Comments by "Aden Wellsmith" (@adenwellsmith6908) on "We do not have a national debt" video.

  1. What about the other government debts? Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages.
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  2.  @Banjo2030  No. They both appear on the liability side of the balance sheet. The pass the duck test. A debt is something you owe. Look it up. Its in the OED. You are liable to pay your debts. Why would accountants hide the pensions off the books? A liability/debt is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits That's the IFRS. The state insist that councils report their pension debts/liabilities? Does the same for companies. Why would the state claim it adheres to IFRS then not report its pension debts? The official reason from the ONS, OBS, Treasury is that they won't pay the pensions.
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  3.  @Banjo2030  So on the IFRS standard. Are you now clear why pensions are a debt, and the NHS isn't?
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  4.  @Banjo2030  The pension debts are £16 trillion. Present value. That's £600,000 per tax payer increasing at 10% a year. They are inflation linked debts which means you have to tax to transfer wealth to pay those debts. Do you think the tax payer can afford to fund that debt?
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  5. How about we don't pay your public sector pension? For some reason I suspect you will claim you are owed the pension. ie. It's a debt. If you think its not a debt, I'll buy it off you for £1.
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  6. Only if you ignore pensions.
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  7. When the public sector demand it.
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  8. And pensions, nuclear clean up, the EU, ....
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  9. Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. Not included as well. The test is would he complain if his pension is cancelled.
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  10. Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. Why have you left off the debts above? The pension debts are £16 trillion. Why just worry about the money owed to banks?
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  11.  @legtrax2021  If you take 18% of the workers income each year, and redistribute it, instead of having it invested, wealth inequality will increase. If you run up pension debts, that's negative wealth. Those workers are on the hook for those debts. More wealth inequality.
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  12. Correct. Debt causes austerity.
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  13.  @knobfieldfox  Yes. Because the printing creates inflation and the big debts, pensions are inflation linked. That means printing doesn't work for inflation linked debt. For fixed rate debts, you can print to pay. It screws your creditors out of their wealth so if you don't care about robbing people in that way, you can print to pay. But inflation linked debt? Doesn't work.
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  14.  @davidmcculloch8490  The pension debt is a socialist debt for obvious reasons. All the contributions redistributed, not invested into capital. But you are right, it is a con. Specifically section II You have to prove two things. 1. Was the information misleading? The debts are off the books. That's proved. 2. Their is a risk of a loss or an actual loss. They are talking more cuts. They have defaulted already multiple times.
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  15.  @davidmcculloch8490  There's just as much inflation as any other spending. The problem is that the idea from the left is print and spend. The idea that the government would tax and destroy the cash again from the left is complete baloney. It's tax and spend.
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  16. Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. Other debts of course excluded. In particular the socialists will never talk about socialist pension debts.
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  17.  @Vroomfondle1066  The flow is the other way. The top 10% pay the same amount of tax as the other 90%. That's a massive flow in the other direction On the wealth front, the big issue is the asset stripping of the workers by the welfare state. 20% of income. That's real wealth. What wealth would people have if that 20% had been invested in their name? The answer is a lot. Huge amounts. But its all been spent and in its place is the pension debt. That's negative weatlh.
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  18. The agencies just care about the borrowing, not the other debts.
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  19. Correct Michael. If we take the pensions debts alone that is £600,000 per taxpayer increasing at 10% per year.
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  20.  @Vroomfondle1066  Wrong. On the sum bit, lets say I'm the creditor. I'm owed the debt. Who pays it? Someone else. You are missing that the debt is a transfer of wealth.
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  21.  @OnlineEnglish-wl5rp  No I do. So lets the the banking bail out. That was the SLS [Special liquidity scheme]. Under that scheme, the banks had to hand over assets as collateral to get loans. The collateral had to be larger than the amount borrowed. The interest rates were penal. High rates. All the money was repaid, in full. The state made a 35 bn profit on the deal. The second part about 2008. Lots of banks got into a mess. It was a systemic event. That means it was the fault of the regulators. It relates to your complaint about how the BoE runs fiat money. They set the capital requirements too low. Hence the event. On saying things, I used to work for a large bank. I reported false accounting, [fiddling the accounts] and resigned. Not me doing it, it was a group of traders manipulating profit and loss. Not picked up by the auditors. That bank has since gone bust. A very large bankruptcy. [That narrows it down for you].
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  22.  @OnlineEnglish-wl5rp  So socialised debts. I've constantly been pushing the big issue. Socialised debts. Here's your challenge. Are you up to it? Just one number. What's the present value of government pension debts? Of course, you won't come back with a number. It's that socialist adjective.
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  23. Wrong. You are not talking about debt, you are talking borrowing. Even then they have no choice. Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. What about the other debts.
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  24.  @curryattack8985  So lets look at the debts Borrowing. Now for banks, they have to put their capital into Gilts, same for insurance and the way annuities are set up its the same. Forced lending. State pension? Compulsion - no right of consent. Public sector pensions? Ditto. You end up as a creditor, its a debt. Unpaid wages, unpaid invoices. Less, but if you want the business, you ened up as a creditor. Losses on insurance. For example, the NHS kills 20,000 a year from mistakes [just acute hospitals]. What there? Same for things like damages. The post office for example. If the debt gets too big to pay, the government will simply cut pensions - again.
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  25.  @curryattack8985  Government debts are out of control. That knocks on to spending since there is a cost associated with the debts. So here's my standard question. What's the total owed for ALL government debts? Not just the borrowing. Second and this directly goes to your out of control bit. What's the annual rate of increase? Those two numbers can then be used to work out if its under control or not. Does that answer your question? The answer is, its completely out of control and the consequences are dire. Really dire. For example, what happens if there is no state pension?
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  26.  @stephfoxwell4620  They take it denying people the fruits of their labour. They spend it, and more [there's a deficit]. So there's no brake on inflation.
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  27.  @Banjo2030  I understand MMT. You clearly do not. The debt is inflation linked. That means you have to transfer wealth from one section of society to pay the creditors. You do that with taxation and no services for that taxation. MMT for you. To give value to fiat currency you have to tax and fine. Those inflation linked debts are for value.
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  28.  @Spurros  Another example the claims that the National Insurance fund has assets in the form of Gilts. The IOU from the government to the government. The problem with the original claim is that it doesn't include the big debts. The "national debt" that is reported is the national "Borrowing". All the big debts not included. Even the WGA reports much higher liabilities. So its a con. Tell people this is what the debt is so they don't work out the consequences of what the governments have created.
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  29. No its 30% Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. You've missed off the other debts.
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  30. Civil service pension State pension Nuclear clean up Losses on insurance contracts The EU Unpaid wages Unpaid invoices Expected payouts - eg post office, NHS damages. The actual amount going on the debts is 30%.
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  31.  @Banjo2030  Gilts are government debt. The interest paid is part of the cost of servicing the debt. The other is the repayment of principle. Then we have the other debts like pensions, nuclear clean up, ... Total cost of servicing the debts is 30% of tax. On the UBI. They can't afford a UBI for pensioners. How are they going to afford it for all. So how big are the pension debts?
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  32.  @Banjo2030  = What are you arguing? 1. You cannot make any sensible decisions or comments unless you have the basic facts. You can see this in the comments were people, like yourself, claim that the only debt of the state is the money owed to the bankers. The borrowing. Garbage in, Garbage out. 2. Wealth. Debt is negative wealth. The workers have been asset stripped by the welfare state. Their wealth has gone, now their wealth is negative. Hence wealth inequality 3. Low take home pay. 30% goes on the debts. 4. Public austerity. 30% goes on debt not on services. 5. Pensioner poverty. The state pays a fraction of the value paid in. They have caused it. 6. General poverty. Again the asset stripping. So why are these things good?
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  33.  @Banjo2030  Interest is for the borrowing Pensions are the big debt and that's pension payments.
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  34.  @Banjo2030  On the balance sheet definitons. Nuclear clean up. Paid for in the past, the work do be done in the future. Should that be on the books? What would Bernie Maddoff do?
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