Do We Actually Need Debt?

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Economics Explained

Economics Explained

Күн бұрын

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Is there such a thing as "good debt"? And how could something good cause so many issues? On top of this is there any way that we could just run an economy without debt and would we be better off for doing so. Well, it turns out we probably can, and in fact, there are many economies around the world today that are developing rapidly while going without this system that we just assume is a given.
If we can critically explore these questions it will offer insight into how our modern financial system works, and why it means that despite our best efforts we are almost destined to go into a recession once every 10 years or so.
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📚 Want to learn more about how a country (should) deal with debt? We recommend reading "Big Debt Crises", by Ray Dalio 👉 amzn.to/3cFtuMY
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#DebtCrisis #Recession #Economy
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Sources & Citations -
Harris, M. and Raviv, A., 1990. Capital structure and the informational role of debt. The Journal of Finance
Chava, S. and Roberts, M.R., 2008. How does financing impact investment? The role of debt covenants. The journal of finance
Holmstrom, B., 2015. Understanding the role of debt in the financial system.
Frost, C.A. and Bernard, V.L., 1989. The role of debt covenants in assessing the economic consequences of limiting capitalization of exploration costs. Accounting Review
Ariff, M., 1988. lsIamic banking. Asian‐Pacific Economic Literature
Articles -
theguardian.com/business/2019/jan/05/global-economic-crash-2020-understand-why
nytimes.com/2019/07/28/business/economy/economy-recession.html
theguardian.com/business/2019/dec/29/its-more-than-a-decade-since-the-financial-crisis-wheres-the-recovery
Graham Stephan's vid - • Revealing My Entire $6...
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Пікірлер: 1 700
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
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@blackmaster999
@blackmaster999 4 жыл бұрын
FOOL! It's debt why Europe, America, Australia, Japan etc, economies are falling apart and poverty is increasing. An economy run on debt doesn't work which is why most people in Western countries have little to no wealth. Black countries in Africa and the Caribbean are the best-run economies people in Black countries have little debt and most people fully own their own homes unlike people in the west who rent and depend on mortgage.
@Jcewazhere
@Jcewazhere 4 жыл бұрын
"[Homes] are just inert buildings that don't produce anything" I've never heard a better argument for installing solar panels and having a productive garden/basement mushroom farm/weed closet/etc :D
@gn3441
@gn3441 3 жыл бұрын
Could robotics spell the end of capitalism?
@gn3441
@gn3441 3 жыл бұрын
@peace leader But is that still capitalism? The advantages of automation are too great to pass for any business to stay competitive ergo, any business will end automatized. Therefore there won't be anyone with a job and then no customers. The only variable left is scarcity.
@gn3441
@gn3441 3 жыл бұрын
@peace leader In general I agree with you, we are on the edge of mastering our destiny. Nevertheless capitalism is heading to is own end. The virtues it have are similar to survival fitness but the problem is that multinationals became too dominant because they can harvest and store resources and knowledge out-competing any other business. This is similar as Humankind have taken control over the rest of the species. On the other hand, robotics just makes all irrelevant.
@scaper12123
@scaper12123 4 жыл бұрын
"Sometimes, people with lots of money don't necessarily have great ideas." Truer words have never been spoken.
@maximilian19931
@maximilian19931 2 жыл бұрын
One name: ELON MUSK
@nimrod06
@nimrod06 Жыл бұрын
Neither would they spot good ideas for lending money
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
Last time I was this early mortgage bonds were a solid asset class.
@matth23e2
@matth23e2 4 жыл бұрын
bruh
@Batien
@Batien 4 жыл бұрын
Thats cheating
@ducknguyen1962
@ducknguyen1962 4 жыл бұрын
bruh
@bananalord8461
@bananalord8461 4 жыл бұрын
I call hax
@Trekfolie
@Trekfolie 4 жыл бұрын
Last time I was this early I got a solid 5% rate on my saving account
@manofculture8026
@manofculture8026 3 жыл бұрын
"First casualty of war being morals"♥️ That's why we love EE
@GamerzShit
@GamerzShit 4 жыл бұрын
His search history: "Business people talking and smiling very happily." "Man on roids lifting weights epically and dramatically." "Homeless man on the street, very sad and shocking!" "Roses" "Burning roses"
@spicychad55
@spicychad55 4 жыл бұрын
Also: "how to lengthen my KZfaq videos for maximum ad revenue"
@josephrobinson6171
@josephrobinson6171 4 жыл бұрын
Spicy Chad i mean he doesn’t have any 10:30 kind of length videos really
@spicychad55
@spicychad55 4 жыл бұрын
@@josephrobinson6171 if you look at his "Videos" section on his channel page, you'll see 98% of his videos are over 10 minutes within the past 7 months. This isn't a new thing for him, he is clearly gaming the system.
@patrickdolan1523
@patrickdolan1523 4 жыл бұрын
@@spicychad55 You have no idea what gaming the system is. Making a video longer than 10 minutes is not gaming the system, making a video that is exactly 10:05 is gaming the system.
@Croz89
@Croz89 4 жыл бұрын
I bet he has a huge shutterstock video bundle or something and just picks out a few each time. You can often get big packs of rather random stuff for a few tens of dollars.
@kaen_tqk3918
@kaen_tqk3918 4 жыл бұрын
This channel is slowly making me want to take up economics.
@JamesAJ
@JamesAJ 4 жыл бұрын
Dude same. This and r/wsb has actually gotten me to binge on investopedia, bloomberg, and a whole bunch of finance basics. What's happening to me?!?
@jacob9673
@jacob9673 4 жыл бұрын
If you’re going to college get a science or math degree, it gives you a more rigorous quantitative background that helps you move into economics.
@furinick
@furinick 4 жыл бұрын
A good teacher does wonders
@TylerSolvestri
@TylerSolvestri 4 жыл бұрын
I love economics but I hate math lol
@allamasadi7970
@allamasadi7970 4 жыл бұрын
@@JamesAJ I think the finance niche on KZfaq has blown up over the last few years
@mattbutler2692
@mattbutler2692 4 жыл бұрын
Damn, you really be pumping these videos out like you're trying to put food on the table during a crisis
@tengkualiff
@tengkualiff 4 жыл бұрын
probably since he is stuck at home
@19MAD95
@19MAD95 4 жыл бұрын
Tengku Aliff that’s the joke
@Shvabicu
@Shvabicu 4 жыл бұрын
I think he spends too much time on wsb and has to recoup his losses from derivatives gambling
@beback_
@beback_ 4 жыл бұрын
Or just bored
@changyang1230
@changyang1230 4 жыл бұрын
It’s probably good business - I bet videos about economy is even more popular than usual in uncertain time like this.
@nurainiarsad7395
@nurainiarsad7395 3 жыл бұрын
Fundamentally the difference between the two systems is that the interest-avoiding one forces capital lenders to have skin in the game and risk consequences.
@Sphere723
@Sphere723 2 жыл бұрын
No, that is not a fundamental difference. If someone defaults on a traditional interest bearing loan, whoever holds the loan isn't somehow guaranteed to re-coup even the principle, much less the interest owed.
@jasonlin1013
@jasonlin1013 2 жыл бұрын
@@Sphere723 not true, remember when banks were bailed out?
@KJ-od8wq
@KJ-od8wq 2 жыл бұрын
@@jasonlin1013 the “bailout” that were loans that the companies had to pay back?
@songofyesterday
@songofyesterday 4 жыл бұрын
"Houses are not productive assets" ...unless you're in Asia, where it's perfectly legal to vend street food from your porch. Man I miss street food on every corner.
@peterrose5373
@peterrose5373 4 жыл бұрын
This is a zoning problem. and it's created by the municipality, not the nation. Build your house in a neighborhood business or mixed use zone.
@heatherswanson1664
@heatherswanson1664 3 жыл бұрын
The problem is North America is pretty much exclusively built on the single use zones.
@SherrifOfNottingham
@SherrifOfNottingham 3 жыл бұрын
Fun fact about Houston... The reason you can't sell street food from your house has nothing to do with the law, as there's no city held zoning laws, the problem is that HOA's and residential developments have their own rules built into that specific community.
@zjzr08
@zjzr08 3 жыл бұрын
Here in the Philippines, we have "sari-sari" stores, which are household convenience stores that you don't need to go out to the main road to get to busy convenience stores like 7-Eleven to buy arguably more expensive items; easy to buy pieces, rather than bulks (which retailers who do sell, do) -- wonder how many other countries do this.
@vaiyaktikasolarbeam1906
@vaiyaktikasolarbeam1906 3 жыл бұрын
@@zjzr08 I think SE Asian countries and India have similiar stores
@devdixit2440
@devdixit2440 4 жыл бұрын
Last time I was this early, triple +AAA rated mortgage bonds only had +AAA mortgages in them.
@tackontitan
@tackontitan 4 жыл бұрын
Damn, that's early
@hellfun1337
@hellfun1337 4 жыл бұрын
@@user-nf9xc7ww7m I think it only goes down to B
@reneroux2391
@reneroux2391 4 жыл бұрын
@@user-nf9xc7ww7m watch the big short
@officialgamingmusify
@officialgamingmusify 4 жыл бұрын
리주민 nope it goes all the way down to junk bonds which are usually debts that have little to no chance of being repaid
@joaovitormatos8147
@joaovitormatos8147 4 жыл бұрын
COVID: happens EE: *[goes into a monetarist rabbit hole]*
@stevencooper4422
@stevencooper4422 4 жыл бұрын
FOLLOW THE YELLOW BRICK ROAD
@TV-mn1zd
@TV-mn1zd 4 жыл бұрын
lol
@robertmiller6444
@robertmiller6444 4 жыл бұрын
Was thinking the same thing. What happened - he used to get it right and make so much sense. Monetarism is just mercantilism 2.0.
@Ivanfpcs
@Ivanfpcs 4 жыл бұрын
I'm LOVING it!!! I never though so much about debt before this videos!
@blacksnow7106
@blacksnow7106 4 жыл бұрын
isn't most of us go into a rabbit hole? isn't that why the conspiracy theorists are going wild?
@mykeprior3436
@mykeprior3436 4 жыл бұрын
Imagine making the banks responsible for what they're investing into and creating servitude for? GASP. Debt should've been a tool of last resort, never running the entire machine.
@denniskwan1906
@denniskwan1906 4 жыл бұрын
Debt is not a given - EE
@shriekinleada794
@shriekinleada794 4 жыл бұрын
Can’t fund a loan without a debtor. It’s a two way street.
@Eric149162536
@Eric149162536 4 жыл бұрын
Banks already have an interest in checking businesses though. Individuals too. Banks ALREADY lose money if their borrower goes bankrupt under the current system.
@keldonlemon
@keldonlemon 4 жыл бұрын
Myke Prior we'll said mate.
@monad_tcp
@monad_tcp 4 жыл бұрын
@@Eric149162536 not if they are bailed out by the gov every time
@benjaminbrand60
@benjaminbrand60 4 жыл бұрын
“Is there such a thing as good debt?” *Dave Ramsey has entered the chat*
@chrisbrown6168
@chrisbrown6168 4 жыл бұрын
What's your monthly income?
@MrTripleAgamer
@MrTripleAgamer 4 жыл бұрын
That's what I was thinking ! Love Dave 👍
@brycecaulkins7662
@brycecaulkins7662 4 жыл бұрын
Even Dave Ramsey allows for a mortgage...
@jmitterii2
@jmitterii2 4 жыл бұрын
@@brycecaulkins7662 That's because he has a house to sell to you, and if he's not selling that house to you, he's depending you being a ding bat bidding that house up so his house is sold just as high if not higher. :) Dave is a biggest swindler going to the churches to peddle is gimmick. What a great guy. Laughs his behind all the way to the bank.
@MK_ULTRA420
@MK_ULTRA420 4 жыл бұрын
@@jmitterii2 R I C E A N D B E A N S
@masterofpureawesome
@masterofpureawesome 4 жыл бұрын
Mr Nook: The Bells, hand them over
@riyvk
@riyvk 4 жыл бұрын
*points gun at you* Your Liver, hand it over
@jamescanjuggle
@jamescanjuggle 4 жыл бұрын
Mr Nook: Those bells you got there better be for me, Toss Boy. Trigger fingers been twitchy all week and it be a shame to lose those knee caps of yours if I were to slip.
@Pi-Face
@Pi-Face 4 жыл бұрын
Send in the raccoon goons!
@duo496
@duo496 4 жыл бұрын
Economics of stock footage day 3
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
doing my part for the stock footage creators
@Jegria
@Jegria 4 жыл бұрын
@@EconomicsExplained It's my favourite part of your videos. My life wouldn't be the same without them!
@xerogue
@xerogue 4 жыл бұрын
do you know where they are sourced?
@perpotet4629
@perpotet4629 4 жыл бұрын
We need this.
@chancellorpalpatine7486
@chancellorpalpatine7486 4 жыл бұрын
Americans: So the average net worth for all ages under 30 is now negative. That won’t have any unintended consequences.
@drjp4212
@drjp4212 4 жыл бұрын
It's just how it works currently. Debt/leverage is like steroids: short term boom and long term crash. It isn't a "inherent Capitalism feature" as proposed by Marx, in the end.
@remasteredzero4076
@remasteredzero4076 4 жыл бұрын
@@drjp4212 its a band-aid to keep the system running, but in the end it is just delaying the inevitable
@jackdeniston9326
@jackdeniston9326 4 жыл бұрын
Has been this way for hundreds of years
@Dr_Bille
@Dr_Bille 4 жыл бұрын
@@jackdeniston9326 So what? That doesn't mean it's a good system, or even sustainable. I think it's fairly obvious the current system cannot last forever, which a system a society is built on should be able to. It might last a few hundred years more, but eventually, it will all come crashing down, guaranteed
@-haclong2366
@-haclong2366 4 жыл бұрын
@@drjp4212 will happen, though.
@mulllhausen
@mulllhausen 4 жыл бұрын
Re: housing - you should have talked about how someone on a teacher's salary in the 1950s used to be able to buy a house outright after saving for something like 4 years.
@l30588
@l30588 4 жыл бұрын
Gotta remember how many people there were in 1950 vs today, way more demand for housing
@mulllhausen
@mulllhausen 4 жыл бұрын
​@@l30588 house prices have tripled since 2000 in the uk for example. and around the western world house prices have at least doubled since 2000. the population has not tripled or doubled since 2000 though. www.mansionglobal.com/articles/u-k-home-prices-tripled-in-two-decades-210729 >To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html
@bprosperie
@bprosperie 3 жыл бұрын
My grandparents paid $600 for a nice 3 bedroom, 2 bathroom house.
@DiscoFang
@DiscoFang 3 жыл бұрын
@@mulllhausen Cash house price is a red herring. As pointed out in this video, access to debt on a tangible asset is how we buy that roof over out head. And as pointed out in the first comment of the this thread, it's been that way since the 60's and 70's. Houses were already "unaffordable" in cash terms in the 2000s and a 20-30 year mortgage was fairly typical. Mortgage interest rates since 2000 have plummeted (the base rate from 6% down to 0.5%, actual fixed rates from 8-9% down to 2-3%) and the same 20-30 year loans are the norm.
@mulllhausen
@mulllhausen 3 жыл бұрын
@@DiscoFang credit and low interest rates are the direct cause of high house prices
@halvey8518
@halvey8518 4 жыл бұрын
8:30 "No hate still love ya Graham” What a great example by showing us our personal real estate mogul😂
@25usd94
@25usd94 4 жыл бұрын
Leverage is a tool, like a saw. It's the users choice whether to cut a tree or saw your arm off
@jadepenn7407
@jadepenn7407 3 жыл бұрын
Make a dangerous tool safer and still performs the task well
@bersah4517
@bersah4517 3 жыл бұрын
Very well said 25 $
@apricotcomputers3943
@apricotcomputers3943 3 жыл бұрын
Yep
@rashkavar
@rashkavar 3 жыл бұрын
Leverage is the chainsaw of the financial world: Swing it carefully in measured amounts, you get a LOT done. Play around like it's a lightsaber, and someone loses an arm and a leg.
@Acid31337
@Acid31337 3 жыл бұрын
Better not to give any extra tool to politicians.
@Jessie_Helms
@Jessie_Helms 4 жыл бұрын
The part about housing is exactly what’s wrong with college loans. Most people could afford college back when the only way to get in was to pay for it, now that just about anyone can go to college for just about any degree and go into debt.
@eriksvensson2098
@eriksvensson2098 4 жыл бұрын
Same as the housing crisis just a different subject.
@alegekelso
@alegekelso 4 жыл бұрын
This could also be carried over to healthcare
@AnishJBhave
@AnishJBhave 4 жыл бұрын
However unlike a house a college education can actually be economically beneficial in the long run
@stafer3
@stafer3 4 жыл бұрын
“Most people could afford college back when the only way to get in was to pay for it” If most people could afford it then, why more people has it now? Percentage of college graduates in US 1940 - 4,6% 1950 - 6,2% 1965 - 9,4% 1975 - 13,9% 1980 - 17% 1990 - 21,3% 2000 - 25,6% 2010 - 29,9% 2015 - 32,5% 2019 - 36%
@huguesjouffrai9618
@huguesjouffrai9618 4 жыл бұрын
@@AnishJBhave wtf, a house provides shelter for a whole family for a very long time: do you really think that this doesn't have economic value? Of course it has. And when you stop living in it you can still rent it and it will provide a steady income (just like your college education: both are investments)
@jeremygibbs7342
@jeremygibbs7342 4 жыл бұрын
I wish there was a debt class in junior high and high school. I only had a ...two week lesson? It is so complex and vast that a whole semester should be spent on learning this stuff
@evlee1295
@evlee1295 3 жыл бұрын
"wait, it's all debt?" "always had been 🔫"
@mog7501
@mog7501 4 жыл бұрын
For some reason, the more I watch and learn from this channel, the more depressed and frustrated I get about how the world is run. I don't think this was the intended side effect but for some reason I can't not think this way anymore. Great content btw!
@kylepongos4532
@kylepongos4532 3 жыл бұрын
That's just the nature of the beast. The fundamental principle of economics is "unlimited wants from limited resources."
@JackRackam
@JackRackam 4 жыл бұрын
I have to say, I love these speculative mometary theory videos. I'm not always sold on everything you present, but I love that you're presenting new ways to think about money that had never occured to me before
@artski09
@artski09 4 жыл бұрын
you going to do a video about some crazy banker or merchant?
@tisFrancesfault
@tisFrancesfault 4 жыл бұрын
As a point Europe always had banking, and Islamic Banking isn't actually new to the west, we just call them hedge funds these days.
@ForgottenLore
@ForgottenLore 4 жыл бұрын
If only i was this early for my actual economics class. :)
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
eh well if it makes you feel any better at least you won't get stared at for showing up in you pyjamas anymore.
@ForgottenLore
@ForgottenLore 4 жыл бұрын
@@EconomicsExplained :D
@caesx6537
@caesx6537 4 жыл бұрын
If anyone is interested the music at the beginning was Trans Siberian Express - Luella Gren
@brokkrep
@brokkrep 4 жыл бұрын
Thx
@renchesandsords
@renchesandsords 3 жыл бұрын
I think one way of thinking of debt is desperately jumping into a well to get water, after the water is gone, you can either climb out and try to look for another source or just dig yourself deeper
@ozzyfromspace
@ozzyfromspace 3 жыл бұрын
7:10 (rough transcript) “Most people in developed cities don’t have enough money to just buy homes, and if you do... hey, how ya doin”? Patreon link in the description” 😂😂😂😂😂 I love this guy
@sebastiaosilva886
@sebastiaosilva886 4 жыл бұрын
I would love to see your take on Government debt, like the case of Portugal and the impacts of too much out of control government debt
@greenprofile5755
@greenprofile5755 4 жыл бұрын
lebanon: *sweating intensifies*
@wednesdayaddams7033
@wednesdayaddams7033 4 жыл бұрын
*greece entered the chat*
@renxy548
@renxy548 4 жыл бұрын
Money is so outdated. In 2100, we trade bottle caps
@wigglebot2368
@wigglebot2368 4 жыл бұрын
RIP
@stonie658
@stonie658 4 жыл бұрын
They will be hard to come by, just like money.
@physe8052
@physe8052 4 жыл бұрын
[New Vegas intensifies]
@yungcripple
@yungcripple 4 жыл бұрын
Me: Assumes Economics Explained: ASHUMES
@TheHellogs4444
@TheHellogs4444 4 жыл бұрын
It's usually azzumes, spelled assumes even though it sounds nothing like ace-umes
@xandercorp6175
@xandercorp6175 4 жыл бұрын
@@TheHellogs4444 None of the major English-speaking countries pronounce it "azzumes". This is not entirely your fault, as you are simply repeating a mispronunciation; but in the modern era where information is freely available, there is no reason you could not find out one of the proper pronunciations.
@saminyead1233
@saminyead1233 4 жыл бұрын
Thank you so much for addressing Islamic finances here! I am a Muslim, and I myself struggled for quite a while how Islamic finances work (I'm not a finance student anyway). Now, thanks to your video, I understand the merits! Allah bless you!
@crimsonfury949
@crimsonfury949 4 жыл бұрын
Pay your bells or Tom Nooke will break your god damn kneecaps kids.
@stevencooper4422
@stevencooper4422 4 жыл бұрын
Wait! Please! I have a family!
@TV-mn1zd
@TV-mn1zd 4 жыл бұрын
lol
@Mythhammer
@Mythhammer 4 жыл бұрын
The Bells toll for thee... ^^
@mrmeseeks8790
@mrmeseeks8790 4 жыл бұрын
I ain't afraid....
@hpdpco6634
@hpdpco6634 4 жыл бұрын
So an islamic bank is like a holdings company? And if you are a depositor, you are actually an investor in a holdings company. So its actually owning a stock. Not much different from investing in the stock market where you own shares of the company.
@budi5361
@budi5361 4 жыл бұрын
Yup, more or less that's how islamic banking works. However they won't invest to bussines that considered haram like alcohol, tobacco, gambling, etc. And there is a symbolic oath that you have take before you take 'loan' from islamic banking, it's like you are swearing that the money you got will only use for something good. Pretty much a good idea
@hpdpco6634
@hpdpco6634 4 жыл бұрын
@@budi5361 i love the idea! I would love to invest in an islamic bank even if im not muslim.
@budi5361
@budi5361 4 жыл бұрын
@@hpdpco6634 well yeah, all the islamic banks that i know welcome everyone regardless of their beliefs.
@vengefulavenger3998
@vengefulavenger3998 4 жыл бұрын
@@hpdpco6634 try gatehouse bank in the UK
@tisFrancesfault
@tisFrancesfault 4 жыл бұрын
The hedge fund is basically the same concept, but everyone hates them. **Shrugs**
@manishm9478
@manishm9478 4 жыл бұрын
I keep coming back to this video to refresh myself on your points. Really interesting perspective you give here, and very different to the mainstream narrative around money and debt!
@ahmedhosny2412
@ahmedhosny2412 4 жыл бұрын
Thank you very much for this explanation. I am a muslim and never understood islamic banking until now. You are absolutely brilliant.
@qubex
@qubex 4 жыл бұрын
Islamic banking maintains “skin in the game” for the originators, to use Nassim Taleb’s terminology.
@vengefulavenger3998
@vengefulavenger3998 4 жыл бұрын
@marios gianopoulos they have charity for the poor as well
@khrashingphantom9632
@khrashingphantom9632 4 жыл бұрын
James Junghanns True because the belief is that interest "makes a person a slave".
@vengefulavenger3998
@vengefulavenger3998 4 жыл бұрын
@@user-nf9xc7ww7m Regardless of your religion, equity banking is an idea for everyone. (Except for the criminal banksters running our country of course).
@robertmiller6444
@robertmiller6444 4 жыл бұрын
@marios gianopoulos No, they just disallow the use of the word "usury". They just go through complex machinations to make it look like usury isn't involved when it really is, it's just hidden and called something different. The simple reality is, no one is going to give up their use of their money and hand it over to you, at _their risk_ without something in return for that loss of use and incurring of risk. Why do people think that they are somehow owed the use of other people's money for free?
@earlh
@earlh 4 жыл бұрын
They also charge higher rates than a normal bank would, so in practice you end up paying about the same if not more using their "interest-free" mortgage system.
@user-tl5ec2po1b
@user-tl5ec2po1b 4 жыл бұрын
I wonder if the underground reptile societies use debt just like us?
@olli9764
@olli9764 4 жыл бұрын
No, they live in perfect communism
@ogorangeduck
@ogorangeduck 4 жыл бұрын
they secretly control all the debt and money in the world
@bazookapower88
@bazookapower88 4 жыл бұрын
Anthony Kruna we usually just steal from you guys whenever we need something. Like no one notices when you buy a 3.52 bag of flammen hots and get my boi Vinny to just say that you bought them.
@TV-mn1zd
@TV-mn1zd 4 жыл бұрын
Maybe
@user-tl5ec2po1b
@user-tl5ec2po1b 4 жыл бұрын
@@olli9764 You speaking from experience comrade reptile?
@exPrimer13
@exPrimer13 4 жыл бұрын
I must say man, I am not an economist by any stretch but all of this has been very fascinating to me recently. I had watched your videos in the past, but it wasn't until this crisis that I really started to dive in and research it. Your videos have been an invaluable tool to me to getting a better understanding of our society. Thank you for the effort you put in.
@killianoregan9391
@killianoregan9391 4 жыл бұрын
This channel is brilliant! Very thought provoking and interesting. After every video I’ve seen on this channel it just gets me thinking. Keep it up
@katyoutnabout5943
@katyoutnabout5943 4 жыл бұрын
7:23 well done. Smooth AF
@qn5947
@qn5947 4 жыл бұрын
Don't fall victim to be a debt slave. Having no debt, you will sleep better at night. Debts will lead to stress and will take a toll on your health and mental stability.
@jadefalcon001
@jadefalcon001 4 жыл бұрын
Without debt I wouldn't have been able to hang on to my family home after my relatives living there died. I'm sleeping quite well at night knowing that that home stays in the family thanks to a 30-year mortgage. Don't insist that what works for you is universal. It isn't.
@parthasarathyvenkatadri
@parthasarathyvenkatadri 4 жыл бұрын
@@jadefalcon001 I don't understand how does that work ... Shouldn't your family home be yours to begin with .. without any debt ....
@Parcian-
@Parcian- 4 жыл бұрын
@@jadefalcon001 If you are indebted, this house is not yours. You just think it is.
@mrmeseeks8790
@mrmeseeks8790 4 жыл бұрын
Debt itself is a mental state, not for every limpy sissy Tom.
@shriekinleada794
@shriekinleada794 4 жыл бұрын
jadefalcon001 lmao the bank owns the home mate, not you
@jaioxung
@jaioxung 4 жыл бұрын
A very succinct and accurate explination of debt I once heard was "stealing value from the future and using it today". When you sign a loan for something you are literally robbing your future self...feels quite different when you think of it that way.
@adventureshark631
@adventureshark631 4 жыл бұрын
I watched this and kept thinking - so what so what so what, we can't go back. Then you came to your final thoughts...I was plesently surprised. If more people watched this and took it to heart it could actually help them. Thanks and I am glad I made it through the end.
@621Tomcat
@621Tomcat 4 жыл бұрын
Goddammit handsome sounding Australian man. I was going to sleep in my screwed up sleep schedule. Now I’m getting educated.
@sklitterbeer106
@sklitterbeer106 4 жыл бұрын
I'd let EE hold me and sing me a lullaby
@BusinessMadhouse
@BusinessMadhouse 4 жыл бұрын
Awesome video! Been following you and your work has inspired me to start my own channel!
@sanketbajaj4641
@sanketbajaj4641 4 жыл бұрын
some good content you've got chaotic finance
@sejalchandak8060
@sejalchandak8060 4 жыл бұрын
Chaotic Finance awesome !
@surajkasat7251
@surajkasat7251 4 жыл бұрын
Great work mate. Saw your video. Keep it up! Stay motivated
@ritwiksen868
@ritwiksen868 4 жыл бұрын
Very well Have just subbe
@fitez7205
@fitez7205 4 жыл бұрын
Loved your channel! Breaking down the basics! Much needed!
@AliHSyed
@AliHSyed 4 жыл бұрын
Dude, like sincerely thank you for posting so much. 🙏
@RebelRyanP
@RebelRyanP 4 жыл бұрын
Amazing video as always! I appreciate all your content and I hope you never stop making videos, I learn so much from you!
@nathanalexander-leduc9168
@nathanalexander-leduc9168 4 жыл бұрын
Economics Explained: Do we actually need debt? Dave Ramsey: No.
@ricecake1228
@ricecake1228 4 жыл бұрын
Everybody except economists: No
@olivercuenca4109
@olivercuenca4109 4 жыл бұрын
@@MayDay90 Good debt only seems like good debt if you presume that the present will always be like the future.
@Jose-lc6nj
@Jose-lc6nj 4 жыл бұрын
According to the us debt clock today april 19 2020 there are 439700$ of assets per citizen But at the same time 438485$ of liabilities per citizen This means the the American economy has almost the same amount of debt as it has of assets with a difference of only 1215$ That difference was over 10k two months ago The fiat system is about to collapse sooner than we think
@Ali-gh7rj
@Ali-gh7rj 4 жыл бұрын
I hope it does, have you seen NESARA act
@BrandonshanesProductions
@BrandonshanesProductions 4 жыл бұрын
If the fiat system ends you are not gonna have a good time and if it ends the government probably isnt gonna switch to gold and stuff because its not practical
@Ali-gh7rj
@Ali-gh7rj 4 жыл бұрын
Darius Lezama switch to bitcoin
@P3RF3CTD3ATH
@P3RF3CTD3ATH 4 жыл бұрын
@@Ali-gh7rj yeah because a totally decentrilized currency that fluctuates like crazy is a great idea for countries to base their economy on.
@therealpotatomottz8706
@therealpotatomottz8706 4 жыл бұрын
Oh boy. Let's hope this acts as a wake up call to the government, but who am I kidding. A pandemic won't even do that
@AdamTheBen
@AdamTheBen 4 жыл бұрын
Thank you so much for this quality content, mind broadening and very interesting and relevant.
@googlechromulent2049
@googlechromulent2049 4 жыл бұрын
If money can't buy happiness, I guess I'll have to rent it. :D
@jesseteixeira6284
@jesseteixeira6284 4 жыл бұрын
People talk about 'living within your means'. As far as I'm concerned, that means maintaining zero debt. Debt in itself was designed initially as a means to extend the purchasing power of the average person. However, history has shown that debt is addictive and often becomes so extensive that many cultures have written laws requiring periods of debt forgiveness to prevent the formation of insurmountable instability in the economic system. To have debt is to live beyond your means. To pursue the furtherance of debt is to destabilize the pillars of society. When inequality grows, society suffers and decays. Also, this argument is predicated on the necessity of landlords and treating things like housing as a private commodity. As he admits, housing is a vital good. If you don't have a home, you are vastly more likely to die of exposure. Basic health and housing should be treated as a right. Being a landlord is not a job, and should never be classified as one. Landlords are not a necessity. They can be replaced by community organizations like housing associations, which are more open to hearing your problems as long as you participate. Democracy is a good thing, and I honestly don't understand why people prefer living under what essentially amounts to micro-monarchy in the form of landlords. Now granted, I'm not saying we should socialize all housing; if someone wants to build a McMansion, they can go do that and sell it for whatever they want. But unless there is a metaphorical floor underneath people if they fall on hard times, then essentially you are condemning anyone with bad luck to an early grave. Everyone should be entitled to basic access to healthcare (doesn't even have to be the best healthcare, just enough that they don't die bankrupt), basic housing (again, doesn't have to be the best, but enough that they don't die of exposure), etc. It baffles me that basic human dignity in this form is so seldom taken seriously.
@semeeson
@semeeson 4 жыл бұрын
MOstly agree here. Important to note is that personal good financial habits dont really connect to business or state level economic decisions, they play a whole different ball game.
@9justify
@9justify 4 жыл бұрын
Stop arguing that housing is a human right,we needs alot of things to live and be productive.food medicine housing education are all essential to live a healthy and productive life,so where does the line stop,should goverment give free healthcare,housing,education food aka nationalize all those industry?doing that would not only mean goverment is responsible for providing those stuff,but also everyone will be working for the goverment.The state owns all the industries and is responsible for providing all the needs of the people,does that sound familiar?let me remind you soviet union collapsed from this state run economy,or the stories that it takes years to even ballot and get a lousy designed car from the state in yugoslavia
@DavidFernandez-od4fz
@DavidFernandez-od4fz 4 жыл бұрын
Problem here is that the average person is incredibly uneducated and irresponsible with their money. “Landlords are not a necessity” is a faulty claim given that many people need to rent because they don’t have enough to buy; the problem of the landlord is one more of emotivity than practicality, just because people dislike them doesn’t mean they’re useless. With regards to basic access to healthcare, most first world countries have healthcare that is the greatest compared to the rest of the world. As for the basic housing, it should be a right, but if you don’t work, the government shouldn’t have to house you (unless you are deeply sick or unable), it just isn’t the taxpayer’s responsibility (and that’s who it typically falls under). The concept of the “community” is dead; at least in America, where there is little to connect the most ethnically diverse country on the planet beyond money. Companionship and camaraderie die when you have little in common with the guy next to you.
@pillmuncher67
@pillmuncher67 4 жыл бұрын
No. Informal debt was how the economy worked in the neolithic and the early bronze age. Itr went something like this: "That's a nice cow you have there, neighbor!" - "Oh, you like it? Just take her, don't bother giving me something back, after all we're neighbors and love each other!" - now he owes you one. Three months later you walk up to him and say "Well, my son is really in love with your daughter...". Money was just a formalization and consolidation of that. The oldest money-like things we've found were IOUs, in Mesopotamia. Coins came about around 1,000 to 1,200 years later. As it turns out, they were invented as a tool in warfare. Look up David Graeber, he explains it.
@Origami84
@Origami84 4 жыл бұрын
@@pillmuncher67 Lol at this, Pillmuncher. We don't know much about the neolithic, but the holes in the skull that we found - and the obvious scarcity or resource they must had combined with human nature - makes it much more likely that they guarded what little they had jealously and violently, because it was full of robbers more than ready to take it by force.
@jamespungello8361
@jamespungello8361 4 жыл бұрын
Re: Mortgages. If we stopped allowing people to finance homes then the home prices might go down but wouldn't the rent prices skyrocket with all the new demand for rentals? Would that still be better?
@vengefulavenger3998
@vengefulavenger3998 4 жыл бұрын
Rents couldn't skyrocket more than than the house price. So I guess the question is how much would the house prices collapse? 80%? 90%?
@georgeilynch2303
@georgeilynch2303 4 жыл бұрын
Higher rents= Higher value for the infrastructure = More building = Equilibrium (without debt)
@jamespungello8361
@jamespungello8361 4 жыл бұрын
@@vengefulavenger3998 Depends on the timeframe you're talking about. If you mean monthly payments then yeah but that's a huge gap between home price and current monthly rent (ie lots of runway for increased prices). Plus it doesn't really matter what the rent is if you can't purchase until you have 100% of the cash since you're given no option, you have to live somewhere.
@jamespungello8361
@jamespungello8361 4 жыл бұрын
@@georgeilynch2303 But what about areas where they can't build enough to keep up with that? Wouldn't that also drive house prices up as the higher value as a rental property attracts investors with deep pockets?
@sedatmehmed4371
@sedatmehmed4371 4 жыл бұрын
@@jamespungello8361 People will start moving someone else. You can't expect that the demand will be infinite for some area. After the rents skyrocket beyond certain level, workers will move somewhere else, where rentals are lower and create the next population center there. Also you are forgetting that if debt doesn't exist at all financial sector will not exist at all, so who will buy a lot of houses?
@gabrielaponte6403
@gabrielaponte6403 4 жыл бұрын
my favorite video made by this channel !!!! thanks for the great content!!!
@stooge_mobile
@stooge_mobile 4 жыл бұрын
Dude I was trying to be productive. My man, you release videos so often I can't even let the profound implications of the last one sink in before there's a new one. Loving the content!
@hamstersmailman5517
@hamstersmailman5517 4 жыл бұрын
@2:00 is my favorite use of stock footage to date
@JonnesTT
@JonnesTT 4 жыл бұрын
Me a good german boi: I'm in university, I have to have at least 6 months of rent on my hands. Americans: I'm only 2 monthly salaries in, nah, I'm fine. That said, being raised by someone who's living in a "never take out a loan" mindset did give me anxious reactions every time I buy something big ._. So, maybe not so good.
@wumi2419
@wumi2419 4 жыл бұрын
My parents and I don't buy a lot of "luxury" items, so there's a lot of money left every month. But sometimes huge spending happens and savings from few years are gone, but events like this are basically once in a lifetime spending
@rwatertree
@rwatertree 4 жыл бұрын
When I was a kid I was so afraid of buyer's remorse that I saved nearly all of my allowance. It helped pay for my university books so it worked out okay.
@tuomio5043
@tuomio5043 4 жыл бұрын
@@rwatertree I did this but with a car.
@portellio_the_space_rider9473
@portellio_the_space_rider9473 4 жыл бұрын
My flatmate just moved out and took the TV. I went shopping to get a new one and then got stressed out about how much it would actualy cost. I don't have a TV...
@justin_time
@justin_time 4 жыл бұрын
Germany tried to take over Europe twice by war and failed. Now it has the largest economy in Europe and is one of the largest in the world. Turns out the wars were never needed to conquer, just sound economic policy. Germany, playing the long game. The third time is the charm! Here we go - round 3! Leeeeeeeerrrrrrroooooooyyyyyyy Jenkiiiiiiiiiiiiinnnnnnnnnnnsssssssss!!!!!!!!!!!!!!!!
@pojkeee
@pojkeee 4 жыл бұрын
Your videos are more educational than online school also its great that your Aussie, all these blokes online are from the states it’s good to have someone to watch from the same country keep up the great videos
@TheMr77469
@TheMr77469 4 жыл бұрын
I always wondered how non interest charging banks functioned. Thanks!
@Palatineoffacts
@Palatineoffacts 4 жыл бұрын
@5:35 is this a personal attack against me?
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
Yes!
@hurgcat
@hurgcat 4 жыл бұрын
protip: move to asia instead of living in your folks basement, its cheaper and the food tastes better
@alezacrespublik6655
@alezacrespublik6655 4 жыл бұрын
@@hurgcat Just avoid Urban East Asia, the price is insane there
@Palatineoffacts
@Palatineoffacts 4 жыл бұрын
@@hurgcat im already in india lol
@AG-zv9jo
@AG-zv9jo 3 жыл бұрын
A very interesting video. Thanks for the discussion on it!
@thatnickid100
@thatnickid100 4 жыл бұрын
Great vid man,absolutely loving these
@attalan8732
@attalan8732 4 жыл бұрын
This was a very good video, but I was wondering if we could get more microeconomic videos in the future? Microeconomics are the building blocks of the economy but macroeconomics gets all the credit.
@rodylermglez
@rodylermglez 4 жыл бұрын
Debt is like running on gas that you will put on your car next month.
@Articulate99
@Articulate99 Жыл бұрын
Always interesting, thank you.
@prophetsspaceengineering2913
@prophetsspaceengineering2913 4 жыл бұрын
Very interesting perspectives in there. I'm obviously late to the party, but I still wanted to say how much I appreciate videos with a more abstract view and showcases of alternative systems (that actually exist)
@dexzero
@dexzero 4 жыл бұрын
LMAO the stock images are hilarious
@seanbirtwistle649
@seanbirtwistle649 4 жыл бұрын
you know those flaming roses were for valentines day
@_--9286
@_--9286 4 жыл бұрын
2:01
@dexzero
@dexzero 4 жыл бұрын
@@_--9286 exactly :D
@idromano
@idromano 4 жыл бұрын
and a little distracting
@huseinnashr
@huseinnashr 4 жыл бұрын
15:43 Last time i was this early plasma tvs were still a thing
@rich_coburn
@rich_coburn 4 жыл бұрын
Excellent video. Thanks!
@danaziz1675
@danaziz1675 4 жыл бұрын
That patron advertisement was just so smoothly added. Well played good sir
@chrisbrown6168
@chrisbrown6168 4 жыл бұрын
7:00 "when the alternative is living on the street, or worse, living with your inlaws" 😂🤣
@lavanyasnigdha
@lavanyasnigdha 4 жыл бұрын
Why'd you punch Rihanna?
@provolone5336
@provolone5336 4 жыл бұрын
U.S banks: we pay you interest on your savings account Other banks: you are a shareholder 😎
@ipeteagles
@ipeteagles 4 жыл бұрын
the post of this vid on this topic is timely. excellent vid
@Amar-fd7cg
@Amar-fd7cg 4 жыл бұрын
Stock footage used in this video is effin on point!
@chris0000924
@chris0000924 4 жыл бұрын
11:06 grossly incorrect. It forbids usury(predatory lending) not banking which always existed in one way or another
@zahzuhzay6533
@zahzuhzay6533 4 жыл бұрын
I took a class in the history of economic thpught so this part bothered me with its gross generalization. In fact ususry was legitimized by changes in interest taking in non predatory relationships and yes some pragmatism. Also, medival scholastics such as St.Thomas Aqunias argued interest in certain circumstances are good. In the class we learned how the doctrine of usury was slowly poked at until the whole thongs unraveled.
@craigthebrute2409
@craigthebrute2409 3 жыл бұрын
It doesn’t forbid usury. It forbids riba.
@ufhb6649
@ufhb6649 4 жыл бұрын
Tom Nook as thumbnail, golden
@kanishkgupta677
@kanishkgupta677 4 жыл бұрын
you just getting better and this is the best video till now.
@ratatataraxia
@ratatataraxia 4 жыл бұрын
Never had money, never plan to. Still one of my favorite channels.
@declantracy2497
@declantracy2497 4 жыл бұрын
Does all of your revenue go towards all of this stock footage?
@EconomicsExplained
@EconomicsExplained 4 жыл бұрын
Yes
@declantracy2497
@declantracy2497 4 жыл бұрын
@@EconomicsExplained I'm gonna take this as financial advice to spend my savings on stock footage.
@SardineBreath28
@SardineBreath28 4 жыл бұрын
Economics Explained invests in Stock footage, not stock markets now
@Argondo
@Argondo 4 жыл бұрын
Last time i was this early, i didn't have any debt....
@turgeliolankytoja
@turgeliolankytoja 4 жыл бұрын
Very interesting, thank you!
@ericjones3920
@ericjones3920 3 жыл бұрын
1st time watcher. Very impressive video. You have a new subscriber.
@randelr8638
@randelr8638 4 жыл бұрын
EE to the rich people "Hey how're doing? Patreon link in the description below" Me:That was real smooth. Where did he study marketing from?
@petero.489
@petero.489 4 жыл бұрын
EE *slightly flirting with the use of memes* Me: no, keep going
@DilupthaPerera
@DilupthaPerera 4 жыл бұрын
"Houses are not productive assets." This was eye-opening to hear, and eloquently summarised an idea that I'd been kicking around in my head for a while. It's the single biggest reason I've steered clear of Australian real estate, and have instead tried to purchase undervalued equities. Thank you for sharing your insights. This is quickly turning into one of my favourite channels on KZfaq (I've just subscribed!).
@modernalchemist2690
@modernalchemist2690 4 жыл бұрын
If it generates money, it's a asset.
@sanguineel
@sanguineel 4 жыл бұрын
Great video. Subscribed.
@jarehelt
@jarehelt 4 жыл бұрын
Gold is money. Dollars are debt
@noahpolicarpio1530
@noahpolicarpio1530 4 жыл бұрын
1 view. 3 comments. Ok KZfaq. Btw, a video on One Belt and One Road Initiative, please :)
@Nik-wo7hk
@Nik-wo7hk 4 жыл бұрын
Noah Policarpio hell yeah great recommendation
@reignandbongao9497
@reignandbongao9497 4 жыл бұрын
I was to have my first Economics class of my life this semester when it was abruptly ended with the global pandemic. As the lazy student I am, I went awol on all of the online classes of my subjects that are not my major. But I legitimately think I learned more in binging this channel than I would have if the semester played out like it should've. This gave me the insight of my ponderous question about the nature of debt I asked to my professor the our first meeting. Great video as always!
@0121chuchurocket
@0121chuchurocket 4 жыл бұрын
where I live it's weeks of wait to get someone to come to do the drywall/fences/plumping/cabinets, etc. Same with construction, if you want to build a guest suite in your back yard it's months of wait, so saying that housing is non-productive is simply not true, if anything housing related jobs are under-staffed
@Faisal-st6hl
@Faisal-st6hl 4 жыл бұрын
I was thinking the same why all religions have banned instrest And how will the economy go without intrest You forgot something I guess when people will save money to buy a home rather keeping it in a piggy bank they would try to invest it in equity and ipo makets can easily raise money and it will also grow economy on faster rate And can you make a video on islamic economy zakat system plz
@vengefulavenger3998
@vengefulavenger3998 4 жыл бұрын
@@xunqianbaidu6917 equity financing is about profit & loss sharing. It's more akin to venture capital. Debt financing just isn't.
@mafiousbj
@mafiousbj 4 жыл бұрын
0:55 damn she is so orange, reminds me of Starfire
@disrael2101
@disrael2101 4 жыл бұрын
One of the best video by far.. what I liked the most is the rich Arab world example of how to make an economic without direct debt
@domingo2977
@domingo2977 4 жыл бұрын
I need a more in depth video on this describing the process & end product. I would really love to pursue this business model.
@cmdr_ultraviol3nt
@cmdr_ultraviol3nt 4 жыл бұрын
"How you doin? Patreon link in the video description."
@tychobotter
@tychobotter 3 жыл бұрын
"The sun will come out, Tomorrow, Tomorrow!"
@dougirvin2413
@dougirvin2413 4 жыл бұрын
Love your vids! How 'bout a look at a true large scale Dave Ramsey economy. Would it work?
@Gorlokki
@Gorlokki 4 жыл бұрын
TY for the vid! it's great :)
@hoovyzepoot
@hoovyzepoot 4 жыл бұрын
How else am I supposed to be allowed to get into your house and steal your kidneys?
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