Comments by "antonyjh1234" (@antonyjh1234) on "What Everyone Gets Wrong About Global Debt | Economics Explained" video.

  1. Debt is a great idea for those that create it because it costs them so little, the debt you are talking about is basically other people's debt that a commercial bank lends out, so it's always being productive for them, multiple times. Debt as you say is a good idea when a factory owner can produce something people are prepared to pay for, the issue is a declining population in the modern world. The doubling of the worlds population was great for debt, the next 30 years and we'll see 50% of that and if you are in a monetary system where there are going to be 50% less customers then debt get's more difficult to pay back, now imagine a country like Japan, that is supposed to lose 50 million people, or any of the 23 countries that are going to lose 50% of their population by 2100, debt becomes riskier and riskier the more time goes on.
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  2. A nation without debt would have zero money created. Money is created at the same time debt is, this is what central banks do, create money but it's ALL based on debt, whether personal or govt. I think it would be favourable to leave this system, it controls us too much, takes too much of our lives, working people are spending at least half of their working lives working for govts and banks. A central bank which returns profit to the govt, which then taxes us, charges us for services that we supposedly employ them for which they suck at, can't continue but how do we get out? I'd go to a system based off carbon, artificial general intelligence is soon going to take a lot of jobs supposedly, I'd go to a system where housing, food and water and medical care are given free and everybody get's given carbon credits, equally. People can't get more but they can save them but carbon is then able to be regulated. Creating debt when populations increase is fine, 23 countries are going to lose 50% of their populations by 2100, expecting profit while incurring debt while populations decrease would be difficult imo.
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  3.  elfrjz  How did they buy the shares in the 1st place? I'm confused on what you are saying.
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  4.  elfrjz  What is the myth? Brunei is a horrible example, 500,000 people and they sell 6.6 Billion in exports which as you say is mostly oil. Selling more stuff than you buy will always mean they have less govt debt, Estonia with 1.3 million people or Finland that has debt to gdp of 73% but I'm not sure what it is that you are saying here as you are talking about government debt. Without being rude what does that have to do with OP's comment? Private debt in HK is high. Hong Kong’s debt service ratio among private non-financial companies is the highest among 32 countries on the BIS list. Finland Private Debt accounted for 94.10 % of its Nominal GDP in Dec 2022, Private sector debt in Estonia, non-consolidated was 113.30 % of GDP in December of 2021 so there is debt in these countries.
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  5.  elfrjz  I'm asking how do you buy something if money hasn't been created yet?
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  6.  elfrjz  Then why are you telling people things are myths? I'm just discussing it with you as somebody personally quite ignorant of the monetary system..
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  7.  elfrjz  You should edit your myth comment as it is wrong.
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