story takes a tragic turn. Interest is paid outward, in hard currency, to foreign lenders - draining rather than sustaining the economy. There is no internal circuit of va...