Bankruptcy is a legal process that individuals or businesses can undergo when they are unable to repay their debts. It provides a framework for financial relief and a fresh start. There are different types of bankruptcy, such as Chapter 7 and Chapter 13 in the United States, each with its own rules and implications. Bankruptcy can have long-term effects on one's credit and financial standing, so it's essential to carefully consider the decision and seek professional advice when facing overwhelming debt.
I believe that there are techniques that can be implemented for consistent returns regardless of the state of the economy or the market, but advisers or investment gurus with experience after the 2008 crisis often carry out such implementation.
The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
The US owes $22 Trillion, and no one collects. I miss one $70 payment on my Internet Bill and I get collectors bombing my phone and charging me late fees...
I think we would have to build a system where all people had a place to sleep, eat and live, the bare necessities. The cost for healthcare for the elderly is outrageous. If we could focus on everybody getting super healthy and people living to 100 years. Retirement at 80 years old. Our cancel culture has to end. Feminism has to end. Instead of so many young people being single we would have a higher marriage rate and a higher birth rate. End no fault divorce, end automatic custody of children to the mother use more joint custody. The government should not be in the business of breaking up families but building them.
That is normal there. That is not normal in many other regions of the world. Just across the northern border we do not fear our neighbours nor do we feel the need to be armed in order to be safe.
@@franjokristof4007 Franjo! It is you. Yes, in poor and war torn parts of the world it is normal. There are many others, such as Canada, where that is not normal.
Franjo Kristof npc repeat this "immigrants are illegals they are to blame for all our problems... people with high paying jobs don't do crime....only trump can save us...putin/trump 2020 and beyond🎺🕵💩
@@cb-tc9lw What are you talking about? I grew up in a small town in the mountains about 20 miles east of San Bernardino and nobody locked their doors. People in the worst neighborhoods in cities like Toronto lock their doors for damn sure. And Canada has almost as many guns per capita as the US, so...
No if we declare bankruptcy, not the common slang term that means broke, we are not bankrupt until we declare it and if you watched the video we will most likely take China with us
@@Mii.2.0 Student loan debt is nothing. The military spent 1.7 trillion on a plane that doesn't work. That is more than student loan debt. Nothing can spend money uselessly like the US military.
Each city over 100,000 people in N America can survive roughly one week without electricity and/or 10 days without food shipments from beyond 100 miles. Then you have Lord of the Flies with Guns.
@@agentc7020 It would matter more in cities near military bases and Washington DC. Due to the presence of the Armed Forces to help maintain law and order. The further one gets from the direct influence of bases and major cuties close to them the less it would matter.
@@agentc7020 Unless its a large city with paramilitary Swat teams . Then no they really can't. Though you know local police Chiefs can deputize some of the locals to increase their numbers. Most towns will likely at some point create their pwn citizen militia to maintain law and order. General rule the more rural an area is the less anyone is going to care what you do as long as your not attacking or threatening the locals no one will bother you.
Some web sites, where you can buy clothing and other goods from other people, similar to "LetGo" have an option for bartering. I just saw one today for the first time on Gardrops.
The root of this problem, more than anything else, is debt based currency... and this is the system almost every country uses. New money cannot be created without either our government or an individual taking on additional debt. There is always more debt in existence than there is currency in circulation to pay off the debt. It is a sophisticated form of debt slavery and a scam.
FIAT, Nixon took us off the gold standard in 1970 and our dollar was worth 98 cents today it's worth less than 16 cents. I wonder why nobody talks about it.
Also you fail to realize that Debt is often affiliated with GDP. For instance, if you owed 10,000 and I owed 500,000. Then I am likely screwed. But if I make 250,000 a year vs you making 2,000 a year. It is much more easy based on my current pay, to pay off my debt. It is similar to how Greece having 500 billion in debt, made them bankrupt as their GDP was nowhere near the debt pay off.
The US has been operating under bankruptcy since 1933. Only for a brief period in the mid 90s was the US operating with a positive balance but it was never declared out of bankruptcy.
Federal Reserve pulls a coup d'etat in 1913 and no worries, promises to make those bad panics go away. In 20 years they drive the nation bankrupt and no one notices. They did it over Louie McFaddens twice poisoned dead and quivering body. That's why no one notices. The buffalo hunters found that by sniping any buff who took alarm they could slay an entire herd in a day. Die for the lie.
You are confusing having a national debt with being bankrupt. Yes, we owe creditors tens of trillions but the government possesses hundreds of trillions in assets.
@@despotzapper actually the Kosovo conflict as you so blithely sugarcoat it was done quite on the cheap as wars go. After Clinton left office in 2001 the government actually had a substantial surplus. Bush of course, couldn't resist the temptation to sink his fangs into such a juicy morsel and promptly engineered/choreographed another war (this one against terrorism). A few years later and Hey presto! there we were, up to our armpits in debt once again. And this time it stayed, like the pink bathtub ring, but rail as they might for fiscal responsibility in Congress, in private the legislators don't really seem to give a crap. So if they're not the least bit concerned, they who are in the position to actually do something about it, I don't see why I should lose any sleep over it...
Teresa Warnke we are $150 trillion dollars in debt currently (if you include Medicare and social security liabilities). I hate to say it, but we are bankrupt right now.
@Jthomas: Over many decades a debt and pledge crisis has been building up in the US. The Continental collapsed in the nineteenth century and the Dollar is on the same trajectory. The US federal reserve has been printing a lot of money out of thin air recently.
We humans are smart enuf to see the possible outcomes of various actions or lack of, but that means we 'should' do better at actually avoiding them! Sadly... We do not.
There is just something chilling about a city attorney saying, "Lock your doors and load your guns." And this is coming from a gun nut with an AR 15, FNX 45 Tactical with a red dot sight, and 454 revolver.
Meh, the police can't really protect you from crime; there aren't enough of them to go around and criminals do their best to avoid police attention anyway. All the police are really good for is tracking down and arresting those who have already committed crimes, thus acting as a kind of deterrent.
We need these types of videos in most countries to help explain things come election time. I find it difficult to believe any of the ads that pop up in Australia making statements about finances, when it comes time to vote.
#5: some increase in homelessness? WTF? if the government stopped paying social security most seniors and the disabled who depend on it to live would be homeless and hungry. More importantly, if the usa economy collapses, so does the rest of the worlds. who would be left to lend us money? china depends on us to buy goods, the Saudia's need us to buy their oil or the chinese to buy it with the money they make from us. today's world economy is so much more interconnected than in 1929 that if any major economic power goes down, everyone goes with them. the only saving grace for us is that we grow more than enough food to feed ourselves with plenty left over to sell overseas. and we have enough military to make sure no ones takes it from us. the world's economy would become mostly barter based, and food will be the #1 item on the list.
pay off all your bills including your mortgage, stock up on as many supplies as you can, and get yourself trained in whatever skills you think you might need. if the USA takes a dive, then every country on the planet will also go down as well, except for maybe Israel and Iceland.
I read somewhere recently that the Bureau of Land Management alone owned 1/2 to 2/3 of all the Land in the 'US'... if one Govt agency owns that much land... they have more than enough to sell off
Economics is really interesting subject. I would suggest you read David Graeber's Debt: the First 5000 Years. Also the debate really isn't between 'hard money' (gold) and 'fiat money'. The gold standard is long buried. It's a limited resource, whereas humanity's capacity to create wealth is unlimited. The example of a huge earthquake bankrupting the US. Such a disaster would, like WWII would create unbelievable needs, which in turn would generate near unlimited opportunities. This is why cutting back government spending, while pumping up the military and shoveling tax breaks for the richest people is a clear sign of idiocy. Economics is not so much the study of money, as it is the study of how to get the best possible advantage from which types of economic activity. What would make an interesting topic is how Bill Clinton not only balanced the budget, but created surpluses, and how the Republicans as soon as they got the chance derailed this while continuing to blame the Democrats as 'Tax and spend.'
2008, debt is $10 trillion: "I will cut the deficit by half" -Obama..... 2016: debt = $20 trillion. Because, AS YOU KNOW, $20 trillion is HALF of $10 trillion.
The main thing is that if America goes bankrupt, many nations will share the pain and in some cases much worse than the U.S. One economist said that if one country's economy is piggybacking on the U.S. economy it means that if America gets an economic "cold" then those other countries would get "emphysema".
@@jannikergudingenreklameriu9897 How ignorant and naive you are, how sad lol. If it ever did collapse, a lot of countries and world trade as we know it would collapse. Vice-versa with China, India and any other country with a large enough economy and imported/exported goods. The world is nearly all connected, if one goes down, almost everyone else will follow. Blame the governments of many other countries continually investing and trading into monopolistic economies. Do yourself a huge favor, face the truth and excuse your pathetic hate and stereotypes and grow up. Save yourself even more embarrassment.
Realistically, the US going bankrupt would probably be the best thing to happen to the world since the development of agriculture. The US is a heavily fractured society with extreme problems all rooted in its ardent adherence to capitalism, and those problems would just get worse in the event of bankruptcy, which would likely lead to the US splitting up into numerous different nations. With none of them powerful enough to invade, sanction, embargo, or otherwise sabotage other nations, the world would begin to transition from capitalism to socialism, including the remnants of the US. The global elite would be massacred within a generation, the means of production seized by the working class and operated for the benefit of society rather than profit, and exploitation would disappear, and with it so would crime and poverty.
When crude oil is no longer quoted & traded in USD$ it's all over red rover for the western economies..BTW Thank you for the research and the video's you make. I just have to ask, do you get asked about that painting (with respect, but not the odd chuckle) Thanks again.
"Lock your doors and load your guns." Obviously, as long as the US government is in debt, it would be immoral to restrict gun ownership. As Simon says, "Lore Enforcement will be cut back." (grin)
Problem with selling state owned stuff is that it probably is more harmful than anything else. You'll have a hard time selling anything that does not make or at least promise profit. And you were losing money because you had too little of those profitable assets in the first place....
Thankfully I own my home with no debt in a rural area. So for the most part it would be useless for the government to seize. The presidents security will never be compromised in the event of bankruptcy.
Yes my one home is a small farm and I have a shallow well and deep well there along with septic tank. My home in town in on public water and sewer. Also plenty of trees for firewood and animals for food.
This whole notion is silly, the GDP is 20 trillion+ per year, the money borrowed is mostly borrowed on our own future. Yes we do import quite a bit, that doesn't mean we don't have those resources, we choose not to use them.
Then a world depression worse then in 1930s will happen contest like China,Brittany Canada and Mexico and many many more we have a depression like what happened when the us went into a depression it took Germany down with it
The US took Germany down when it stopped lending to Germany. US economy went first and then the rest of the world followed. The great depression became the great depression because the federal reserve (a private company) raised interest rates.
Controller Rex You’re an idiot. Germany went down in the early 1900s because they mass printed their currency causing inflation to sky rocket. 1usd was equal to 4 TRILLION German marks. The US provided Germany with a loan, and then due to bad economic choices in the GLOBAL market, a depression was caused. And since America has the world strongest currency (even today) because of how often it’s used in international business, and the large amount of countries that use it as the reserve currency, we suffered a lot
They mass printed their money because the US stopped lending to Germany. They printed money to pay back the reparations that was imposed on them by the British and the French after WWI. They US is currently printing money to pay off debts just like the Weirmar Republic the only difference is that the world is currently highly dependent on the US dollar and they are propping up the value.
An increase in homelessness? Lots of videos on RUclips popping up showing people how to convert an old bus into an apartment on wheels. Maybe these people who accomplished such projects saw the writing on the walls?
Unfortunately like the Roman Empire came and has gone, the same happened to US. It's days of glory is behind us, we don't have a World leader anymore, it's everyone for themselves :-\
Simply, the people will get what they want. Majority of the world's population want poverty, instabilty, ignorance and self-destruction. If they didnt, they would invent and engage in mechanisms that would raise themselves out of thier current situations. Majority of the citizens of the the United States have realized that to raise themselves out of squalor they had to create a conservative meritocracy. And look at the nation now..
The US has one advantage we are largely self-sufficient with rationing similar to WW2 Great Britain. Example gasoline might need to go to essentials and no one would get any needing to use mass transit, bicycles and who knows maybe buggies and horses. While fuel would go to farming, moving goods and such. And coal fired steam trains might need to be used to spare oil and coal fired power plants replacing newer options. But we would in the end do okay.
*A MONETARILY SOVEREIGN nation can't go bankrupt. Period.* Any such nation can and does "print" money to pay its debts and by definition simply can't go bankrupt. There is a limit to how much money we can create from thin air but government debt currently is far from this point of no return.
Yeah, because me investing my money in something is definitely just “numbers in a computer.” And if they forgave it people would definitely lend to them again.
We will take both the west and the east coast down to NY. Those areas are more educated and less religiously fanatical. They would fit in well with us up here in Canada. A better deal for Canada would be if those states just secede from the US. Yes the rest of the country would be in tatters but no one really cares about idiots. You could not give any of those states away...no one wants poorly educated religious zealots.
@@franjokristof4007 A shithole called Canada....be grammatically correct with your insults Big Boy. You know that I am not from the USA...you cannot just say the GDP from the centre of America is larger than the coasts and have it be true. I think that your reading of "The Secret" was a little too literal. Then again if you were "educated" in those parts of the country I cannot really blame you. Buck up Boy, I am sure you friends will believe your lies😊
@@franjokristof4007 California 2.747 Trillion Texas 1.696 Trillion NY 1.547 Trillion Florida 967 Billion Are the top 4 in GDP as per the US Bureau of Economic Analysis in 2017. I believe that should be clear enough for you. As an aside: it is the people and the education levels that makes the west coast and north east attractive to Canada. A low level of religiosity (evidence of a more reasoned populace) is the icing on the cake.
surge knight because oil, lithium, opium, maintaining the most experienced well equipped military and having global strategic positioning. Hope it's all worth it America. I say it's not.
Uhhhh, no. The US is preventing China and Russia from moving into the Middle East. And our allies beg for our support. Search “German military readiness” and you’ll see why they desperately want us
But then how do the poor defense contractors and mercenaries get to maintain their standard of living? Have you even thought about that? Please, think of the children! Why won't you think of the children!?
@truth hurts @Orppranator @ storm bringer Is it the conservative support of sexual predators, pedophiles, and theocratic worldview that makes them moral? Do you understand the concept of morality?
Perhaps Simon the way you might want to address a lot of these comments in the comment section would be to do a second video saying, " the Great Depression can it happen again?" And make sure you don't just listen to the IMF crowd this time around.
Bankruptcy is a legal process that individuals or businesses can undergo when they are unable to repay their debts. It provides a framework for financial relief and a fresh start. There are different types of bankruptcy, such as Chapter 7 and Chapter 13 in the United States, each with its own rules and implications. Bankruptcy can have long-term effects on one's credit and financial standing, so it's essential to carefully consider the decision and seek professional advice when facing overwhelming debt.
I believe that there are techniques that can be implemented for consistent returns regardless of the state of the economy or the market, but advisers or investment gurus with experience after the 2008 crisis often carry out such implementation.
The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.
this is huge! think you can point me towards the direction of your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
The US owes $22 Trillion, and no one collects. I miss one $70 payment on my Internet Bill and I get collectors bombing my phone and charging me late fees...
You don't have a nuclear weapon.
I think we would have to build a system where all people had a place to sleep, eat and live, the bare necessities. The cost for healthcare for the elderly is outrageous. If we could focus on everybody getting super healthy and people living to 100 years. Retirement at 80 years old. Our cancel culture has to end. Feminism has to end. Instead of so many young people being single we would have a higher marriage rate and a higher birth rate. End no fault divorce, end automatic custody of children to the mother use more joint custody. The government should not be in the business of breaking up families but building them.
Well you don’t have the strongest military in the world lol
True
I dont think you know how the debt works lol
Gold and silver prices would skyrocket.
Gun sales would also skyrocket.
Yet they're trying to take firearms away from us because that would be a benefit to a foreign power.
Maybe. The barter system would be in place. Thing is, you can't eat gold
@@wlonsdale1
money-worshipers (capitalists) will never accept that fact.
I live in San Bernardino you always keep your doors locked and guns loaded That's just normal
That is normal there. That is not normal in many other regions of the world. Just across the northern border we do not fear our neighbours nor do we feel the need to be armed in order to be safe.
@@franjokristof4007 Franjo! It is you. Yes, in poor and war torn parts of the world it is normal. There are many others, such as Canada, where that is not normal.
Franjo Kristof npc repeat this "immigrants are illegals they are to blame for all our problems...
people with high paying jobs don't do crime....only trump can save us...putin/trump 2020 and beyond🎺🕵💩
@@cb-tc9lw What are you talking about? I grew up in a small town in the mountains about 20 miles east of San Bernardino and nobody locked their doors. People in the worst neighborhoods in cities like Toronto lock their doors for damn sure. And Canada has almost as many guns per capita as the US, so...
That's everywhere in the country.
Um, we are bankrupt, we're living on credit.
That's the first thing I thought. "What if"? We already are
You think that's bad? What about sTUDENT LOAN DEBT?!
And China owns you!
No if we declare bankruptcy, not the common slang term that means broke, we are not bankrupt until we declare it and if you watched the video we will most likely take China with us
@@Mii.2.0 Student loan debt is nothing. The military spent 1.7 trillion on a plane that doesn't work. That is more than student loan debt. Nothing can spend money uselessly like the US military.
Each city over 100,000 people in N America can survive roughly one week without electricity and/or 10 days without food shipments from beyond 100 miles. Then you have Lord of the Flies with Guns.
nah then you have Marshall law , arnored vehicles , tanks and APCs taking over the cities to keep order.
I doubt law would matter after a couple of days tho, when people start running out of supplies then the outlaws (criminals) will shine
@@agentc7020 It would matter more in cities near military bases and Washington DC. Due to the presence of the Armed Forces to help maintain law and order. The further one gets from the direct influence of bases and major cuties close to them the less it would matter.
JLight2r1 indeed, I doubt local police forces could handle a problem of that magnitude
@@agentc7020 Unless its a large city with paramilitary Swat teams . Then no they really can't. Though you know local police Chiefs can deputize some of the locals to increase their numbers. Most towns will likely at some point create their pwn citizen militia to maintain law and order. General rule the more rural an area is the less anyone is going to care what you do as long as your not attacking or threatening the locals no one will bother you.
I totally missed the whole barter system during the recession
same here and i work in retail.
Some web sites, where you can buy clothing and other goods from other people, similar to "LetGo" have an option for bartering. I just saw one today for the first time on Gardrops.
Me too, how did I missed it
Or adopt gold, silver and/or bitcoin as currency and use thosr to buy things.
@@anyone150 imo Bitcoin is going to be a hackers paradise, plus they're saying banks will give the option to convert to crypto or lose your account.
The U.S has been using a credit card method for years.
Business blaze
The illegal offensive invasion of Iraq after interest will cost $5 trillion in 2055
All countries have
Yet if we're just one month late on a credit card. They'll hound you for there money.
The root of this problem, more than anything else, is debt based currency... and this is the system almost every country uses. New money cannot be created without either our government or an individual taking on additional debt. There is always more debt in existence than there is currency in circulation to pay off the debt. It is a sophisticated form of debt slavery and a scam.
FIAT, Nixon took us off the gold standard in 1970 and our dollar was worth 98 cents today it's worth less than 16 cents. I wonder why nobody talks about it.
I almost went bankrupt too, but I just raised my debt ceiling 😜
We already have homeless cities they call tent cities and they're everywhere
How about getting out of the wars all over the world and closing the unnecessary military bases we have all over the world?
Our allies don't want us to. Plus, if you lay off all those military personnel you are causing even more problems.
it has to do with global power. if we move out of syria or afghanistan then russia or china enter in force.
If USA leaves, China and Russia will become even more powerful, and end up costing even more money for USA for defense.
jimster1111 How many countries has China invaded since 1949?
China invaded Vietnam after USA left Vietnam.
didn't you know?
that's why Vietnamese hate Chinese more than they hate Americans.
U.S., as a government, is already bankrupt: financial obligations greatly exceed assets on both a current and accrual basis.
You clearly didn't pay attention. The US has over 128 trillion dollars worth of mining and mineral rights available to sell.
Also you fail to realize that Debt is often affiliated with GDP. For instance, if you owed 10,000 and I owed 500,000. Then I am likely screwed. But if I make 250,000 a year vs you making 2,000 a year. It is much more easy based on my current pay, to pay off my debt. It is similar to how Greece having 500 billion in debt, made them bankrupt as their GDP was nowhere near the debt pay off.
The US has been operating under bankruptcy since 1933. Only for a brief period in the mid 90s was the US operating with a positive balance but it was never declared out of bankruptcy.
Federal Reserve pulls a coup d'etat in 1913 and no worries, promises to make those bad panics go away. In 20 years they drive the nation bankrupt and no one notices. They did it over Louie McFaddens twice poisoned dead and quivering body. That's why no one notices. The buffalo hunters found that by sniping any buff who took alarm they could slay an entire herd in a day. Die for the lie.
You are confusing having a national debt with being bankrupt. Yes, we owe creditors tens of trillions but the government possesses hundreds of trillions in assets.
That so called positive balance was spent on the foolish bombings in Kosovo conflict.
@@despotzapper actually the Kosovo conflict as you so blithely sugarcoat it was done quite on the cheap as wars go. After Clinton left office in 2001 the government actually had a substantial surplus. Bush of course, couldn't resist the temptation to sink his fangs into such a juicy morsel and promptly engineered/choreographed another war (this one against terrorism). A few years later and Hey presto! there we were, up to our armpits in debt once again. And this time it stayed, like the pink bathtub ring, but rail as they might for fiscal responsibility in Congress, in private the legislators don't really seem to give a crap. So if they're not the least bit concerned, they who are in the position to actually do something about it, I don't see why I should lose any sleep over it...
Simon, this was two years ago, do you think the "stranger things" happening today are likely to bring the U.S to bankruptcy?
Teresa Warnke we are $150 trillion dollars in debt currently (if you include Medicare and social security liabilities). I hate to say it, but we are bankrupt right now.
@@libertybiberty8182 Oh no, I thought I was gonna have to scroll down a bit to find the first conspiracy theorist.
@@CountrySingerWannabe ha...👉👍
@Jthomas: Over many decades a debt and pledge crisis has been building up in the US. The Continental collapsed in the nineteenth century and the Dollar is on the same trajectory. The US federal reserve has been printing a lot of money out of thin air recently.
Jthomas Annillo not sure how that’s a conspiracy, it’s a fact.
We humans are smart enuf to see the possible outcomes of various actions or lack of, but that means we 'should' do better at actually avoiding them!
Sadly... We do not.
I wonder why this popped up in my feed in 2020.
There is just something chilling about a city attorney saying, "Lock your doors and load your guns."
And this is coming from a gun nut with an AR 15, FNX 45 Tactical with a red dot sight, and 454 revolver.
Meh, the police can't really protect you from crime; there aren't enough of them to go around and criminals do their best to avoid police attention anyway. All the police are really good for is tracking down and arresting those who have already committed crimes, thus acting as a kind of deterrent.
If the US collapses the population will turn on itself. It would be a mass of insanity and guns.
MORE AND MORE HOMELESS ... while flippers buy up all the homes, paint them, then slap a $50,000 increase in price... A system of banker's enslavement.
Your volume or recording level is distorting and too loud. Love the show a lot keep up the great stuff thanks
Yeah, would have thought this would have been made in the past couple months
Time to start stockpiling bottle caps
I'm gonna fortify my home with lit lanterns.
Toilet paper
Liquor and tobacco
We need these types of videos in most countries to help explain things come election time. I find it difficult to believe any of the ads that pop up in Australia making statements about finances, when it comes time to vote.
The possibility of a rise of cannibalism. Hopefully the lawyers and politicians go first.
#5: some increase in homelessness? WTF? if the government stopped paying social security most seniors and the disabled who depend on it to live would be homeless and hungry.
More importantly, if the usa economy collapses, so does the rest of the worlds. who would be left to lend us money? china depends on us to buy goods, the Saudia's need us to buy their oil or the chinese to buy it with the money they make from us. today's world economy is so much more interconnected than in 1929 that if any major economic power goes down, everyone goes with them. the only saving grace for us is that we grow more than enough food to feed ourselves with plenty left over to sell overseas. and we have enough military to make sure no ones takes it from us. the world's economy would become mostly barter based, and food will be the #1 item on the list.
Scary but thanks for this! Very informative.
You should do a video on the bankruptcy of 1933. It's a very fascinating story once you get into the details of what actually happened.
We as a people need to help each other in every country not just our own
*US declares bankruptcy*
The queen: Its free real estate!
muskatDR come get it
it’s not a matter of if, but when. it’s coming folks...
Dude we already went bankrupt.
This is definitely my worst nightmare considering I work a mundane boring job that I hate just to survive in a shared apartment.
Jake Matthews Same with me. Not going to lie, we're the first to go. 😵
If you have gold it will always buy goods anytime anywhere
Why?
Because you can eat gold or use it as medication?
pay off all your bills including your mortgage, stock up on as many supplies as you can, and get yourself trained in whatever skills you think you might need. if the USA takes a dive, then every country on the planet will also go down as well, except for maybe Israel and Iceland.
I read somewhere recently that the Bureau of Land Management alone owned 1/2 to 2/3 of all the Land in the 'US'... if one Govt agency owns that much land... they have more than enough to sell off
The US government will manage its people's land WAY more responsibly that private companies (that might not even be US owned) would.
Welp, if we weren't bankrupt before, we're about to be now.
I DECLARE BANKRUPTCY -Michael Scott
It would be interesting to see a a top tenz of what would happen if the world shifted from the US Dollar of the world preferred currency.
Isn't that what you just watched?
Wasn’t the 2007 homes lost primarily due to the sub prime loans because (in America) “Everyone deserves to own a home.”? 🙄 Fanny Mae & Freddie Mac?
Here is an article about what people did when they had no money. Also, here is an ad/link at the side of said article to Annie Duke talking...
Ammo, tobacco, and alcohol are always worth something. You can’t eat gold and silver.
Nope can't eat gold and silver...but you can trade it for alot of food!
You can't eat tobacco or ammo either. Food and water is what we need in crises.
@@davidparker4501 sorry but the exchange rate would be terrible. how many ounces of gold would it take to get a bag of potatoes from someone?
Lol who else is watching this in the middle of the pandemic shut down. Hahahahahaha
Economics is really interesting subject. I would suggest you read David Graeber's Debt: the First 5000 Years. Also the debate really isn't between 'hard money' (gold) and 'fiat money'. The gold standard is long buried. It's a limited resource, whereas humanity's capacity to create wealth is unlimited. The example of a huge earthquake bankrupting the US. Such a disaster would, like WWII would create unbelievable needs, which in turn would generate near unlimited opportunities. This is why cutting back government spending, while pumping up the military and shoveling tax breaks for the richest people is a clear sign of idiocy. Economics is not so much the study of money, as it is the study of how to get the best possible advantage from which types of economic activity.
What would make an interesting topic is how Bill Clinton not only balanced the budget, but created surpluses, and how the Republicans as soon as they got the chance derailed this while continuing to blame the Democrats as 'Tax and spend.'
Clinton surplus is a myth, also search: broken window fallacy.
Odds are the majority of countries in the world would experience a similar set of circumstances if they went bankrupt not just america.
It’s already bankrupt!..... You just don’t know it?
thank you for this great video 😀
2008, debt is $10 trillion: "I will cut the deficit by half" -Obama..... 2016: debt = $20 trillion. Because, AS YOU KNOW, $20 trillion is HALF of $10 trillion.
The main thing is that if America goes bankrupt, many nations will share the pain and in some cases much worse than the U.S. One economist said that if one country's economy is piggybacking on the U.S. economy it means that if America gets an economic "cold" then those other countries would get "emphysema".
All I see when this guy talks is the dude from kingsmen 2 singing country roads... Lmao
I love how people really think the US debt works the same way their credit card debt does lmaoooooo
I was hoping you would talk more about the international impact
prices on mobility scooters and captain diabetes hook arm will decrease 60%
else pretty much nothing will happen when america rolls over
@@jannikergudingenreklameriu9897 How ignorant and naive you are, how sad lol. If it ever did collapse, a lot of countries and world trade as we know it would collapse. Vice-versa with China, India and any other country with a large enough economy and imported/exported goods. The world is nearly all connected, if one goes down, almost everyone else will follow. Blame the governments of many other countries continually investing and trading into monopolistic economies. Do yourself a huge favor, face the truth and excuse your pathetic hate and stereotypes and grow up. Save yourself even more embarrassment.
thanks!!! makes me feel SOOOOOOO much better simon!
Realistically, the US going bankrupt would probably be the best thing to happen to the world since the development of agriculture. The US is a heavily fractured society with extreme problems all rooted in its ardent adherence to capitalism, and those problems would just get worse in the event of bankruptcy, which would likely lead to the US splitting up into numerous different nations. With none of them powerful enough to invade, sanction, embargo, or otherwise sabotage other nations, the world would begin to transition from capitalism to socialism, including the remnants of the US. The global elite would be massacred within a generation, the means of production seized by the working class and operated for the benefit of society rather than profit, and exploitation would disappear, and with it so would crime and poverty.
Great yet ominous video Simon!
I'm getting some GrEaT ads on this video about get-rich-quick stock market schemes
Brooks' book was really quite interesting and plausible. Really liked it.
It's only plausible if you have a poor understanding of economics.
When crude oil is no longer quoted & traded in USD$ it's all over red rover for the western economies..BTW Thank you for the research and the video's you make. I just have to ask, do you get asked about that painting (with respect, but not the odd chuckle) Thanks again.
Well, here we are.. the right concoction and recipe for bankruptcy...
When you say "Barter Economy" do you mean sexual favors for food?
Thats silly
The biggest problem is that we are the largest debtor nation in the world with a creditor mind-set
The Rio Olympics was in 2016 not 2012???
London 2012
The U.S. debt is about $21,600,000,000,000 that sounds pretty bankrupt to me
Hopefully my IQ will increase the more top tens I watch. Love this channel keep it up.
Your IQ will go down if you watch this egg head videos
won't happen
"Lock your doors and load your guns." Obviously, as long as the US government is in debt, it would be immoral to restrict gun ownership. As Simon says, "Lore Enforcement will be cut back." (grin)
Well that's interesting, in light of the World's current state.
Problem with selling state owned stuff is that it probably is more harmful than anything else. You'll have a hard time selling anything that does not make or at least promise profit. And you were losing money because you had too little of those profitable assets in the first place....
Thankfully I own my home with no debt in a rural area. So for the most part it would be useless for the government to seize. The presidents security will never be compromised in the event of bankruptcy.
Do you have water supply on your property? ie a well ?
if not, you can still be screwed.
Yes my one home is a small farm and I have a shallow well and deep well there along with septic tank. My home in town in on public water and sewer. Also plenty of trees for firewood and animals for food.
should raise cattle, cow dung is excellent fuel.
If this happened, they would raise you land tax and you would lose you land.
How topical today... money printer go brrrrr
This whole notion is silly, the GDP is 20 trillion+ per year, the money borrowed is mostly borrowed on our own future.
Yes we do import quite a bit, that doesn't mean we don't have those resources, we choose not to use them.
We would stop acting like the world's policemen or demand payment for our services.
Then a world depression worse then in 1930s will happen contest like China,Brittany Canada and Mexico and many many more we have a depression like what happened when the us went into a depression it took Germany down with it
The US took Germany down when it stopped lending to Germany. US economy went first and then the rest of the world followed. The great depression became the great depression because the federal reserve (a private company) raised interest rates.
Controller Rex
You’re an idiot. Germany went down in the early 1900s because they mass printed their currency causing inflation to sky rocket. 1usd was equal to 4 TRILLION German marks. The US provided Germany with a loan, and then due to bad economic choices in the GLOBAL market, a depression was caused. And since America has the world strongest currency (even today) because of how often it’s used in international business, and the large amount of countries that use it as the reserve currency, we suffered a lot
They mass printed their money because the US stopped lending to Germany. They printed money to pay back the reparations that was imposed on them by the British and the French after WWI. They US is currently printing money to pay off debts just like the Weirmar Republic the only difference is that the world is currently highly dependent on the US dollar and they are propping up the value.
An increase in homelessness? Lots of videos on RUclips popping up showing people how to convert an old bus into an apartment on wheels. Maybe these people who accomplished such projects saw the writing on the walls?
It would become several different countries. Mostly by region's
I like this video. I have a suggestion, why not do when about what happens if the world bank collapses.
And...a pandemic 2 years later..has raised this ugly specter
They used this pandemic so they can pass their money from the Federal Reserve which is an illegal entity in the first place around to their buddies
Please post a vid on the FED. Seems to be a fair bit of info springing up on them
That first political cartoon,
“Only 10.6 trillion? I wish”
Orppranator It goes up about a million every couple of seconds
Simon Steller vid as always, love your work.
Weren't we already??? Hahahahahahahaaa
yes but the gov. says were in debt XD but there retarted so... yea
Argentina...reruns...ah the memories..
Unfortunately like the Roman Empire came and has gone, the same happened to US. It's days of glory is behind us, we don't have a World leader anymore, it's everyone for themselves :-\
Wow, we have a great leader if you think we don't either don't come here to visit or move ! People like you can't stand democracy and freedom
Don't keep too much in the bank - Look what happened to the people in Cyprus. Or other places experimenting with negative percentage rates.
Simply, the people will get what they want. Majority of the world's population want poverty, instabilty, ignorance and self-destruction. If they didnt, they would invent and engage in mechanisms that would raise themselves out of thier current situations.
Majority of the citizens of the the United States have realized that to raise themselves out of squalor they had to create a conservative meritocracy. And look at the nation now..
The US has one advantage we are largely self-sufficient with rationing similar to WW2 Great Britain. Example gasoline might need to go to essentials and no one would get any needing to use mass transit, bicycles and who knows maybe buggies and horses. While fuel would go to farming, moving goods and such. And coal fired steam trains might need to be used to spare oil and coal fired power plants replacing newer options. But we would in the end do okay.
Our money is backed by faith, 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸 😅😅😂😂😅😅😂
*A MONETARILY SOVEREIGN nation can't go bankrupt. Period.* Any such nation can and does "print" money to pay its debts and by definition simply can't go bankrupt. There is a limit to how much money we can create from thin air but government debt currently is far from this point of no return.
Easy , forgive all debt . It's just numbers on a computer that we agree to give value too.
Yeah, because me investing my money in something is definitely just “numbers in a computer.” And if they forgave it people would definitely lend to them again.
When you owe the bank a million dollars, the bank owns you. When you owe the bank 22 trillion dollars, you own the bank.
I love how everyone watching this video is either anti trump or America or both
How about a video called "What if Germany reunited?" OR "What if Yugoslavia or USSR broke up? HANG ON that has happened.
We should sell CA to China.
Mexicans would not stand for losing a sanctuary city &/or state
We will take both the west and the east coast down to NY. Those areas are more educated and less religiously fanatical. They would fit in well with us up here in Canada. A better deal for Canada would be if those states just secede from the US. Yes the rest of the country would be in tatters but no one really cares about idiots. You could not give any of those states away...no one wants poorly educated religious zealots.
@@franjokristof4007 A shithole called Canada....be grammatically correct with your insults Big Boy. You know that I am not from the USA...you cannot just say the GDP from the centre of America is larger than the coasts and have it be true. I think that your reading of "The Secret" was a little too literal. Then again if you were "educated" in those parts of the country I cannot really blame you. Buck up Boy, I am sure you friends will believe your lies😊
@@franjokristof4007
California 2.747 Trillion
Texas 1.696 Trillion
NY 1.547 Trillion
Florida 967 Billion
Are the top 4 in GDP as per the US Bureau of Economic Analysis in 2017. I believe that should be clear enough for you.
As an aside: it is the people and the education levels that makes the west coast and north east attractive to Canada. A low level of religiosity (evidence of a more reasoned populace) is the icing on the cake.
If California gets sold to a foreign country, I want it to be Canada.
Just to let you know we are going toward another big depression. It might not happen all at once like the one in the 30's but it is coming soon
How about the u.s withdraws out of all the wars in the world to cut military spending?for example get out of Syria & Afghanistan
surge knight because oil, lithium, opium, maintaining the most experienced well equipped military and having global strategic positioning.
Hope it's all worth it America. I say it's not.
Uhhhh, no. The US is preventing China and Russia from moving into the Middle East. And our allies beg for our support. Search “German military readiness” and you’ll see why they desperately want us
But then how do the poor defense contractors and mercenaries get to maintain their standard of living? Have you even thought about that? Please, think of the children! Why won't you think of the children!?
Most people understand that putting millions out of work and cutting our GDP by 3% is a bad idea. I guess you aren't most people.
I grew up in the country. I can make and preserve my own food and I know how to run engines on wood gas.
we are resource rich-we just havent bothered and import. that’s changing
this aged well
Depends on what kind of bankrupt you mean. Because our country is already morally bankrupt!
No we are not, if we were we wouldn't be a world power. Why would you let a fox gaurd the Hen House?
Alabama Liberal the places run by democrats, sure.
@truth hurts @Orppranator @ storm bringer Is it the conservative support of sexual predators, pedophiles, and theocratic worldview that makes them moral? Do you understand the concept of morality?
Perhaps Simon the way you might want to address a lot of these comments in the comment section would be to do a second video saying, " the Great Depression can it happen again?"
And make sure you don't just listen to the IMF crowd this time around.
We already went bankrupt in 1933...