How the US Debt Crisis Affects Us All
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- Опубликовано: 15 окт 2024
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The US debt crisis will become one of the biggest issues of our time, affecting not only those in the US but everyone around the world. In this episode we explore the mechanisms of a default, the causes and solutions.
How the 2008 crisis still affects you: • How the 2008 Financial...
Show notes: docs.google.co...
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Producer: Dagogo Altraide, Tawsif Akkas
Writers: Dagogo Altraide, Tomás de Castro
Editors: Brayden Laffrey
Animation: Tawsif Akkas
Motion Graphics: Mathijs Luijten
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If I mess up at my job I’d probably get chewed out and fired. The leaders of the greatest country in world mess up they say “it’s because of the left or right.” When did we start electing children in office? We need real leaders in office.
We need real people and not puppets.
"Greatest country" 😂😂😂
what do u expect dude, they literally doing genocide and getting away with it.
Thats already a low that should not be okay, but here we are.
@@ThePlaceboEffect10 American Exceptionalism is one hell of a drug
Then stop voting for children.
Aura owns Pango Group. Pango Group owns a couple shady VPNs. For that reason, I would stay away from Aura.
All VPNs are scams
How do you define a "Shady VPN"?
@@heyFlorentin ones that collect your data and sell it to third parties i'd pressume
Can anyone in this comments section recommend an actual good VPN? I’ve been hesitant to pull the trigger for this exact reason. Is Nord VPN good?
@ImGairBair proton vpn and mullvad vpn , these are the best and trustworthy, nordvpn is a bit questionable
We really grew up to inherit debt and a dying planet lmao
The planet is fine
But the bonds will also be inherited, so whats the problem ? OK the planet, that is a big deal.
The public is always trying to stay above zero, all loans though from banks as all debt is money, are trying to get back to zero from negative zero, unless new debt is being entered into there will be zero money entering the system, taxes are just a siphon so the dollars don't build up.
Taxes literally make money disappear. it's like any loan, because we are a debt based society and all debts work off a principle of negative zero, once that debt hits somebody's account we call it money and that if all debts were paid back there would be zero money.
This debt always being entered into means new money is always coming onto the market, taxes remove this money, and we are in between it entering and leaving with our energy and consumption. When loans are paid back, whether it be commercial or central bank debt, that money disappears, money does not build up, taxes remove money so the value of the dollar can be managed.
Because we are a debt based economy and debt in the economy is called money, if the govt were in surplus 35 trillion it wouldn't be in our pockets it would be in theirs, debt is the pivot point on a see saw, on one side is us and the other side bankers who can print money.
Debt for a household is not printed money, debt for the bank, central or commercial, is and is classed as debt but you hold it.
No you made it this way because you are too weak.
The hostile to human life planet, yes, that's a worry. The debt, no that's of no concern at all. #Finding_the_Money
Classic saying, "If you owe the bank a hundred dollars, that’s your problem. If you owe the bank a million dollars, that’s the bank’s problem."
The US is the bank.
Each Penny should spend for Israel. Then only the US could grow.
I don’t get it ?
If the bank ends up not getting nack the 100$ you owe it's not as bad for them as if you owed them 100 million, because they know they won't get that back in a lifetime, so it ultimately ends up hurting them more in the long run.
Fractional reserve lending baby!
You get a $1000 loan, pay for something, the seller puts it in their bank, that bank lends out 90% of it, it goes to someone who buys something else, going to another bank that lends out $810 and on and on, turning $1 worth of actual money into $10 of chained debt.
And here's the banger - If I remember correctly, they dropped the 10% reserve rule some time ago and banks can now just wave their wands to create money out of nothing! Truly amazing, isn't it?
Don't forget the taxes on each transaction for infinity!
Except that it doesn't work that way. The money lended by banks comes from the central bank, not from other people's accounts
@@forzatoro89 Wrong .
@@forzatoro89 so not tru, not all comes from central bank
@@forzatoro89the money loaned out by private commercial banks is created out of nothing. It’s a bank credit IOU.
In response the Federal Reserve (Central Bank) creates reserves out of nothing to validate the “loan.”
Government with its own currency and Central Bank can and does just create money and spend it into society.
Whether it’s private or public, it’s all created as debt via double entry bookkeeping with debts and obligations.
The debt crisis will only get worse as political parties continue to buy votes. Each party continues to promise more and more money. It must collapse.
Glad you dont live in Europe. Here it is awful
@@ABYTE64is it? How is it worse than US? Do you even watch any news at all? Like really doesn't matter what news
@@lazymassyes because all news is never ever manipulated and designed to keep you and I living in fear is it ?
Buy GOLD! BUY AMMO! physical assets and hard assets do not go to zero! All fiat currencies in all of human history always meet their end!
@@alancobbinthat's pure BS answer, better answer how is EU any worse than US, that's what I was asking, that's what is not pure BS like how someone is manipulating something, don't be such a sheep with aluminum hat and keep it objective
In 2008 banks traded mortgages thinking that they were safe assets.
401K's saw people shoving their retirements into the S&P 500 under the fallacy of "historic returns" despite the fact that today 7 companies make up 45% of the indexes' growth and 30% of its entire value.
18 year olds studied higher education and took on debt on the promise of a better job and larger salaries.
And in 2022 Russia invaded Ukriane assuming they'd steam roll the country in 2 weeks.
The world is built on the idea that something that held true 10 years ago will hold true in 10 years time...
It’s understandable people think like that. After all, before the industrial evolution things that were true 50 years before would still apply 50 years later for millennia. Stuff like that leave a biological mark
Those of us who do football betting know a lot about historical results.
@@Alexander-yb1zc Golden comment
Banks knew the mortgages they were selling were risky assets in 2008, they had just deluded themselves into thinking that they had been able to reduce the risk to a manageable level and didn't bother contemplating systematic risk.
are you saying its better for people to pick individual stocks over ETFs? why not play the lottery at that point?
The whole system is a sham
We are all in this sham system so it's no more a sham 🤷
Study Bitcoin
...nope. Not a sham; a _Racket._ Rackets are often disguised as legitimate endeavors, but involve fraud, _Extortion,_ bribery, threats, and violence. America forces other nations to trade their Real value (goods and services), for U.S. paper Fiat currency which is created out of thin air. .
'Sham' a word we are all too familiar with here in kenya.
Yup, I know crypo bros and grifters have given crypto a bad wrap. But honestly it's the only way to stop the clowns in government from fucking shit up
Since 1980, the US has spent around *24 TRILLIONS* on the military ( that's just the official yearly military budget, not the additional expenses that aren't accounted for in that total ). Also since 1980, the US has spent around *13 TRILLIONS* on corporation subsidies ( not accounting military contracts ), fossil fuel subsidies and bank bailouts. Now you know where ALL of the debt ( and then some ) is coming from, an over bloated military budget ( handouts to military contractors ) and corporate socialism.
Thats really low for 44 years of military budget. Also comparing our economy to others, corporate subs are pretty low too. What are we suppose to do? Let everyone sub their industries and let ours die? No thanks
And what did military operations return?
This has created a lot of hatred towards the US from all countries in the world. Those whom the US calls friends are close to the US only because they need protection or they are afraid of the US. In any case, out of 8 billion people, 7 billion hate the US and will not cry if the US drowns in the ocean.
@listohan The thing about military spending is that its terrible for the taxpayer because its impossible to measure its effects. Until you find out its worse for the taxpayer if you need a military and dont have it.
That’s factually wrong. The increase in debt is majority due to social programs, primarily socialized medicine. The average payer about to receive Medicaid/medicare has paid approximately 20% of their expected benefits. 80% are accrued liabilities that eventually land on the total debt line item for the federal government. That deficit dwarfs everything you mentioned. It is mathematically impossible to run a balanced budget in the U.S. without massive cuts to government welfare programs. Don’t show your ignorance by claiming SS and Medicare are “earned” when only a small portion is actually paid for and the rest is socialism.
0:25 Each American should just have one kid and make them earn $484k each. Easy.
It is not only a goverment debt crisis. All normal american households are in average deep in debt as well. The US lived way above their income for far too long, and it is going to cost them, one way or another. There is no way out of this without a lot of pain.
Exactly. People are saying that the Government can't default since they (The world) keep changing the rules, but that only works for the government. The rest will go bankrupt and lose everything. That would be enough to bring the government down and everyone else with us. I read somewhere that upwards of 30% of Americans have stopped paying some or all of their bills. If that's true, that's an even bigger crisis that is guaranteed to hurt more than a Recession. Nothing will be done until it's too late and it will be the ones the worst off paying the highest prices.
If I buy a $1m house because of my AAA credit rating, but I am unable to pay back, what will happen to my house?
Rug pull on the dollar (Middle class) when they introduce the CBDC by the start of next year.
@@DarkPa1adin If you got guns and can defend it from the banks, then you can keep it. Tbh if we all took our guns to the banks, we could rewrite history
@@Swiplys The banks don't just have a stash of $100 million, the currency is mostly digital.
"Currently there is no war to fund"
I beg your pardon?
Sending away some old military equipment isn't exactly what's gonna tank anyone's economy
@@SimonTmte “sending away some old military equipment”
You sound like you know a lot about this. Tell me more about how much one javelin missile costs.
there is no world war to fund…yet
@@SimonTmte in last year US sent 18 Billion dollars to certain country in middle east. That is in one year. That country now invading its neigbours so it will probably take more. around 100 Billion went to war in eastern europe in last few years. There are plenty of other countries that aid is sent to and its own military budget is humongous.
@@Royaleoake World War 2 and The War in Ukraine aren't even close cost wise. Relax.
The problem is not the debt alone but the ratio. The solution is to grow the GDP by investing in the economy and infrastructure. The U.S. government needs to stop funding wars and subsidizing corporations.
Yes & no. A large legitimate problem is the military spending, of course, but that's not the actual reason why our debt kept ballooning. It kept increasing, and spiraled, due to wealth tax cuts. A simple solution without doing anything is just taxing the wealth class, then of course fear mongering & propaganda, and then the government would need to be a "government" and regulate business that try to punish consumers (you know, the thing the anti-monopoly law was suppose to protect you from).
But yeah, we need to stop funding a genocide by Israel, I do agree there.
Little to none of your post makes sense. The vast majority of the debt problem is due to out of control social spending. The fact you only mentioned wars and corporate subsidies (which is so vague in practice to be almost meaningless) while leaving that fact out suggests your post is political more than informative.
Too big to grow out of. The only possibility of lowering this debt is to do what the US has already done in the past, inflate it away.
Its an empire in decline. The military is what's left to hold to power.
@@SH57578 Out of control "social" spending is an absolutely nuts narrative, brought to you by the people that think you're an idiot because you didn't participate in ivy league schools.
- About 46%, or 756 billion each year, is spent on the military, conservative party wants to increase this spending
- Education is next at 9%, or 158 billion, "conservative" party wants to cut this spending
- Healthcare is next 9%, or at 147 billion, "conservative" party, again, wants to cut this spending
- VA Benefits at 6%, or at 107 billion, "conservative" party doesn't care about this spending
- Administrative State at 5%, or 93 billion, "conservative" party wants to entirely remove this
- Housing, at 5%, or 92 billion, "conservative" party blames this typically
No need to go on, you should understand the point I'm getting at here. "cutting spending" on the lowest portioned areas won't change the 46% of the military spending, and moreover -- cutting taxes won't change that we spend almost a trillion, each year, just in national defense. We provide numerous subsidies to corporations and an enormous amount of which is in exchange for limited to no tax burden for the wealth class.
The solution is to increase taxes and appropriately cut spending in allocations over spent -- such as military.
A simple solution is to add new tax brackets that incorporate wealthier individuals, thus permitting that we collect a higher amount of money in taxes. In addition, we need people not of the age of 95, capable of creating and facilitating laws in a manner that removes and defines the alternative methods as illegal when attempting to bypass tax legislation, thus "your typical billionaire" is forced to pay appropriate tax.
One major problem that exists within the Republican party today is framing. They're neo-liberalism is what got us into this mess, and instead of facing this, they use the rhetoric to fund alternative areas and cut more taxes on the donor or wealth classes. A good example would be the previous 2016 - 2020 era, wherein the "solution" was to cut spending across the board on sectors that needed it (like education, healthcare, housing, etc) and reallocate that spending to "national defense", or otherwise not appropriately labeled: ICE.
The wrong solution for cutting spending is to "blame the other 50%" and cut basic useful tools the "average american" uses to survive and what they pay taxes into to aid their daily lives; Veterns benefits, education, healthcare, housing subsidies and programs, etc.
The appropriate solution is to "cut spending" for the allocation that uses almost all spending but has minimal return on the spending -- Military.
All that being said: A solution to the deficit is to increase tax revenue. This will resolve the actual deficit we have put ourselves into. Cutting spending won't change the "debt" in our life time, or another life time. Cutting spending on the bottom 20% of spending will do nothing but take 300 years to catch up to the tax write offs we gave to billionaires.
That's why "cutting spending" is a red haring. You don't cut spending in your own budget to pay off debt, you increase your income. Although the national deficit is a lot more complicated than that (not even touching GDP and the economy), it's sort of as simple as saying "Yeah, we're in this debt because we kept cutting taxes for people that take over 90% of the US Dollar, so we are truly in debt to them, not to the programs we fund".
"Such a thing only happens on the timescale of decades, rather than years"
Ohoho, watch out the Fed is going to take that personally. Prophetic
Trump did a tax cut and than increased military spending are the most stupid things to do.....
But yet Trump 2024 they say
I was concerned about this at $9 trillion. That was a not too long ago. Back then, it was "one of the biggest issues of our time, affecting not only those in the US but everyone around the world."
$36,000,000,000,000.00+ seems like the stuff of fiction.
rather look at debt/GDP and even then, it's the world reserve currency, not just USA reserve currency.
the fact that you typed out those 0s is stuff of fiction for me. I don't even know how many 0s there are in a billion.
@@nietur Did you watch the video? It's currently classed as a reserve currency, but people would happily move on if there was a business indicator to do so.
The American mindset of "we are, so will always be" will destroy the country in the long term. Pure arrogance and ignorance will destroy it.
@@nieturstill the US is in the top 10 and some above it are like Sudan, Japan, Greece… and the US’s deficit is in many trillions and none of them are paying such huge interest on their debt.
@@ridleyroid9060 nine zeros in a billion and 12 in a trillion.
Sadly since we are at this point due to political will, I don't think much will be done. America only acts when things become a crisis.
And find a way to pass the blame onto anyone that isn't in charge of it all.
And then will try everything else first before the right thing.
@@obsidianjane4413 Tone down the optimism there. Our current leadership will sooner destroy everything than do the right thing or even anything close to the right thing. How many people in this country would sooner see it burn to ash than lift a single finger to save it? A shocking amount, unfortunately.
@@CassandraY Doomer bot.
@@obsidianjane4413Can you please explain that comment?
For all the great reporting and work you do, i truly wish you'd stop saying VPN is a security product. It is not. It does not offer security. None do. The technology can not offer that, not on its own.
Yeah, VPNs are about anonymity not security, a VPN isn't going to stop you from getting scammed and giving away your credit card information. And they only are a part of online anonymity, if you sign in to your account on a VPN the anonymity goes away because you just told them who you are.
Blockchain
Yeah its not security and its not going to get rid of all the times your personal info has been leaked. If your info has been leaked yeah having something put take down requests will help you limit it spreading buuuut the website ran in brazil is not going to care if you file a take down request with new york state.
If your ID was leaked simply lock your credit. Only ever unlock it when you are buying something, even if you haven't got a notice yet, do it anyways.
Why does obfuscating my IP for third-parties not count towards „security“? 🤔
@@mystuff9999because the third party can be compromised.
PSA you can basically skip to 3:00 only spoilers and ads before that.
That's why I love Sponsorblock. It automatically skips sponsors. Get outta here with that shit. Watching ads is not healthy.
lies.
Ty king
Maybe RUclips is new msm
😂😂
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
Gold might crash in a liquidity crunch, but many precious metal holders are prepared for this and unlikely to be forced sellers. The paper market would tank and possibly collapse. Hearing from an experienced investor who has overcome adversity is motivating. It can be scary when your portfolio turns red, but if you've invested in strong companies, stick to your goals and continue growing them
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
impressive gains! how can I get your advisor please, if you don’t mind me asking? I could really use a help as of now
My fiduciary is Stacy Lynn Staples. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
We're getting to Kurzgesagt levels of existential dread
don't worry
You have money? Buy some stocks, all good.
@nietur so basically the little money you have left, your going to gamble it by buying stocks
@@nietur stocks in useless companies like Tesla?
@@nietur 🤡
Doom, doom, doom, doom, and gloom!
You can't expect politicians of any kind to be willing to solve a problem where the threats or benefits are further away than their term limits. And this is a global problem, and that requires a global solution. That problem is tax evasion.
And tax cuts. A big reason for all this debt is the ultra rich stopped paying their fair share. 90% of all tax income is coming from the lower classes while the rich hide more and more money. That can't keep going without something breaking, which we're seeing the warning signs in just about every sector.
Only to give it to the greedy corporations waiting to milk you dry of every penny. Well done
lol @ "That problem is tax evasion."
Nice punchline.
You know that currency still exists so you don't know to who the US sells weapons....
taxation is theft
The problem with cutting spending is that politicians would only go after small potatoes that does not add much to the deficit and budget. They would never try and tackle and reform the out of control spending in defense, Social Security, Medicare and Medicaid.
The problem is bigger than the USA, elites operate gobally. Here in the UK Americans, Arabs, Russians and our own billionaires own alot of our stuff. From football to big land estates to houses. Plus we have the skeleton of a dead empire the elites have kept alive in order to create company and tax loopholes. The problem is it too easy to bribe a politician and too easy for an elite to run away to a more friendly nation when they are threatened with real justice. What we need is what people do not want and that is a gobal big brother with ethics in place that ensures exploitation is a thing of the past. The USA/Russia/China unfortunately keep alive the idea of empire building making it impossible for that to happen at the moment.
Also, I don't know why people are against this. We have a police force, we have laws for common people and if someone wrongs us we expect big brother to help us get justice. We simply need the same thing for those who try be above the law.
Correct. The only spending that could truly be cut is military, and the only thing the conservative party wants to do is increase spending for the military, while the moderate party (lol) wants to continue to do the same. It's not a solution, it's a crutch until one of these two parties equates "military" as not the most important tool in the States shed.
That being said, the true solution is to increase taxes, particularly, on the classes that aren't paying much taxes (the wealthy and corporations).
I mean, we are in this mess because we decided to cut a large chunk of their taxes back decades ago now. Hilariously, people gloss over the 1980's.
@itsJoshW They need to also go after it's wealthy that hide their money in tax shelters abroad. If you claim your company is based in Ireland and pay Irish taxes then do your business in Ireland. If you want to benefit off of the American market and infrastructure then you pay American taxes.
As an argentinian im just sitting back and enjoying the spectacle. The sad thing about living through hyper inflation and a default is that people get used to living in those conditions. Any developed economy finding themselves in the same situation will probably be a lot worse off because people arent used to that type of infeastructural poverty.
True 👍🏻
So very accurate, and a large part to why I believe it's crucial people understand that the only reason we would ever go into "hyper inflation" is if we don't accurately receive enough money in the federal government, via taxes. In order to properly fix this solution, we only need to increases taxes, but not on average citizens in the US; but on the 5% of wealth earners who make an insane amount of money, to which even 20% of all their income combined for 1 literal year could pay off the national deficit.
The US is such a wealthy nation, and we're standing here acting like we're poverty stricken, and have no way to fix this solution. We have the means, the capital, and the methods -- we choose not to tackle it this way because 'money' is embedded within our political system, to the point to which we refuse to enact upon the solution because it removes the total collective networth that each wealthy person has. Sure, they're down 20% "this year" but they still will have billions to their name -- but they don't care. They'd rather watch the US economy crash, it wouldn't affect them. They'd be wealthy regardless.
Tax companies! Why is that never spoken about? Pretty sure back when the GDP:Debt ratio was stable, companies were paying A LOT more in Taxes than they do now.
That's why I want kamala to win despite hating her
How much extra tax income would this produce and why would this not just get passed on to the already struggling American consumers?
@@ericfromeng Governments dictate how companies do business. Tax Companies and Pass laws that prevent companies from passing it on. Like we did before all the Conservatives ripped them out of our law books.
This is a leftist talking point based on nothing. Corporate taxes have been a small percentage of overall revenue for a long time. It’s always been citizens that pay most of it, and for obvious reasons to people with a modicum of understanding about economics. 100% of Corporations are owned by people. If private, by the founders and small group of investors. If public, by thousands or millions of shareholders. Regardless, the company’s lower profits due to higher taxes directly impact the owners. There is no difference if you tax people or the company. And if your reaction is “but I’m a poor person with an average income and no investments”, I suggest using your brain and ask yourself where your pay check comes from. If all companies have lower profits due to higher taxes, what do you think that’s going to do for your wages? They go down. The bulk of the U.S. stock market is owned by people with retirement accounts. And for god’s sake don’t look like an idiot and say blackrock owns the stock market.
@@halliwedgeyou are utterly clueless on this topic. Order them not to pass on higher costs? That’s patently absurd. Do you have even the slightest clue how the real world functions? You probably believe rent control and price fixing are great policies.
In the 50s, income above $2 million was taxed at 95%. Supposedly this was during our "most prosperous time" economically.
Now the top tax rate is like 38%, and even then, it's practically 0%, because we have since written the tax code directly for the wealthiest of Americans, expecting the rest of us to pick up the slack.
If the wealthy did their part to help this country, there'd be no crisis to face. But they'll always be the first on the lifeboats abandoning ship.
Pretty much.
I think it’s disgusting that a government that takes about half of your paycheck after you pay for income tax, sales tax, gas tax, property tax, excise, tax, total tax registration, tax title fees, etc. etc. does not have an abundance of wealth. And yet while property taxes went up services were cut at the same time so how can we give something like 100 countries tens or hundreds of millions of dollars while we’re paying $1 trillion alone in interest annually and putting it on the backs of the taxpayers, it’s criminal
The goal is to prevent further losses at home or promote growth that will benefit us as well. It's not out of the kindness of our hearts. In other words, we don't give enormous sums of money (large by government standards, so tens or hundreds of billions instead of millions) unless we expect to see some sort of return on it.
Taxes literally make money disappear. it's like any loan, because we are a debt based society and all debts work off a principle of negative zero, once that debt hits somebody's account we call it money and that if all debts were paid back there would be zero money.
This debt always being entered into means new money is always coming onto the market, taxes remove this money, and we are in between it entering and leaving with our energy and consumption. When loans are paid back, whether it be commercial or central bank debt, that money disappears, money does not build up, taxes remove money so the value of the dollar can be managed.
Because we are a debt based economy and debt in the economy is called money and they print it at a cost of around four cents per hundred dollars, if the govt were in surplus 35 trillion it wouldn't be in our pockets, debt is the pivot point on a see saw, on one side is us and the other side bankers who can print money.
The public is always trying to stay above zero, all loans are trying to get back to zero from negative, unless new debt is being entered into there will be zero money entering the system, taxes are just a siphon so the dollars don't build up.
If the government took 50% of your wage, half of your wage would probably come from the government, I mean where does the government money go ? OK technically more than 50% must come from the government due to the budget deficit, so the situation is the opposite of what you tried to pretend.
@@apolloaerospace7773 The government does take half your wage, how much in income tax and how much in taxes like fuel taxes etc?
100%. The government has a massive SPENDING problem and easily confuses most of the public (as is painfully evident in this comments section) by blaming how a small percent was spent by their political rivals. Half the comments to this video blame “corporate subsidies” without being able to define it, despite the fact the very premise is that the government is not taxing them, or taxing them at a lower rate, and only in extremely rare cases actually gives them any money. And in almost 100% of those cases, it’s in one of the Democratic Party lead “infrastructure” bills. The numbers are glaring obvious: social welfare spending (Medicaid, SS, et cetera) are the problem.
If a problem affects everyone, then it's not a problem because rich people will make it go away. The real problems are the ones that only affect one class.
Correct. Unfortunately, even if the US economy collapses, the wealthy will still be wealthy, so it wouldn't affect them. I think the worst part is that this deficit exists due to them getting more, and more, tax breaks. With inflation and without taking military into account, spending hasn't changed that drastically over the past 40 years. What's changed is the amount of money the US receives in taxes, and the decline in exports (due to the world moving away from oil over time).
One part of that solution is to increase exports by shifting toward products that are needed in the modern world --
- Green energy (electric, solar, plant oils etc) rather than crude oil refinery (on the way out)
- Chip manufacturing -- We need to fund Intel Fabrications, require AMD & nVidia to create a US Fabrication with Intel, to which we compete with TSMC (USSMC instead, US Semiconductor manufacturing company)
With both of those comes additional manufacturing required, thus it'll jump start additional manufacturing allocations that would contribute to increasing the overall export.
But that's the catch. One party understands this (democrats), the other party doesn't care (republican) and wants to make money in the short term. That 'short term' goal increases wealth for the wealth class over a small period of time, but could potentially collapse the economy over the long term. But it wouldn't matter, because to them, it makes them money.
While the one party understands this, they also aren't doing anything more to alleviate the major problems, thus we're left in a stalemate. Unless that one party is "always in power", the solution won't ever happen, thus it wouldn't matter if we did 'the green new deal' or not, because it wouldn't solve the problem with the next 4-8 years, that could just be 'wiped away'.
Meanwhile, it's harder to do that with taxes.
this subject right here is what gives me an insane amount of anxiety. sadly, I see too many people today who think we can print unlimited money, and they will be the downfall for the rest of us. its hard to have hope as a 22 year old, truly. this debt aint getting paid off by our parents or grandparents, itll be my generation and our kids generations. I try to sound the alarm bells with people my age, and they either dont understand or they flat out dont believe its true. its insane
There's a lot of misunderstanding around the debt. For one thing, we won't pay it and we don't have to. For another, we literally CAN print unlimited money. Not that we should or it's a good idea - obviously it will have consequences, many potentially quite bad. But it's absolutely possible to spend as much as we like. That's why it's important to focus on what we are spending on and how, not just the raw number. The raw number doesn't tell you anything about how that spending benefited or hurt the economy.
The amount of government waste and lack of accountability is mind boggling. From the bottom to the top.
As a former Dept of Transportation employee I can say the amount of wasteful spending is unbelievable. Yet, no one will cut their budget due to the risk of loosing it. If the government was well managed it could shrink and lower it’s spending by a third and still do everything it does now.
👍
I'm willing to bet you cannot name enough government programs that would equal a third of the US budget, That Americans are willing to cut.
Every industry is wasteful, whether public or private. Private industry's waste comes mostly in the form of corporate profits, like how Americans pay substantially more for healthcare than anyone else in the world, because they're paying for treatment + corporate profits. Americans pay extremely low taxes and have social decay and a debt problem because of it. Maybe they need to stop buying so much nonsense and actually fund their society properly without relying on so much debt. It's always the "government waste" fantasy instead of responsibility of the people to invest in their society
Nobody cares about what the same ppl that can’t get chips and Diet Coke out of their mouth to save their own lives are “WILLING” to cut.
It’s about what NEEDs to be done, not what one is willing to cut
@@juno1597 They are not suggesting that any programs be cut, only made made more efficient so that they don't cost as much. Try thinking before you type.
"What happend to you china, you used to be cool" "Ok you pay later LATER"
Five topics to fix society via discussion:
-Anti-natalism vs Natalism
-The 3 basic needs/prenatal needs
Three things necessary for human evolution that are provided while in the womb which are; food, shelter and medical care.
-Platinum rule
Do whatever makes one happier unless it interferes with another persons ability to do the same.
-MBTI (research yours and connect with others)
-Art (pick one and get better at it!)
Money is made-up and we live in a time where there is no accountability. Nothing will happen. The status quo always prevails
Say the line Jerome:
Money printer goes burrrr 😂
Inflation go brrrrrrr 🤡
@@LaSombraa seriously, have we not learned anything from Germany in the past????
We're just repeating history at this point.
@@Life-Is-A-Meme-t5h Judging from how fascistic it's getting around here, I'd say we learned a lot from Germany in the past. We just learned the wrong lessons.
@@TheMusicalFruit what do you mean fascistic? I mentioned about Germany’s past just on how they kept printing money to the point their Franks became worthless.
my dude Jerome would go down to history as the most famous fed chairman thanks to all the printing memes
"Printing money" is misleading given the fact that the vast, vast majority of financial transactions are done with intangible money, i.e. ledger sheet balance transfers. It's a phrase that should be abandoned for the sake of clarity. The Fed's money printing, in the literal sense, is a drop in the bucket and would stay that way with increased "money printing", i.e. creating money by loaning it into existence.
The alternative is pressing a button which is how it happens. But it doesn't tell the whole story.
I think this is itself misleading, although I agree with your distaste for the specific phrase "printing money". And while the money created by the FED is indeed a minority of the broad money supply, I wouldn't call it a "drop in the bucket". Private bank credit is built off reserves, so although reserves are a small overall share, their importance is outsized.
America literally has the lowest taxes of any developed nation, it is actually insane to just dismiss raising taxes as a viable possibility
Agreed.
But that would mean that Bill Gates, Jeff Bezos and Elon Musk will each earn a couple of billion $ less money each year, and that simply will not do, because how else will they buy all the available farmland, create an e-commerce monopoly, or fund flying to Mars as a personal vanity project?
Lmao. Raise taxes to build fkn windmills and give away to illegal immigrants, ukraine and israel.
Yeah, don't know why they just glossed over that like it was dumb. They also didn't even talk about how cutting spending also has negative effects associated with it. The government is the biggest spender in the nation. If it starts curting back, it will slow economic output and cause the very recession they are trying to avoid.
@@latentpotential4520The US government wastes billions of dollars every year on useless shit. Cutting that wouldn’t hurt the global economy.
2008- The Death of the Real Economy. Love your research in explaining economics. Thank you Dagogo.
Anyone remember maybe a year ago they ditched the idea of a "debt ceiling" ? Now they don't even have to ask Congress to spend money.
The private sector is de-leveraging debt, they're not borrowing and spending money. So, the government steps in and borrows and spends that money to keep the economy moving forward. Otherwise, you'd end up like the great stock market crash, and the great depression.
this.
this
That is the only way to balance the economy. Cannot hold off the drop forever. Need to tax the super rich to balance them devouring the assets of the middle class.
@@mf-- I mean actually why can't it hold off forever? The government isn't limited in their spending capabilities and when they don't invest and still save there wouldn't be an inflation either. Look at Japan. What would need to happen so that everything collapses? Either the government stops spending or every investor starts to sell assets and stops saving (what they wouldn't do at once since it would devalue these very assets). So far, no one has been able to explain this to me convincingly...
But I agree that the super sich must be taxed.
I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Wow that's huge, how do you make that much monthly?
I'm 37 and have been looking for ways to be successful, please how??
It's Ms. Alice Louis doing, she's changed my life.
I started pretty low, though, $5000 thereabouts.
The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Alice Louis , you're a miracle.
Pretty sure these companies that get "hacked" just received an offer they couldn't refuse from a data broker.
Well, when USD starts to drop, they have to raise the bond interest rates. But, at that time, investors know that USD is crashing, and they will not invest in USD bonds.
As of now, the soviet rouble offers over 20% rates, and still nobody is interested in that. That is exactly what wil happen to USD.
Now USA is spending 5 TUSD/year. USA only collects 2.3 TUSD/y. So USD is printed and bond-financed from thin air, worth of 2700 BUSD/y. That has been done in good years, and bad years, for decades.
And, only the social security and medicare has unfinanced 70 TUSD, that is real debt too, as it is liability and also unfinanced.
And, claim that "we can print more bonds/money/special coins" is not really working as before. World is moving away from USD petrodollar and USD raw material dollar. And now even trumpie said "USA will put 100% custom fees to anybody who is using non-USD for their trades". Well, that is a clear sign of USD crashing, as that is something that is now said aloud too.
It's good to know that all this debt is going toward good causes such as funding endless wars overseas. 🤗
Scrapping the defense budget might be a good start :) Currently only 7 countries in the world are at low risk of debt distress, tells you something about the global markets in general I guess
the Military industrial complex would spend billions on lobbying to prevent that from happening.
4:49 Correction... The US is still funding Israel with billions of American tax dollars. The US has given $18 billion to Israel until now. How is that not related?
i am not pro israel, but the war in gaza is not a world war and 18 billion is almost nothing compared to how much america spends in total.
They also pay us lol it’s not free. We make money from it
we are talking about... trillions. not billions
"If America can't pay its debts it will effect every single one of us". Yes, but that is unlikely bc they will pay the debt. Its the paying the debt, THAT is what will also effect every single one of us. The chances of the US not paying their debt is essentially 00. The chances of having rampant inflation is essentially 100%. The consequences will be 'worse' if we dont pay the debt. So we will pay the debt, but that will have consequences too... inflation. Its that line you used in the video around the 1:00 minute mark and u say "if America cant pay its debts it will effect every single one of us" that made me want to comment. BC there are also massive consequences if we DO pay the debt, and that is the much more likely outcome imo. Turning the printer on vs economic apocalypse means they turn the printer on
The issuing isn't just paying debt but the fact that they are accumulating debt at a exponential rate, way beyond the small amount (in comparison to the size of the accumulated debt) they are paying back. Similar thing is happening in the UK and probably other western nations as well. The consequences of a out of control spiralling debt can and will be disastrous.
Agreed. It all comes down to how fast we make that printer run. The faster we print, the more pain we'll feel.
@@Saif0412 More debt is fine if you can coerce more countries into holding dollars just to feel safe. It's a two-sided strategy. Just gets harder when they have literally any other option available.
finally, for those who clicked on this video to know how this affects them, skip to 15 mins into the video😊
I wouldn’t be as annoyed if any of this spending went towards 99% of Americans, which it didn’t
They’re choosing hyperinflation.
The real issue is that the only way to try repaying the debt will be with massive inflation.
At the expense of citizens. Nope, that won't work.
the way to repay is fiscal restraint and getting 7 million non-working abled-bodied people working again to produce more wealth in the economy.
Deflation.
@@mrb152in Europe even worse
@@mrb152 raise the wage...
I remember when Greece reached 120% of public debt to gdp, all American economist were saying that Greece was totally broke and could not recover from it... They were right, Greece was broke... How is the US any different or any better?
All the inflation experienced by Americans is the ressult of the gradual erosion of the dollar, caused by the tremendous amount of dollars that have been released into the economy by current public spending (not covered by governmental revenues, taxes etc) and the stimulus packages. So far other currencies have also deprecated to follow the dollar trend and maintain their export advantage. so American inflation is being exported to the rest of the world, but at some point that will stop happening. Look at the price of imported goods, see how expensive they have become.
The US is different (slightly) because we have the largest, most influential, and most profitable corporations in the world. Most countries were not affected by Greece's demise, but every single continent would be negatively impacted if the US were to succumb to Greece's fate. It's in the world's best interest for our economy to continue thriving, however, we still need a complete restructuring of our government for that to happen. The political system we have now is a joke at best, and the ridiculous "democrat vs. republican" debacle is fueling the stupidity. People rather feed into the needless dichotomy than use any amount of critical thinking skills to FORCE our government to make changes. Politicians have somehow become celebrities that our citizens feel the need to defend and worship, instead of being viewed as public servants that are placed in positions of power to improve our ENTIRE country. I can't remember the last time a candidate ACTUALLY wanted to improve our country's status, or even mentioned our national debt crisis and proposed ideas on how to overcome it. Their entire platform consist of ONLY ridiculing the other candidate, as if the goal is to choose between the lesser of two evils.
If the world could see just how stupid these elections are, there's no way any country would still support our economy. We're talking hundreds of millions spent on ads and propaganda that even Saturday Night Live would deem too silly to do a skit on. I've seen Student Class President elections taken more seriously.
What's scarier is that majority of the citizens here are buying right into it. Regardless of "political party".
Greece shares the euro for which they do not control the central bank. The US has a currency, a good one too.
Greece is not a sovereign currency nation. Just like a US state they cannot run deficits without having control of their currency. The US IS a sovereign currency nation so going broke is impossible
@@scpatl4now and @kye3k1 Argentina was also a "sovereign currency nation" back 2001, that did not prevented them from going broke.
Others have already said, but just to reinforce the point, the US is fundamentally different from Greece in that we have our own monetary system. The Central Bank in the US is a creation of the federal government, and its set up such that the federal government (specifically, the Treasury), can ALWAYS borrow in spend. In Greece during the crisis however, unlike in the US, there was a rule that the Central Bank could not buy the debt of Greece (and other EU countries).
As it happens, that rule itself was broken, and the EU could not have survived the Eurozone crisis if it had stayed intact. Once it became clear that the crisis was turning into a death spiral for the euro, there was only one actual possibility: have the Central Bank start buying sovereign debt with newly created money. And that is exactly what they did - Mario Draghi, head of the ECB, famously pledged to do "whatever it takes" to prop the Euro up, and promptly followed that with hard concrete action.
So, in reality the problem was not with Greece but with the design of the Euro system itself. What's Greece's debt to GDP ratio today? How about Italy, or Spain, or the Balkans? Is anybody warning about impending bankruptcy still? No, because they reformed the Euro system so that won't happen.
The real question is: If the US can print money at will, then why do we need to pay taxes?
To keep the total amount of money in circulation in check. Goverment spending is how money is created and taxes destroy the money. A surplus of spending, greater than the destruction at the other end exceeding the economic growth will lead to high inflation.
You missed one option to fix the dept. Print money to pay off the debt which will ruin the US dollar and then introduce a digital currency. This is very controversial but it’s also very likely that it will happen in 10 years.
30 fucking years I've been warned that the default is coming. I'm numb to it.
Even a broken clock is right twice a day.
This not only worrying statistic either number people becoming homeless in 2024 is rising at faster rate than ever before.
The Simpsons predicted many things in this video: a Trillion Dollar Currency, the US going broke, they even predicted that Disney would end up owning Fox.
You didn't talk about BRICS role like it doesn't exist. countries shifting to local currency trades.
in the past economic boom, dollar was linked to gold. now there is no back also
He didn't talk about it because brics is an irrelevant nothing burger.
As a Canadian who pays pretty close attention to US politics, i must say that their political discourse it asinine compared to ours. Their politicians are constantly putting up a smokescreen of issues that are extremely minor in the grand scheme, (abortion, gun control, etc) while never talking about the real issues because their political parties aren't actually that different.
Meanwhile, in Canada the debt, govt spending, and money printing is being hammered constantly as the main issue and root of the majority of the countries issues.
Rather than controlling debt, economists should find a way to control politicians raising debts. Else root cause will keep repeating.
"We seriously need to stop over-spending and fix our national debt crisis."
*Sends billions upon billions to Israel*
Leftist talking about stop sending money to Israel while ignoring US sending money to Ukraine and letting Illegal Immigrants in their country 😂
And cut EVERY 3-letter agency by AT LEAT 80 and the DOD by at least 50%!
which is probably totals to not even 0.1% of the debt
@@Testvvjnb-ci3zl Insane delusion
Glad to see you get so far and grow so much man. Keep up the great work, love the quality of content and depth to your research
Fake alarm
@@ABYTE64 fake alarm? Tf that supposed to mean?
@@stephenrobinson1944that he answers every comment on this video with pure BS
"That's almost the gdp of Switzerland".... so what you're saying is we need to invade Switzerland 😂
#ColdFusion -- Sure, people like you and me may care about the facts you're presenting. BUT LITERALLY NO POLITICIAN IN POWER will EVER care about the Debt Crisis: they need to look good and get things done for their millionaire corporate overlords. -- They need to serve a purpose to their RICH DONORS; that agenda literally eclipses any abuse of power or reason of concern. --
19:58 tell the Department of Defence and Pentagon to run and complete an independent audit of its military assets within the United States 🇺🇸 and the rest of the world which include it’s overseas bases in NATO and NATO + (Japan 🇯🇵, South Korea 🇰🇷, Israel 🇮🇱, Australia 🇦🇺 and New Zealand 🇳🇿) countries. This also includes the Federal Government’s aid to Ukraine 🇺🇦 and Israel 🇮🇱 in their war against Russia 🇷🇺 and Iran 🇮🇷 respectively!
ponzi scheme at its finest
You're ignoring MMT, the government is not like an individual who can go bankrupt.
MMT is not economics. It is the recipe for hyperinflation. Presenting MMT as a valid economic theory means that your understanding of economics only applies to one country.
Just stop funding Ukraine and Israel smh
If the US ceases funding Ukraine, you will lose far more, it will end up costing you orders of magnitude more in both dollar terms and in quality of life terms. The consequences of abandoning Ukraine would be catastrophic. It will destabilise the entire world and it will lead to further wars around the world. Please understand that this is a really bad option and would lead to outcomes that I'm sure are the complete opposite to what you desire.
At least it’s not as catastrophic as China’s debt crisis. For a start, economic data in the US is reasonably reliable.
A top Chinese economist yesterday claimed only a $13 trillion stimulus would have any hope of salvaging the Chinese economy.
I cant believe you just glossed over the ability to selectively tax the population. While it is true that a tax on consumers would be bad for economic growth, and therefore bad for societal health, that's not the only taxes that exist.
There are progressive tax structures that only tax those that can clearly afford it. There are wealth taxes that aim to redistribute money. We can increase taxes on goods that will eventually increase debt
Thank God for BRICS
BRICSS is the future.
1:02 If America can't pay it debt, then yea, how the hell me in a third world country can. This is scary.
They just don't want to pay 🤢
Debt service costs are lower than in 80s
Debt service cost down principal higher
The Federal Reserve Bank will use QE to make sure this crises never blows up.
which will lead to the rich getting richer and those below the poverty line to stay stuck.
Yes, but printing money has its cost we don't want hyperinflation or deflation
@@nightfangs2910 What? QE does not lead to either one of those.
QE adds to the debt burden.
@@nietur quantitative easing is a tech term for printing money by the federal reserve and because they are printing money from the air without product invention to create an equilibrium in the economic system simply putting money into the system raises inflation because the system has more money per individual person reducing purchasing power (dollar value reduction) and products and services going higher in cost hence inflation
RFK Jr. was screaming about this during his campaign and got suppressed…..hopefully others talking about it will put it on the front pages of American issues to fix
it gonna be a "too big to fail" moment, money will become worthless like in zimbabwe, and those who took big loans and bought real estate will become rich and those who saved diligently will pay for it and be wiped out
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
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4:38 - this graph is key. If debt is currently at 120% of GDP (i.e. 20% EXCESS than what it can produce in a year), then government bonds have crossed into the territory of "just trust me bro - I'll pay you back one day, I promise".
The next question is obvious "so when are you gonna pay me?" and the US has to pay out BEFORE some tiny trigger event causes all the bond holders collectively to panic and crash everything.
So why is it bad to pay with BRRRR printed money? Coz anyone who's getting paid out would feel like they're being cheated - you were promised 10 gold coins but you're getting 10 silver coins - it's still 10 coins just worth less now coz BRRR directly causes inflation. Hence people want out BEFORE it gets to this stage.
You think these people are gonna say "Oh, let me try investing in US bonds one more time."?
A wise person once said "USA is a 3rd world country with a gucci belt"
😂
oh wow, that is savage, and so perfect
The problem with politicians talking about cutting spending is they almost always mean taking important social safety nets from people and never cutting useless and expensive bureaucracy and asking why we spend nearly $1 trillion a year on a defense budget
It's not a sovereign debt crisis. It's more of a "balance sheet recession" problem.
i know what a balance sheet recession is, but you are wrong, this is a sovereign debt crisis.
9:36 "many people don't know this, but the US bond market is actually larger than the stock market. so it's probably the most vital part of the global economy.
15:04 if the US can't pay it's debt, US bonds would crash, and bond interest rates begin to skyrocket. firstly, the shock of a US bond crash would drive global markets into panic, the largest economy is too broke to pay back it's investors. investors may pull out of everything all together and just go for the safest options : comodities, gold, bonds of another country, who knows.
16:07 "so how could US rates going up cause inflation in other countries? it become somewhat of a currency war, if a country doesn't move their interest rate in respond to the US rate shooting up, investors might take their money to the US markets to take advantage of higher returns, and this will depreciate the value of local currency, causing inflation. in summary this can cause an increase in interest rates around the world, causing inflation in other countries. that's high mortgages, and other loans for global businesses and everyone.
it has always been a disaster, nothing will change
Fake alarm
Hiking taxes doesn't just have to be on consumers. A well implemented wealth tax won't impact any struggling consumer and only tax excess money the owner doesn't use to consume
12:25 This is why I think the US is itching to get involved in another war, it’s historically good for the economy technically.
Fake alarm
I love this channel, typically. This video is a bust and I expect better given past performances. US debt is nothing like any debt an individual can have simply because the individual doesn't own the currency their debt is in... it is simply impossible to default on debt in a currency you control. I'm not going into why, if that's not evident to you you'll not understand the explanation anyway. And to parse it out across the population is also disingenuous in the regard that one has nothing at all to do with the other, it's just simply to show it as a large number to instill fear.
Seriously, the ignorance displayed in this video is akin to that of those who think they pay for federal expenditures through their tax payments. This just shows a complete lack of understanding of the US financial system. Sad that most (MOST) have no better understanding. I'll give you a three letter hint, FED.
What happens when US do not control anymore the world currency? It’s just like a citizen printing an IOU piece of paper .
The world would not ship US any good without something reliable in return .
Takes time, but thats the way it goes.
I see a MMT supporter here. Simply look at Argentina, turkey to understand the impact of a rapidly devaluaing currency. Or look at thousands of years of history of great empires failing due to excessive devaluation. 100% of all fiat currencies fail, there is no exception
@@kemingyu4266 The thing everyone misses though is that nearly every other country over the past few decades have increased their spending and debt too. As long as we don't borrow more than other countries, we should be fine. The problem is we are borrowing more, and our currency is falling behind the Euro due to it. It's mainly military and bad healthcare policy driving this. No politician wants to risk touching Social Security other than Trump, so cutting Military spending is the most likely answer.
@@poetryflynn3712 Behind the euro? I see that the dollar hasn't break the upside streak it started in 2007.
Did you even watch the video? Literally everything you just said was already mentioned.
They say that taxes fund government expenditure. But this is illogical, how do the people/businesses get the money to pay the tax in the first play if the government does not spend it into existence/circulation?
Banks create it thru credit
Would like to add that recently, when we have seen Bond yields going up it is actually because the underlying values of the bonds simply went down, meaning as a percentage of the investment the yield would naturally be higher even if the absolute yield didn't change. If ColdFusion is saying that bond yields would shoot up by themselves without the bond value changing, then this situation becomes...well, harder to understand.
Paul Krugman? Seriously?
The same genius that said, "By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s."
"Well DOOM On YOU... "
chanting : "doom on you... doom on you... doom on you... "
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Dolar is an historical reference. If it fails the world can count on BRICS+ comodities basket to supply this confidence and business go on as it always did.
The world didn’t stop because the roman empire has fallen.
"Useless items" to cut are in the eye of the beholder. What exactly is "useless"?
A national park? A military base in South Korea? Medicaid? NASA? Defense projects like the F-22? Maintenance of smaller civilian airports?
Yeah. No one will ever agree on what is "useless" to cut.
Fear mongering
21:58: I plan on implementing such reforms. Cutting wasteful spending, closing all tax loopholes and slashing the defence budget are all a very good start.
I would say, maintain the current defense budget with a 2 year stipulation that they need to reduce their own budget by...25% to start? That would let the people doing the jobs figure out where to cut the fat out first. Less scrambling and issues within the military that way. I agree with the tax reforms, especially for the ultra rich hiding money away from the economy. I would also suggest making bribes for ALL elected officials (Politicians, judges, police officers) to be made wholly illegal with mandatory federal prison time. Also wording is important so they can't just decide to make those positions no longer elected.
@@CassandraY Duly noted.
@@adamcheklat7387 Then you have my vote!
@@CassandraY The ones doing the jobs might be informed better but that doesn't mean their incentives are aligned to cut where it's the best for the military. Bribes are already illegal.
@@nietur Bribes are not illegal. Supreme Court Justice Clarence Thomas has been very vocal how he has to take bribes since the pay for his job doesn't pay enough. And companies buying legislation (i.e. Bribing Politicians) has been legal since the 70's when the Supreme Court decided that that particular action was covered by the First Amendment. And my comment regarding the military also including the phrase 'To Start'. That means, give them the chance to recoup some of that money before just slashing the budget willy nilly. It also has the added benefit of informing the military that things are going to change and that this is their chance to be apart of that conversation rather than just being told what was decided without them.
printing more money is the WORST option
It's crazy this isn't even talked about.... it's massive and no one wants to cut spending
I keep saying it, but we need to just stop pretending money is a thing.
We have the means and materials to ensure EVERYONE has a home, that EVERYONE has food.
ALL BILLS required to live should be free. Elec, gas, internet, water, sewage, etc. FREE. Because we can do it and we SHOULD do it.
If not, within 20 years, jobs will be taken by AI at such levels and amounts that unemployment (And thus crime) will rise, and the only "jobs" people will have are extremely specialized jobs (Fine motor control for example, surgeon stuff) or ....beating down their once friends and families who may think of rising up.
Look at just "drivers". Bus drivers, truckers, trains, trams, taxis, limousine drivers.
How simple is that to replace? "Go from here to there". If and when Elon can stop setting his shit cars on fire and someone actually figures out how to do proper self-driving cars, that is TENS OF MILLIONS of drivers across the world almost instantly added to the job pool . The same, already badly diluted job pool.
That's just drivers.
It's not *other* easy, replaceable jobs (cashier, mailman, grocery store stockers).
We are at an extremely critical breaking point in human history, and I have 0 faith it will be handled even 1% gracefully.
This sounds utopical, no idea how we'll get there
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
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I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I will like to knw mre