Comments by "Grim Affiliations" (@grimaffiliations3671) on "Shocking Debt Ceiling History and The Danger of Defaulting" video.

  1. It's not really "debt" in the traditional sense. Its a liability for the government sure, but its an asset for bond holders
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  2. Yeah, its foolish to think a government can fun out of its own currency
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  3.  @ahkoy973  yeah, and it will always be increased
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  4. Why would they want to pay it back? Bobds are an important source of income for many Americans
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  5. Biden should grow a pair and mint the trillion dollar coin
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  6. No it won't, a country with all of its debt in its own currency can not lose control of its interest rates
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  7. Exactly, you can't run out of your own money
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  8. @Eric C its already digital and its already done with a mouse. Its called digital minting
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  9. What piss poor decisions?
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  10. Yup, can't run out of your own money
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  11. The debt ceiling itself should be removed, its dumb
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  12.  @kevinmay2422  america needs a strong welfare state
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  13.  @Aubatron  the government doesn't need to "borrow" its own money. They spend, and then sell bonds equivalent to whatever the deficit is. What they call borrowing describes the selling of bonds, but bonds are not sold to finance government spending. They were sold historically to drain the banks of excess reserves in order to meet the target interest rate. But the fed now sets interest rates simply by declaring it, so bond sales are no longer necessary. The government only does it to provide an income to bond holders. Paying the interest on those bond is extremely easy, you just mark down the bond holders treasury account at the fed, and mark up their reserve account.
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  14.  @trae3290  why would everything crash?
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  15.  @Aubatron  that isn't true, the vast majority of US debt is held by Americans, through things like social security and Medicare. And the bonds that are held by other countries are denominated in US dollars. You're right, its not borrowing its own money, because it makes no sense to "borrow" something that only comes from you. Its spending, and then selling bonds equivalent to the deficit in order to control interest rates. But like I said, selling bonds are no longer necessary to control interest rates. Also the exact opposite is happening with Japan, they've bought out and essentially retired half of their entire debt in the last 5 years. It bought out 6.9 trillion yen of debt in June 2019 alone. How? Because the debt is in their own currency
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  16. The debt ceiling isn't a "crisis", its a dumb outdated law. Theres a reason only one other country on the planet has one. And there is no spending crisis
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  17.  @bennypit4411  there is money tho
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  18. Or we could just get rid of the limit entirely like Australia did a while ago. Its dumb and serves no purpose
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  19.  @anthonyrodriguez2413  its not much of a "check and balance" since it always gets raised. And it will be raised this time as well, because the government doesn't actually need to "borrow" its own money. Check out a book called the deficit myth
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  20. Nope
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  21. Nope
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  22. Yeah I think Republicans are bluffing, their corporate over lords will never let them default
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  23. Why did Biden just destroy china's chip industry then?
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  24. Whats wrong with writing iou's when its in your own currency?
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  25. Yup, thats why Trump blew past all of the concessions Republicans won in the last debt ceiling stand off. Nocidea why the democrats haven't just gotten rid of the debt ceiling
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  26. Yup, especially considering the Republicans raised the limit 3 times under Trump. Biden should ignore them and mint the coin
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  27. The crisis itself is part of the politics. Its manufactured, our debt is perfectly sustainable
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  28.  @josesammut9396  and they'll always raise the debt limit. Because the limit is only political, its not a functional limit of spending. And if Republicans refuse to raise the limit, Biden can find other ways to get the money to the fed. For example he can tell the treasury to mint a trillion dollar coin and deposit that coin at the fed
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  29. They will increase the limit, because the limit itself is dumb
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  30. It won't happen unless Republicans force it, you can't default on your own currency
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  31.  @hauuau  it doesn't even need to raise revenue, it can always afford to pay its bills, without reducing spending or raising revenue. Republicans are just playing politics
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  32. Republicans threaten to blow up the economy if spending isn't reduced, then they ignore all of those spending limits and blow up the budget when they get elected. Rinse and repeat
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  33. Trump literally undid everything Republicans won in the last debt ceiling stand off
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