You don't need to look much further than the austerity measures imposed upon the people of Greece. And that's how it happens in a "rich," western country. You can imagine what it's like in some less salubrious countries, many of which have experienced it. Note that the bankers never face austerity.
Yet countries are borrowing from themselves, showing they dont need to borrow from others. And where does the money paid in tax come from? Money created when banks issue loans and money created when government spends. Video doesnt mention the whole thing.
So what happens when a country goes bankrupt?
how does it affect the common people?
You don't need to look much further than the austerity measures imposed upon the people of Greece. And that's how it happens in a "rich," western country. You can imagine what it's like in some less salubrious countries, many of which have experienced it. Note that the bankers never face austerity.
The questions is what dose it mean if a country goes bankrupt.. the how is pretty obvious
This seems like a very cruel system for common people. It also seems that the whole of the world's financial system is based on debt. Is that correct?
Yes, that is correct, but I'm sure you've discovered that by now ... and probably noted that it's only getting worse!
GR8 PIECE OF ART, KEEP THIS ON
ONE DAY THE VIEWS WILL ALSO RISE
Alot of countries are going to be the man in this video in the short future
I know of one
@@maiden5427 Who?
This was really helpful and comprehensive! Thank you:)
Yet countries are borrowing from themselves, showing they dont need to borrow from others.
And where does the money paid in tax come from? Money created when banks issue loans and money created when government spends. Video doesnt mention the whole thing.
merci beaucoup!!!
This is a lot of misinformation. MMT