Abolish the military.

The Universe of Tranquility not even counting unfunded state obligations. A lot of people are not going to get the support they were expecting.

@@caulijutsu1575Yeah, adding state debt puts America debt obligation to over 125%. Then on top of that you have ridiculous amounts of corporate debt and personal debt. The total debt in the US is close to 78 Trillion. And almost a 3rd of that is debt owed to foreign entities. The economy is not as booming as most analysts would like you to believe.

@@pranavkrishnan3239 the professor is not talking of US government debt but the annual government budget deficit which now is around $1 trillion and will reach 100% of GDP by end of 2030. US total debt without unfunded social and welfare obligations stood at around $63.6 trillions. These debts are total of US govt., States, local govt, agencies, households, students loans, etc.

kzfaq.info/get/bejne/ncWZnsx72Z_MZnk.html Doesn't matter, Fed Govt 22 trillion debt = non Govt surplus. www.berkshirehathaway.com/letters/2018ltr.pdf "Those who regularly preach doom because of government budget deficits (as I regularly did myself for many years) might note that our country’s national debt has increased roughly 400-fold during the last of my 77-year periods. That’s 40,000%! Suppose you had foreseen this increase and panicked at the prospect of runaway deficits and a worthless currency. To “protect” yourself, you might have eschewed stocks and opted instead to buy 31⁄4 ounces of gold with your $114.75. And what would that supposed protection have delivered? You would now have an asset worth about $4,200, less than 1% of what would have been realized from a simple unmanaged investment in American business. The magical metal was no match for the American mettle. Our country’s almost unbelievable prosperity has been gained in a bipartisan manner. Since 1942, we have had seven Republican presidents and seven Democrats. In the years they served, the country contended at various times with a long period of viral inflation, a 21% prime rate, several controversial and costly wars, the resignation of a president, a pervasive collapse in home values, a paralyzing financial panic and a host of other problems. All engendered scary headlines; all are now history"

@@Emperor1118 no its at 105% and Japan is at 250% so WHAT lol

@Gary Powell , you mean the government borrowed from SS don't you? And THEY don't want to pay it back?

@Gary Powell SS has a $2.5+ trillion surplus...the only reason why the government want to cut it is bc they used it all and can't pay it back now.

snake

Impossible to raid SS Trust Funds. There are ZERO dollars in them. Simply an accounting mechanism. The federal govt creates new dollars every time it spends. Neither taxation nor borrowing is necessary for the federal govt to spend.

Don’t you have to? If not you destroy your credit and no one accepts your currency.

For Catholics? That's a joke...but it sounds Catholic.

huh? money in savings is not the same thing as hidden food or other assets...money is just paper or electronic bits. So, if a persons has tons of it in a bank account, it means nothing.

the proper way to see things is not by judging "the rich" for having so much paper stuffed in their bank account...but instead, by how well the poor have been doing historically. And historically, the last 25 years has seen hundreds of millions of people brought out of poverty worldwide.

@Olivia P Mr. Shkreli went to prison if I recall...the population explosion is in the less developed nations, population decline in the West...so now the West is being colonized, ironic. Yes, too much income/asset consolidation can be destabilizing for a society, but life is getting better all the time, despite wealth being more concentrated...for example, I used to own an Audi in 2008, now, modern entry level cars are just as good, if not better, than an Audi from 10 years ago. Even poor people are obese...so there seems to be plenty of food...and unemployment is low, in America. In other words, yes, thanks to automation, the only real money is in hyper intellectual fields such as computer science, mathematics (algorithms) , medicine, etc...so wealth is concentrating in those hands...but life, for the average person, is still getting better and better...on average of course. Our biggest problems are reducing the national debt and improving education. You should heed the advice of George Orwell, when talking about "defenders of the poor"...he said, most of these activists don't love the poor, so much as they hate the rich.

@Olivia P All of the things you mentioned, paint prices, dog nail trimming, etc...are first world problems. When I say life for people is getting better and better, I am thinking globally...global poverty has been halved in the last 20 years. We need to tackle our debt, we are being cowboys with the Dollar's status as the global reserve currency...we have everybody else of the barrel currently, but eventually the world will ditch the Dollar if we are not responsible with the global currency. Much of our standard of living is based on the purchasing power of the Dollar. Anyway, thank you for the debate, I don't really know what your solutions to any of the above is...perfect is the enemy of the good when it comes to how people see Capitalism...you seem to blame the rich and Republicans, which seems like a pretty narrow way to look at the problem of decline in low skilled labor wages; automation and immigration depress low skill wages...not the rich gouging the poor with sneaky packaging shrinkage. The poor have no money, so it's not very lucrative to steal from them. I mean the richest people in the World, today, are not royalty or the monopoly guy...they are self made men and women who made companies that changed the world...they created value, the didn't pick anybody's pocket. But your solution might.

Ha, thoese were good times now its closer to 29% Debt to GDP is at 128% and the money printer is working overtime

small countries can afford to be irresponsible (like children) because they assume that big countries will bail them out; America cannot afford to be irresponsible: America is supposed to be a grown-up, and no one guarantees to bail-out America

@Teringventje how high is "higher debt levels" ?

Are 30 year Bonds being manipulated down to entice buyers back into the housing market?

@@kirstinstrand6292 kicking the can down the road

@@bananarepublic1339 Yes, the simple reason. Then they are selling bonds...and they are being bought at the same rates? I guess I need a bond course. Thank you, every little bit helps. And of course they want to continue the housing piggy bank.

sounds like communism. credit and debt is needed to give the economy room to grow. with no credit and debt you are putting restraints on an economy. However you dont seem to be advocating for a gold standard but for communism which is laughable. An analogy of running the economy like a home? Who will be the man in charge of this home? Have you not seen society, a struggle for power takes place in nearly every household which makes teenagers move out and fed for themselves. In other words Communism leads to DICTATORSHIP (just like every household) we have see this through out history. cut it out.

@@brunosilvestrin9323 thanks for taking an interest in my comment. No, I'm not thinking of communism. Look up the Ubuntu contributionism idea for a closer and evolved version of what you may be thinking of. Im only saying that the system we use is not the best we can do and is not even that good. You think there needs to be a controller or many layers to social interactions, and yet here we are speaking with each other without a controller... Any idea that is opposed to capitalism and fiat money is not communism. I'm suggesting that we work towards a moneyless social system. Communism still uses money you know it's just about who has the money power between Communism and Capitalism. I'm thinking about what is best for everyone, and fair to everyone. In our current social reality banks and the fed are the bedrock and I don't think that is right, money talks and can control anything and that is not right. Do you think that is right? Do you disagree with my main understanding of our fiat debt based system?

@@benh9350 money is not the cause for poverty. Money is a measurement of contribution/productivity. Money causes poverty as much as a metre stick causes someone to lose a track race. So let's live in your world. I'm lazy it's 1:30 pm where I am right now and I just woke up. I don't wanna work. Now what is you utopian society going to do about it.

@Anthony Harness even if it were "NWO" what makes the old world order any better? we had 2 world wars and a multitude of other wars and problems

@@brunosilvestrin9323 Great questions. To your first comment about money. Money can be a measurement of work done or promised work to be done but money is other things too. For example, if money was only a byproduct of work done than any work done would result in money, but that is not true/ that does not happen because money is not a natural force it is a social construct. To get money you need to have someone give it to you, so money is also a form of power. Our main money, the US dollar, is a fiat currency that has not intrinsic value and when represented as a digital currency has not physical form. Our money is not as simple as a byproduct of work done. If you look at the current monetary system it looks like a fractal system where all people who use the system are creating ever smaller fractals of the larger system. For example, I give you money for work done which I took credit out to have done which was credit extended to me from a bank which is debt taken by the bank based on fractional reserve lending or credit extended to the bank from a branch of the federal reserve which is a member of the world monetary fund, and then good luck because it gets murky. That's just one line drawn through how USD exists, and there are other lines that can be drawn because the economy is a complex social construct. This is part of what money is and how it is used. Would you agree with my example and understanding? Yes money is a tool but how money is used helps create poverty and mask poverty and enables power plays. So I don't see how economists can argue that by expanding the system we see a decline in poverty, it is just not possible. Alternative monetary systems will suffer the same fate as the current one if they are allowed to be used in the same way, people will try to find a way to abuse the system and that won't make peoples lives better. For example, Bitcoin. My understanding is that Bitcoin is "mined" and that there is a finite amount of Bitcoin to be mined. What does this sound like? To me it sounds like a digital representation of gold mining, or any resource acquisition, and creating a monetary system based on mining or any resource acquisition. It is basically the same thing people used in the past with the gold standard and will likely have the same course of evolution that the USD has had. Bitcoin is nothing new or different than what has exited before except that it just fakes real resource acquisition, and wastes electricity. Your question about work is more interesting, life requires some kind of work. All living things have to work to get anything done, so any social system that people come up with will require work. I think these ideas are not utopian, though I suppose anything better than what one experiences can be seen as utopian. If you looked up the Ubuntu contributionisim ideas and are asking about that than I would suggest you read the book by Tellinger or watch videos on the subject, because there is more to it than I can cover here. But on the subject of work, people will always need to work and to do otherwise is boring, just ask any restless retired person or unemployed person who wants to be engaged or any entrepreneurial person who has the fire. People want to get things done so that is not really the question here, the question is what that work means socially and how that work is done. Still I bet you are wondering how we can get along if we don't use money, how will anything get done and how will people have private projects etc. If we go back to the ideas of Ubuntu contributionisim , Ubuntu is a popular South African or African word which means community essentially, people can still do what they want and more so because people will not have to work as much because the community would be leveraging work. In a way if you we remove money as a tool of enslavement than we can just use and benefit from the work we do and the work of others. So you see money while a tool is used in large part to enslave others, so human societies can not progress by using money. Also, with the continuation of the industrial age as we move into using more and more robots people will continue to be displaced from work and this is why we see the idea of Universal Basic Income being explored, the only logical end point is to remove money from communities. And if we do so, people will not go nuts and hoard or stock pile things to triad for other things that would be a reaction based on scarcity, part of what we use not to justify costs and precised value, but what happens right now is people manage the economy it is not an open free market like some think. For example food cost is subsidized, how much is food worth to you when you are hungry? Do you pay full market value of food right now? No, you don't, because food production is government subsidized. And then there is all the wast, for example millions of pounds of soy beans are going to go to wast because China will not buy them. Can the US give the soy beans to the US population, sure, can the farmers sell them to someone else, maybe but they would have to do it quickly. The point is is that our use of money as a tool creates scarcity, a self imposed handicap. Without money ideas can flourish and people can question who things are done and what can be done. Without this tool called money the world will be a better place. But, without money within a money world is not nice, just look at Venezuela right. So there will need to be a transition, and that transition will need to employ money to create a social environment that can then let go of using money. This is a lot to think about if you have not encountered this before but take it slow and look into the different points; I don't know your experience with these points maybe you are a banker and you may know these things but if you are a banker and do not know these things than why not? And yes, none of this matters if we all die from a mass extinction event self imposed or otherwise but baring the maga bad, this is how we can really unlock human potential. It is amazing to think that something so basic to everyday life, like the bedrock that is the banking industry in our society, can be holding us back so much, but that is reality and that is what needs to change. Our reality needs to change. I would love to read your thoughts.

120 trillion in debt will happen in my lifetime unfortunately.

22 trillion is total debt. Most of the time they talk about in the terms of 1 year deficit which is 1 trillion or so.

Greg Hanna the frighting part is that the majority of this country don’t have any net worth whatsoever. Is all debt. How are they gonna retired wout being poor.? Then we wonder why so many retired overseas.

2020

High stakes Poker? Timing is everything.

Your a smart man. This is exactly what happened with the Covid lockdown one year later to save the Stock market and the Global economy. The FED added 4T to its balance sheet. And Congress printed 3T. Now the US is dealing with a surge of Inflation since August 2021. Which will be around for the next couple of years or longer above the desired 2% level. The question is how long this can last before a Depression or ? Takes place.

a rock, another rock, and some digital bits.

Who's gonna accept gold as payment?

Bitcoin

Pick your shorts carefully, there are oodles of games being played.

Had you ever done that correctly you would not be posting here. I bet you have no money to invest.

Short NASDAQ to get a big piece of the FAANG bubble

Whatever it takes!

who are "we" ?

Tax payers

Don't scare people. They really don't want to tell you the truth

Many bases in the U.S. can close also.

Yeah, but the Industrial Complex needs the orders and so does our GDP. How can I get in on that game?

Public Service Announcement: Even if we abolished the military completely we would eliminate 716 billion dollars worth of spending (for the fiscal year of 2019) leaving us with a projected deficit still over 300 billion. The problem isn’t as simple as just “get rid of the military spending”...

@@theyoungcapitalist4927 what about getting rid of public education and replace it with trade school, self taught, or business related schools?

Leif C. The total education budget is 68 billion, even gutting the 129.8 billion set aside for grants loans and work study assistance will still only get rid of roughly 200 billion in total spending. I for one would love to see the government dollar put towards better use in education. Milton Friedman advocated for school choice in the form of vouchers (worth say $10,000 per child) given to each family with children of school age. All public school funding would be withheld and schools would gain income purely based off of the number of vouchers they received. These vouchers could also be used at private schools. The idea is to allow parents to decide where to send their children (as hopefully they know best where to send them), and to allow markets to carry some of the load.

He's one of the tribe.

keep in mind that I am aware of such a thing, yet I am also aware that it has been previously paid... and then it was reintroduced by convenience!, most economist agree that it is convenient to have it, are they wrong??... I do not know,... but if they are correct, then there is little reason, if at all, to even trouble ourselves with such a topic.

They may have been in on it but it was an 8nside job...needed to destroy records, give Silverstein insurance pay out and to get Americans behind the planned MidEast wars...starting in Iraq with more countries lined up.

Be nice

We are a war mongering country that cares more about milatery spending than quality of life.

I think i found his reasoning: large national debt=> oversupply of government bonds being issued => bond prices go down => %yield on bonds therefore goes up => interest rates go up. I think that's his reasoning.

Delta Yes, you are.

Kah Hoe Ng you forgot the interest on that debt is equivalent of a government program. Another QE will require the budget to be cut in half. No medicare payments, food stamps, no defense spending, etc.

@@cnsmiles nope, you are wrong. When QE to buy a trillion of debt, the interests are 'earned' by FED which could be returned to the government to spend as 'dividend'. A successful QE required the rest of the world to help with shouldering the extra printed currency. Of course, that would need a carriers travel the seven seas to help

Dennis Eaton but true... kzfaq.info/get/bejne/d8qAqM6CnpzadXU.html

can you explain this and comparing it to other countries counting all of the same things?

Henderson was already showing he had Hall of Fame talent. Garvey was in the Hall of Shame as far as we could tell. Hey, stuff happens!