Michael Prescott basically we bailed out the banks over 1 trillion. So in order to keep banks afloat (socialist not capitalist) we are no indebted ironically to the banks. Also the banks created money using bonds that they get from the government to lend money back to us at interest. Due to interest we will always have ever increasing debt unless that debt is written off. It is impossible if everyone was to repay there debts as the amount of debt is more than actual money in the system. Crazy hey
I know - let's let tens, even hundreds of thousands of disenfranschised people from different cultures in, without checking any of their backgrounds properly, fill all the otherwise usable hotels and cause social fractures. That'll cure it.
@@theregalproletariat no they are not. they make there own money and give it to Hmrc. Hmrc then give them a chunk of it back and the rest goes to public sector. Educate yourself before you spread hate on people that do more for the country than you or I most likely ever will.
"Adding to the national debt that we'll have to pay back at some point." Will we really, though? I don't think so; that's not how gov. borrowing works.
Well, it certainly makes things better. What's the point of wasting billions of pounds a year on interest payments to foreign banksters when it could've gone to schools, hospitals, roads, etc.? My country of Norway is in a net creditor position, and against the Keynesian viewpoint, we should be in major financial trouble right now, as borrowing is supposedly the best way to grow an economy. Wrong! You might say that Norway is a special case, as we're a natural resource dependent economy, and that's true, but we're certainly not the only country in a net creditor position that's doing well for ourselves.
The national debt is actually owed to the people by the government and Crown and the treasury. It's a massive fraud. The bank of England loans the government money at 1% interest; but they don't print enough money to pay off the interest which forces another loan at the same interest rate and the fraudulent cycle continues. We the men and woman of this nation are the creditors, yet the government have used a fraudulent legal system to claim you are the debtor, which you are not. Go read #history of money and #fiat currency. This lying shit is part of that fraud, he's attempting to enforce the propaganda that we are the debtors and not the creditors. This is the biggest fraud in history.
@@incorrigibledelinquent7232 and with ultra low interest rates for some long time now, this debt is actually extremely cheap, the government sells bonds to people and other governments, so I guess the government is in debt to the bond holders.. Also if these tories would stop giving tax cuts to big corporate businesses and the wealthy, and properly fund things like the public services then the economy would have been in much better shape, inflation would have come up and that would reduce the value of the debt. It's clear to see that the tory ideology and policies don't and haven't worked. It's what they always do, privatise and cut funding for all public services including NHS. This time around they've called it austerity, and put the blame on the last Labour government. They've been using the money which they saved by cutting funding, by their austerity policy, to give tax cuts. Austerity doesn't just damage public services it also damages the economy, which is clear to see if you open your eyes and see what's really going on, and it's not sustainable
Portugal had a right wing government just like the tories here in the UK, a few yrs ago they had enough, had enough of austerity, low wages, unemployment, cuts to state pension etc etc. They forced an election and kicked them out, which is easier to do when you have proportional representation voting system like Portugal. Since then their new socialist government has payed off a load of their national debt, put up the minimum wages, put up state pension, persuaded other countries to set up their businesses in Portugal.And their economy is in much better shape now, more jobs, easier to get work. And the Portuguese people are feeling much more positive, and the EU apparently is very happy with Portugal
During the preiod when Greece was cutting back everything as ordered by the EU, its debt tripled. The UK has added nearly 1 TRILLION in debt since George Osborne started the Austerity drive. Not sure where all the money is going.
It's called money that never existed in the first place. That's why we have inflation- by constantly increasing the currency supply and diluting the money pool .
UK is that friend that keeps asking to borrow money and never answers the phone when you need it back. Then you bump into him in the pub and he asks for more money to buy a round
A third to foreign investors a third to Financial institutions and private savers (banks, pensions , building societies, wealthy people) and a third to the Bank of England.
Borrowed from their PC and monitor screen. It isn't real money just digital entries on an account. Money tree . See fiat currency, 97% digital. None of it has any value or is tied to gold anymore.
This explains nothing! Not even what the national debt is. The national debt has existed since 1694 and includes physical money in circulation and in personal bank accounts, it would have been more useful if it was explained with relation to GDP.
What I have come to understand over the past few months is they are the same thing; National debt = Private surplus. It seems totally bonkers but it is starting to make sense to me. Once we understand this we can be free from national debt being used as a tool of fear. The BBC should be helping us folk understand this I've been trying to wrack my head around this stuff for a while now, this is how I came across this vid. The video should instead be saying not how high the National debt is but where it has gone. I found the following links helpful: www.progressivepulse.org/economics/economics-101/follow-the-money/#more-1247 www.taxresearch.org.uk/Blog/2017/05/03/why-we-need-more-government-debt-2/
you have been completely fooled into thinking that it is acceptable to have a government backed private bank creating fictional money to the people and charging them interest. Every year the interest % is between £40 and 50 billion , which represents real work and real labour and real time by ordinary people. and that is just the interest.
@@boptah7489 That's the truth right there. Central banks hold us to ransom. Who said slavery was abolished? It was just reshuffled a bit & then legalised!!!!
Let's be honest, this debt is NEVER going to be paid back, it simply can't be. There will be some sort of collapse, probably brought on intentionally that will see the system go under and eventually a new money system, maybe even sooner than we realize.
Britain's national debt is £1,7 trillion. Poland's national debt is £200 billion. and we give the the EU billions every year, who then give billions to Poland ! Absolutely crazy !!!!!!!!
It's time to sign a treaty with Monaco requiring British citizens resident in Monaco to pay their taxes. France did it for its own citizens. At least that's one thing that needs doing!
So the Tories want to cut national spending but also want to reduce income from taxes instead of further reducing the deficit. Labour want to increase national spending but use taxes to do it. Which will cut deficit more? The debt won't be paid off in one hit it's ridiculous to think so.
"There's no magic money tree" the conservatives blabber. "Funny...", said the UK "Cause those hedge funds seem pretty bloody magical... how are they so profitable?" "Nothing to see here, look at Venezuela and isn't Jeremy Corbyn silly and omg there's a dead cat!" say the conservatives. "Hey wait a minute...?!?!?! WE'RE THE MAGIC MONEY TREE AREN'T WE?!" says the British public and the conservatives just laughed and gave Rupert Murdoch a little wink.
The UK government sells bonds to big investors like pension funds and promises to pay them back with some interest. It’s like investing with the most safest person (the government). So the government isn’t borrowing the money from 1 single person as though they make it sound. This is overly simplified btw not a financial expert.
@@3150xYz Before Brexit the interest rate were low because the forecast were good but after the brexit and corona plus the instability caused by the Uk government by cutting taxes without alternative to finance it, the interest rate rose from below 3,5% to 4,7% neraly 5%. It sounds not much but that is 33% increase and it will increase when the forecast is bad.
Broken Plumbob Well Scotland only has a national debt of £91bn, which is less than double our annual tax revenue, and 2.5x our annual budget, thus, at that rate, we'd probably pay it off if independent within 6-8 years. However, the UK will probably try to split it by population, thus increasing our national debt to £160bn at the current rate. This would take around 11-13 years to pay off fully. But, would decrease given the growth of an independent Scotland within the EU
Except, you're making that up on the premise that an independent Scotland will benefit from the same amount of investment, and the same amount of subsidy as you do under the UK. Scotland is still a drain on Britain's national coffers.
"money that we've got to pay back, at some point"... I do wonder when repayments start. It seems from your video that repayments never start, the borrowed money continually gets added to the money already borrowed. I don't know about you but if I borrow money from my bank they want repayments to start very soon. Usually within the next month or so. Who is it we are borrowing money from that doesnt seem to want us to pay it back, I would love to find this lender.
But yet if I don't pay a £60 parking ticket I risk losing my belongings. Something ain't adding up, on top of that why does nobody ever explain exaclty who and where this money comes from🤷🏾♂️. If the governments run thier countries then who actually runs the government and country🤨. Money is a concept and isn't something real, hence why it can come from nowhere and go nowhere.
What we need is some inflation then the debt becomes worth less, easier to pay off. Perhaps the toruliesvshould stop giving tax cuts to big corporate businesses and the wealthy and pay some of the debt off. But with inflation going nowhere that doesn't help, we need some inflation and a stronger economy. In short the tories austerity policy since 2010 has really fucked things up
What a simplistic childlike portrayal of public debt from the BBC. Public debt are private sector savings. Public debt takes those savings and reinvests them in the economy creating growth and purchasing power that would otherwise rot in bank accounts. It bolsters aggregate demand in a recessionary economy. The UK can never default on its debt. A few keystrokes and it could be paid off. When there is slack in the economy caused by excessive saving and a lack of investment the government needs to deficit spend to get things going. It is not inflationary and it doesn't raise interest rates. A lack of deficit spending in a recessionary context just results in greater deficits as the economy contracts and people become unemployed and require welfare.
that didnt explain anything, there is 75% cut on public services so where is this money going?
Hint: it's not going into reducing the national debt
but national spending has tripled?
Michael Prescott basically we bailed out the banks over 1 trillion. So in order to keep banks afloat (socialist not capitalist) we are no indebted ironically to the banks. Also the banks created money using bonds that they get from the government to lend money back to us at interest. Due to interest we will always have ever increasing debt unless that debt is written off. It is impossible if everyone was to repay there debts as the amount of debt is more than actual money in the system. Crazy hey
Michael Prescott
Also ask any of these presenters on mainstream media, to whom do we owe this money. Also ask them to explain how is money. created.
75% cut in public services? Does anyone actually believe this crap?
I know - let's let tens, even hundreds of thousands of disenfranschised people from different cultures in, without checking any of their backgrounds properly, fill all the otherwise usable hotels and cause social fractures. That'll cure it.
If you tried to run your private affairs like this you would be locked up before long.
Why are the bankers, politicians & royalty still walking free?
What have royalty got to do with anything?
@@drifty_grifty Royalty are heavily government subsidised.
Profits from the Crown estates don't nearly cover their maintenance.
@@theregalproletariat no they are not. they make there own money and give it to Hmrc. Hmrc then give them a chunk of it back and the rest goes to public sector. Educate yourself before you spread hate on people that do more for the country than you or I most likely ever will.
"Adding to the national debt that we'll have to pay back at some point." Will we really, though? I don't think so; that's not how gov. borrowing works.
Well, it certainly makes things better. What's the point of wasting billions of pounds a year on interest payments to foreign banksters when it could've gone to schools, hospitals, roads, etc.? My country of Norway is in a net creditor position, and against the Keynesian viewpoint, we should be in major financial trouble right now, as borrowing is supposedly the best way to grow an economy. Wrong! You might say that Norway is a special case, as we're a natural resource dependent economy, and that's true, but we're certainly not the only country in a net creditor position that's doing well for ourselves.
The national debt is actually owed to the people by the government and Crown and the treasury. It's a massive fraud. The bank of England loans the government money at 1% interest; but they don't print enough money to pay off the interest which forces another loan at the same interest rate and the fraudulent cycle continues. We the men and woman of this nation are the creditors, yet the government have used a fraudulent legal system to claim you are the debtor, which you are not. Go read #history of money and #fiat currency. This lying shit is part of that fraud, he's attempting to enforce the propaganda that we are the debtors and not the creditors.
This is the biggest fraud in history.
@@incorrigibledelinquent7232 and with ultra low interest rates for some long time now, this debt is actually extremely cheap, the government sells bonds to people and other governments, so I guess the government is in debt to the bond holders.. Also if these tories would stop giving tax cuts to big corporate businesses and the wealthy, and properly fund things like the public services then the economy would have been in much better shape, inflation would have come up and that would reduce the value of the debt. It's clear to see that the tory ideology and policies don't and haven't worked. It's what they always do, privatise and cut funding for all public services including NHS. This time around they've called it austerity, and put the blame on the last Labour government. They've been using the money which they saved by cutting funding, by their austerity policy, to give tax cuts. Austerity doesn't just damage public services it also damages the economy, which is clear to see if you open your eyes and see what's really going on, and it's not sustainable
What you got to ask is where did the money come from in the glasses
Portugal had a right wing government just like the tories here in the UK, a few yrs ago they had enough, had enough of austerity, low wages, unemployment, cuts to state pension etc etc. They forced an election and kicked them out, which is easier to do when you have proportional representation voting system like Portugal. Since then their new socialist government has payed off a load of their national debt, put up the minimum wages, put up state pension, persuaded other countries to set up their businesses in Portugal.And their economy is in much better shape now, more jobs, easier to get work. And the Portuguese people are feeling much more positive, and the EU apparently is very happy with Portugal
Its Aug 2020, its through the roof now.
hi america here our national debt in pennies would make it to pluto
I recently saw an advert, and they were offering to wipe out most of your debts !
Theresa give them a call !
only 1000% interest too!
That’s great and all but who are we borrowing from?
Banks, businesses, private individuals, other governments, central banks (both UK and foreign).
During the preiod when Greece was cutting back everything as ordered by the EU, its debt tripled. The UK has added nearly 1 TRILLION in debt since George Osborne started the Austerity drive. Not sure where all the money is going.
Where did the money come from in those glasses
Who brrows from who? Any connection to Rothcild ?
I don't know why they call it debt, when it's never going to be payed back. it's called free money.
It's called inflation.
It's called money that never existed in the first place. That's why we have inflation- by constantly increasing the currency supply and diluting the money pool .
@@ef7480 yeah that's what interest is for.
UK is that friend that keeps asking to borrow money and never answers the phone when you need it back.
Then you bump into him in the pub and he asks for more money to buy a round
pardon my ignorance but where is this money being borrowed from and what do they have to gain?
Borrowed from whom?
A third to foreign investors a third to Financial institutions and private savers (banks, pensions , building societies, wealthy people) and a third to the Bank of England.
Me
Borrowed from their PC and monitor screen. It isn't real money just digital entries on an account. Money tree .
See fiat currency, 97% digital. None of it has any value or is tied to gold anymore.
This explains nothing! Not even what the national debt is. The national debt has existed since 1694 and includes physical money in circulation and in personal bank accounts, it would have been more useful if it was explained with relation to GDP.
You're confusing national debt with personal savings
What I have come to understand over the past few months is they are the same thing; National debt = Private surplus. It seems totally bonkers but it is starting to make sense to me.
Once we understand this we can be free from national debt being used as a tool of fear. The BBC should be helping us folk understand this I've been trying to wrack my head around this stuff for a while now, this is how I came across this vid. The video should instead be saying not how high the National debt is but where it has gone. I found the following links helpful:
www.progressivepulse.org/economics/economics-101/follow-the-money/#more-1247
www.taxresearch.org.uk/Blog/2017/05/03/why-we-need-more-government-debt-2/
you mean about the same time as the 1694 Bank of England act. What an amazing coincidence
you have been completely fooled into thinking that it is acceptable to have a government backed private bank creating fictional money to the people and charging them interest. Every year the interest % is between £40 and 50 billion , which represents real work and real labour and real time by ordinary people. and that is just the interest.
@@boptah7489 That's the truth right there. Central banks hold us to ransom. Who said slavery was abolished? It was just reshuffled a bit & then legalised!!!!
Sean Farrington: * pours pennies *
Fenton Crackshell: 👁👄👁
Let's be honest, this debt is NEVER going to be paid back, it simply can't be. There will be some sort of collapse, probably brought on intentionally that will see the system go under and eventually a new money system, maybe even sooner than we realize.
“Empty cup by 2020”
End of 2020: 300bn borrowed
Listening to this on my ear pods - eardrums R.I.P
Wow! And the Coalition still found money for Help To Buy for homebuyers? Criminal.
Those who receive Universal Credit do not give credit.
*laughs in coronavirus*
We don't have to pay it back, this is a total scam.
This is the most stupid "explanation" I have come across - just adding pennies and telling us this how we got this number, seriously?
Tom Scott illustrated a billion pounds very well. This was just as good at showing £1.6 trillion.
yeah and its over 2 trillion now and climbing
If I’ve bought this debt for £10 now the country owes me??
Didn’t explain how sovereign debt works. This would suit explaining debt to a four year old
don't worry! let's just keep spending
Britain's national debt is £1,7 trillion.
Poland's national debt is £200 billion.
and we give the the EU billions every year, who then give billions to Poland !
Absolutely crazy !!!!!!!!
Glad were leaving
I read that as "give billions to poundland"
£1,8 more like it. Serving a debt is having a credit card that you cannot give back.
It's time to sign a treaty with Monaco requiring British citizens resident in Monaco to pay their taxes. France did it for its own citizens. At least that's one thing that needs doing!
Start with Lewis Hamilton
So the Tories want to cut national spending but also want to reduce income from taxes instead of further reducing the deficit. Labour want to increase national spending but use taxes to do it. Which will cut deficit more? The debt won't be paid off in one hit it's ridiculous to think so.
"There's no magic money tree" the conservatives blabber. "Funny...", said the UK "Cause those hedge funds seem pretty bloody magical... how are they so profitable?"
"Nothing to see here, look at Venezuela and isn't Jeremy Corbyn silly and omg there's a dead cat!" say the conservatives.
"Hey wait a minute...?!?!?! WE'RE THE MAGIC MONEY TREE AREN'T WE?!" says the British public and the conservatives just laughed and gave Rupert Murdoch a little wink.
Watching in 2024. 2.77 trillion debt in the UK in 2024. Wow
And people say labour borrowing is outrageous...
Google says £1.78 trillion
Where did the money come from in those glasses
The UK government sells bonds to big investors like pension funds and promises to pay them back with some interest. It’s like investing with the most safest person (the government). So the government isn’t borrowing the money from 1 single person as though they make it sound. This is overly simplified btw not a financial expert.
@@3150xYz Before Brexit the interest rate were low because the forecast were good but after the brexit and corona plus the instability caused by the Uk government by cutting taxes without alternative to finance it, the interest rate rose from below 3,5% to 4,7% neraly 5%. It sounds not much but that is 33% increase and it will increase when the forecast is bad.
Who do we owe this money to?
si if scotland goes independent we won't have any of that 1.6 trillion pound debt
Broken Plumbob Well Scotland only has a national debt of £91bn, which is less than double our annual tax revenue, and 2.5x our annual budget, thus, at that rate, we'd probably pay it off if independent within 6-8 years. However, the UK will probably try to split it by population, thus increasing our national debt to £160bn at the current rate. This would take around 11-13 years to pay off fully. But, would decrease given the growth of an independent Scotland within the EU
Except, you're making that up on the premise that an independent Scotland will benefit from the same amount of investment, and the same amount of subsidy as you do under the UK. Scotland is still a drain on Britain's national coffers.
Scotland is running at 9% spending deficit.. the uk is running a 1.8%.. scotland is in a mess.
"money that we've got to pay back, at some point"... I do wonder when repayments start. It seems from your video that repayments never start, the borrowed money continually gets added to the money already borrowed. I don't know about you but if I borrow money from my bank they want repayments to start very soon. Usually within the next month or so. Who is it we are borrowing money from that doesnt seem to want us to pay it back, I would love to find this lender.
all those pennies are not even worth a thousand pounds
But yet if I don't pay a £60 parking ticket I risk losing my belongings. Something ain't adding up, on top of that why does nobody ever explain exaclty who and where this money comes from🤷🏾♂️. If the governments run thier countries then who actually runs the government and country🤨. Money is a concept and isn't something real, hence why it can come from nowhere and go nowhere.
What we need is some inflation then the debt becomes worth less, easier to pay off. Perhaps the toruliesvshould stop giving tax cuts to big corporate businesses and the wealthy and pay some of the debt off. But with inflation going nowhere that doesn't help, we need some inflation and a stronger economy. In short the tories austerity policy since 2010 has really fucked things up
😀sell museums be rich
You don't need it😎
Why is there so much debt we pay tax to breathe so how are we in debt
If I had the Polical life of a Mayfly I would piss money up the wall today to let them pay for it tomorrow.
Didn't explain anything
Nicely done !
PRIVATISE EVERYTHING
Yes and abolish the government
@@PPC346 anarchy doesn't work mate
This guy isn't really explaining how it all really works, just spreading more propoganda
I prey for a car crash it be over
You got a sick mind. This aint no car crash this is a dam ass train wrick.
Awesome Demonstration
Why don’t you ask where did the money come from in the glasses
stop moving teh camera,
that's really annoying!
Well that was a pointless video
What a simplistic childlike portrayal of public debt from the BBC. Public debt are private sector savings. Public debt takes those savings and reinvests them in the economy creating growth and purchasing power that would otherwise rot in bank accounts. It bolsters aggregate demand in a recessionary economy. The UK can never default on its debt. A few keystrokes and it could be paid off. When there is slack in the economy caused by excessive saving and a lack of investment the government needs to deficit spend to get things going. It is not inflationary and it doesn't raise interest rates. A lack of deficit spending in a recessionary context just results in greater deficits as the economy contracts and people become unemployed and require welfare.