Who's In The Most Debt?
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- čas přidán 4. 06. 2024
- Which country is in the most debt?
Twitter: / h0serr
Business Email: h0sermailYT@gmail.com
Keynes would've loved this one.
Sources:
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worldpopulationreview.com/cou...
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equitablegrowth.org/must-read...
www.nbcnews.com/id/wbna43600432
Crashed - Adam Tooze
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www.imf.org/external/np/fin/t...
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100,000,000,000,000*
Big number.
😳
oui
@@zidan07168 for real
basically amount money for groceries you need in Zimbabwe
Nigeria owns debt to me. Because I helped the prince of Nigeria.
@HeisenbergIsHereky$
@HeisenbergIsHere 𝗻𝗼
@HeisenbergIsHereWth is your power
@HeisenbergIsHerekyš
@HeisenbergIsHereyou really think anyone will believe this?
#1 in debt because we’re always number one RAAAHHH 🦅🦅🦅🦅🦅
We don't lose weight because we never lose.
"Yo, khaled I don't see you lose weight. Because I don't lose all I do is win"
yes but lowering spending can easily reduce gdp increasing debt to gdp it is about sustainability not fiscal orthodoxy.
whole world including the countries that absolutely hates you like Chinese and Russians are more than happy to finance your debt, For usa debt is not much of a problem. USA economy is just on another level altogether. You can double your debt and still be fine. You attract the best talent from around the world with number one in business environment, your contry is open and understanding to new people and ideas for the most part... USA is number one and would prolly be that way as long as the fundamentals of the country dont change or some politician does something rash or something unexpected happen basically to Finish usa, usa needs to something unexceptional. Your sworn enemies like iran and russia would love to be able to finace your debt again but you stopped selling your debt to them (SANCTIONS).
@@sen4784 yo all im saying is austerity bad
i just found this channel and i have to say i think you've created such a great way for young people to learn about the world. your videos are simplistic, realistic, unbiased, while also being funny and attention grabbing. i appreciate your work!
it's difficult to understand complex world events from all the mixed media and perspectives.
Yow my country Philippine choose the wrong president again bubongmarkos
Fire pfp @@beavis4664
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
The US basically has a get out of jail free card, as they can control the inflation of USD which is what everyone uses to finance debt.
I think you specifically should bear the consequences
By borrowing money to pay a past debt you can understand how desperate Greece's economy is
Thats what every country does tho. Even my country, Germany, which is considered to be rich and prosperous does that
AAA Canada does that every years
Filling up buckets on a sinking boat
@YT_coolking This is what every country does, not only Greece. We say that one does not reimburse a debt, but refinances it. You look for investors to reimburse your debt.
Average EU4 gameplay be like
Love how you immediately cut to the chase and said the answer is the US.
I mean it's a pretty obvious answer. If you have the most money then you're going to spend the most money and take out the biggest loans of anyone else.
@@Karlach_ I have a lot of debt, but no money 😥😥
“American sized” debt 🇺🇸🇺🇸🦅🦅
Americans are number 1 in everything, even the not so great stuff
@@mysteryuser7062 USA USA USA!!!
@@mysteryuser7062aint that the truth. we jus always have to be at the top of the damn list.
Europe: "Hey Greece can we get our money back?"
Greece: "NUH UH"
As a greek when i saw the title i knew the video would mention Greece 😅
As a German I knew it as well
German here, i instantly knew it was gonna mention you (i want my money back)
@@omnissiah7859 on behave of all germans, I agree with this message. Give us our money back
I am not a German but still give me monnie
Guys chill its jot that much
Thanks for breaking this complex issue down so well. I guess you could say… I’m in your debt
bro 😭
Great now national debt is raised even more
Get out
The unfunny… it hurts
Bend over.... I'm a -booty collector- debt collector
H0ser just doesn't miss. Every video is a banger from start to finish
What a unique and creative comment
Incredible video, thank you for teaching us so much in such a fun way.
For the better part of the 2010s Germany borrowed money for a NEGATIVE interest rate. Lenders payed Germany to lend them their money. Absolute ridiculous. The German Minister of Finance was happy, though.
German economists just adore austerity and classical rightwing economic police’s. Hopefully they change how the euro is ran from a centralised system to a federalised one sometime soon.
they did this because they believed their money was at higher risk in any other assets due to the financial crisis, paying a government notorious for always paying back seemed like a good idea when the alternative was just eating a loss in any other sector.
@@raquetdude Haha, that's a good joke! We currrently have a liberal Finance Minister who's dedicated to the "black zero", meaning that the federal government will basically take no further debt. It's even enshrined within our constitution.
@@donaldmcronald2331no Depth untill the car industry needs another highway recomstruction at least
Danish National Bank has done the same since 2008. The cost was of course put on the customers by the regular banks, cause you know, they only care about making shareholders happy.
This is why in Germany the word "Debt" translates to "Schuld", a word that also literally means "guilt" :D
Same in Sweden, here we even say "jag står i skuld till honom" which means, "Im guilty to repay him" gives it more dramatic conotations.
Same here in the Netherlands.
That's a general thing in Germanic languages, in fact if you look at the older translations of the Lord's Prayer in English you will notice it says forgive us our guilt.
So are you Schultz enough? 👁️👃👁️
Same with Afriaans
Skuld means debt and guilt
Thank you for being there MYSTICFLIP when I wanted you to..... I was lost in this new world that I was hassled to start with ....you not only guided me along the way but you also showed me the proper way....whatever little I have been able to achieve in life is because of you today ..... I want to thank you for being there and showing me the proper way of doing thing for me you are my best guide as you truly showed me the way to life....once again , I would like to tell you a heartfelt thanks for being there.
Hey great story, please keep us informed of your journey. Just a thought, I noticed the book that got you started was written by Jared Martinez. Jared is known as The FX Chief, he owns a company, Master Traders Institute ( MYSTICFLIP )in Florida. I am sure he would appreciate your story.
A misconception on government debt, Japan's bond are mostly owned by their own citizens while the USA bonds are (30%) by foreign corporations and other nations.
Foreign nations holds US bonds as hedge to lower their currency against the US dollar.
Most all international trades are transacted through US dollar so all nations needs to manage their currency exchange against the dollar or the dollar will become to high and will make it impossible to commodity like crude oil, various mineral ores, wheat, etc.
Japan also holds the most US bonds to keep the Yen managable since Japan buys those commodity using the US Dollars as the transaction currency.
As for Japans debt/bond, Japan also holds alot of foreign government bonds/debts and also lends a lot of money through overseas economic/development assistance.
In essence you need to look at the government balance sheet to actually see how the actual health of the nations.
One more thing, US most largest export items is the US Dollars through US government bonds/debts.
Remember that money is just a placeholder for debt and US debt is one of the most desirable global assets with Japan holding the most of it
Japan is the foreign country that owns the most US debt (1.1 trillion). Most of the US's debt is owned by its own citizens + corporations.
Japan has also managed to live with its debt, because most of its own debt is somehow owed to its own citizens and banks. The upside of this is currency variations don't dramatically change the debt, or the repayments. Argentina, on the other hand, has all of its debt in foreign currencies, so when their Peso drops, their debt gets exponentially worse. It's all pretty confusing.
@@tsubadaikhan6332 "exponentially worse". Why _exponentially?_ It just gets worse (in a geared manner). "Exponential" is so overused and misunderstood by the people using it
Why is it desirable?
You mean credit
You should do a new video about MYSTICFLIP ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
Excellent video !!! Keep the good job!
I’ll take on all the debt of every country guys don’t worry
I.. declare.... bankruptcy!!!
The one we need but don't deserve
My hero! 😍
I already see a MrBeast video where he pays back the debt if some African country
@@talosgak1236Lol. Mr would buy a planet for a video if he could.
hoser is the only "political" channel I watch
Economics Explained is a another really good "political" channel for this kind of stuff
@@Karlach_economics explained can be kinda unreliable sometimes Money & Macro and Unlearning Economics are better
@@Karlach_he's notoriously incorrect and biased. Literally has videos correcting him xd
@@lifeunderthestarstv nah
@@Karlach_ Don't take it personally. Lot of his stuff is suspect, as has been pointed out numerous times.
This is an amazing video!!! So informative.
I'm not sure why the title of the video made me think my country (Argentina) would instantly get a shoutout, it's almost as if the economy has been a mess for like a century.
History student here.
In fact, we have been 200 years in debt
There is even a book about it.
Peron
🏆🏆🏆
High Speed Rail requires a lot of maintenance if the debt implodes in China HSR will be among the first things to deteriorate as the ability to fund maintenance goes away.
Chinese debts to themselves don’t matter
This whole video is very superficial
@@leonardotheuseless4188 It really is, but views I guess
if "debt implodes in China" i think they and the world economy will have some bigger issues to deal with than maintenance of domestic HSR...
Yeah so does maintenance for the US military equipment. In reality that's what people pay for when they buy a country's debt.
as like always great video mate
This channel is pure gold.
Here in the U.S, everything is bigger. Even our debt.
We don't lose weight because we never lose 🦅🦅🦅🦅🦅
YOU SAID IT BROTHER 🦅🦅🦅🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🦅🦅🦅🇺🇸🇺🇸. Now lemme get 5 dollas on the diesel and a 20 dolla scratcher
"this rail isn't going anywhere" is objectively false.
Conditions got so bad in South Africa that average people went out and dug up rails to sell for scrap metal.
Infrastructure exists to service an economy, and when that economy disappears, that infrastructure is only worth its weight in materials.
If you don't have a job, but own an expensive car, you can't say "well at least I own this car". You'll be in a position where you're forced to liquidate assets to keep going.
The tracks laid in Afghanistan by Britain were dug up and turned into guns by Khyber craftsman.
Power lines are constantly stolen and sold for scrap by people in desperation
Infrastructure isn't immune to financial collapse
Dug up abandoned rail*. Nobody's going to try touch electrified high-speed rail.
rail isn't going anywhere, unless the entire government changes, the economy doesn't just stagnate but effectively collapses or shrinks significantly (so the rail doesn't really serve a purpose anymore), and the new government fails to maintain order. so yeah, it's objectively false but unless you're South Africa back then or a low income nation before de-colonization or with over-reliance on one industry, you'll probably be fine.
Rails getting salvaged is synonymous with them not being used. Rails being used is correlative to economic propserity due to people and goods being transported around. If I got an expensive car with no job but was using that car for something that still made me money, that car isn't going anywhere.
Man I really love your videos and how you present the information, please keep up the good work!
Dude I love your videos. Always a great time. Gonna go buy some japanese bonds now.
I get that it takes a lot of time to make this, and I want you to take your time and keep a schedule you are comfortable, but I wish you made more videos. I love this content so much. It's actually informative and it seems very unbiased (even jokes hit everyone equally).
Your comedy to information to editing is just top notch.
You're great
Odds are taking less time to make videos will be detrimental to the quality we all appreciate from his channel. If the video quality stays consistent, let the man take all the time he needs. We do get to watch them for free, afterall.
@@schuckdaddy1318 Yeah, for sure.
H0ser: Here's something a little controversial... debt can be really good
Me losing hair over my debt issues to my mother: WHAT!!!!
Debt to your parents? Lol my parents were drug addicts but I cant imagine having such bad parents.
@@SevenTheMisgiven Maybe they want to teach him a bit about financial responsibility, ya dingus.
@@SevenTheMisgiven Or they're just draconian narcissists.
@@flowgangsemaudamartoz7062 Imagine feeling the need to point this out. You must feel really smart. F for economy I am guessing? ;)
But yes, if your parents were from the boomer generation and feel the need to squeeze a millennial for some $ they are certainly draconian. But you live under a rock and have no idea how to put it into context so I'll just leave it at that.
Did you sign an official paper for that debt, if so were you forced to do so?
When referencing corporate America, he said “They don’t really care about you as they make it seem” realest thing he said...I’ve seen experienced it first hand in the DMV. Black ppl aren’t really respected in corporate America. Glad that he was able to get out of there and become his own boss MYSTICFLIP
Stop victimizing black people 😂 they got the same opportunity as everyone else
Great vid, thanks
Incredibly excellent video. I work in government and do a LOT of financing with it so this was interesting.
Heard of Mark Blyth, recommend watching his presentation to Congress. Main takeaway, Growth cures debt while cuts cause debt to increase. (See the US and Eurozone post 2008)
parasite
Work in government, counting flies ? Sure you do kid. Sure.
@@DefensiveDriver100% parasite
@@DefensiveDriver Wow, rude much!
Japanese debt is often seen as being one of the most significant in the world, but what's also quite forgotten is that their debt is majorly owned by the japanese people themselves which changes a lot of things when it comes to economics and also political decision available to the japanese government.
Having a debt can be a problem but the one you're owning this debt to is potentially a even bigger problem (or an advantage in the case of Japan)
It's only an advantage for Japan if it can maintain or increase it's GDP which is a tall order given the population cliff it's about to fall off of. They're going to need to get rid of their strict immigration policy and let more foreigners in to provide a new younger work force like the west does.
@@phillyidiotwithafakeblog Ho yes because it worked so well for us with those pos immigrant all those doctors and engineer sure helped our economy a lot.
No Japan will replace its workforce with AI and robots and even if its hard at first they will succeed without losing their identity like us.
It's a good thing that Japan started to open up their border to countless young and skilled workers from various Asian countries like Indonesia, Malaysia, and Vietnam. Hopefully this'll give them a breathing room to fix their elder leaned society so their youth can gradually becoming more aware and involved in their political world more and more
@@AB-dd4jz show us on the doll where the Indian doctor hurt you bruh.
@@javantm1676 The trouble is they still haven't really changed their immigration system. As a foreigner you're still not allowed to get like a green card or become fully naturalized as a Japanese citizen unless you know the right people in the national government. Best you can do is find a company to sponsor you while you work for said company. However, you're stuck at that company and it's really really hard to get a better job with a different one since the first company is the one who sponsors your working visa.
Oceangate implosion sound bite was a nice touch
you are underrated bro.....brilliant content
I’ve always struggled with learning about securities and international finance-type stuff for some reason, so genuinely thank you for explaining it in such clear and easy to understand terms, h0ser.
You're one of my favorite creators on CZcams, your style is so fun and informative keep it up brother!
16:20 FYI - Russian default in 2022 was technical - the US officials did not allow payments in USD to go through the intended payment channels. Russia offered payments through other channels, including payments in Roubles at the standing exchange rate. As the payment method was in breach with the securities issued contract it was declared a default, but the goverment was financially stable. Russian debt to GDP is @ approx 15% now, one of the lowest in the world.
True. Russia had plenty of money-including US Dollars-to make the payments on its debt, and the problem was exactly what you described, with US officials barring the payment channels and preventing Russia’s payments from going through to the creditors.
If that's how debt is calculated, then my house mortgage is an abomination.
Takes 6 years of my total annual salary for the house 💀
Argentina: Well... finally the last economic crisis is over
Also Argentina 5 seconds later: *Yet another economic catastrophe*
I do not know who hoser is and never saw one of his videos before. But now I am going to subscribe because this was one of the most informative, entertaining, amusing, and bizzare presentations that I have ever seen on years of watching CZcams. I may even have to contribute to whatever means he has to help him financially... unless he is a multi-millionaire. 😏
he is Canadian, so being a multi-millionare just means he can afford rent
@@jp-ui6qgmy Canadian friend lives off of pretty much welfare and he still has a small apartment/flat, to be fair though he has several disabilities so yeah
I really like your videos man
Great video!!
Luxembourg. Yes, it's just Luxemburg.
very informative video as usual talking about different countries' policies but there's something i didn't get when you explained why debt is not such a bad thing.
sure debt softens the blows of unexpected downturns, and it can produce tangible development like infrastructure, and aid in a disaster to prevent humanitarian crises, but every point about why debt repayment is troublesome is not a problem of not having debt, it's about having debt in the first place. having to pay a much larger figure in the future on the backs of future population
and as someone very familiar with philippine politics it seems to me debt enables would-be dictators to borrow a lot and let the people pay for it when the dictator is already dead.
true that debt is not necessarily bad (and sometimes good) but it seems to me it oftentimes is
Having debt is normal, if a nation goes to war they go into debt and that debt is worth it. Nation has a humanitarian crisis and needs money to help ppl/ infrastructure then they go into debt. The idea of debt is older than currency itself even, it’s normal.
Second.
Growth cures debt, issue comes when your nation makes it harder than normal to grow due to being a bad place to live, lack of social security, healthcare, national defence, trust in institutions, access to trade routes, people, resources etc.
People should never pay majority of the debt rather it should be the wealthiest ppl/institutions/companies.
You're right, mismanaged debt can be very bad. But well managed debt can be very good and that's the risk and tradeoff of taking on debt. For example nobody questions a business taking a loan to expand their business, or a young family getting a mortgage so they have a nice house to live in. There is time value to money and having it now is worth more than in the future. But if you can't pay it back you can end up worse than where you started.
@@bobboberson8297 and that is exactly why the government shouldn’t be allowed to go into debt.
@@raquetdude but you have to grow first, if your grow is by debt you better pray that at least it is sustainable, because it will be extremely easy to just inflate the currency to cover for an ever increasing debt
@@asonofliberty3662 Did you even read what I said, I argued that debt is useful
While the graphics and the hiphop style cuts say infotainment, the excellent framing of questions, quick explanations of complex issues and savvy political judgment are big-time. Outstanding job, consider yourself subscribed Hoser.
I think the most accurate measure for a debt's success or failure would be some sort of payback success rate, to measure whether or not investors got back their money.
I just wanted to say that I love your channel. I love to learn about these topics but am too lazy to look it up and scrounge though mountains of information. You make these complex concepts easy to understand and you do so in such a funny way. Somehow you make learning about governments and finances fun, how is that possible??
As a filipino we were still working our asses off on our debts till the literal Dictator Jr. became our current president, so suffice to say LOVE THE PHILIPPINES!
He is making a national wealth fund. Even though PH has perpetual trade deficit and there isn't a surplus to even manage. Spoiler: its corruption.
People voted for Bongbong, though. Free and fair, I guess.
Growth cures debt, cuts cause debt.
Cuts shrink the economy and make your gdp shrink, lower gdp to debt makes being able to pay it off harder over time.
Cutting social services to pay for debt only works in the very very short term and at best you destroy your economy like Greece.
@@danielkelly2210more like dumb and dumber.
That’s because you’ve been a vassal state with limited sovereignty since 1900.
thank you for fast answer. no clickbait.
Great work
I just wanted to let you know how excited I got when I saw you posted a new video dude 😂
This makes this a lot more understandable and a lot more complicated.
I guess that’s ultimately what learning is though… learn about the basics so you can question the complex
to be clear, the rating agencies that put triple A on countries debt are the same that put triple A on the funds that were full of subprime mortgages in 2008. We all know how that went.
I’m still mad I was messing around in kindergarten in 2008… should’ve just started real estate😒
16:21 is wrong, Russia wasn't allowed to pay off debtors because of the sanctions. Very unfair comparison given that they had the budget and means to pay it but wasn't allowed to because of the sanctions.
This is a very educational informal yet formal video and i honestly dont know
Remember that the money from loans which governments take out are usually stimulate the economy, like with the infrastructure projects that h0ser mentioned. So ultimately, that debt that we have to pay back, is offset by the benefits from a better GDP
Nope. It's a form of slavery. "Stimulating the economy" means that you buy something you can't afford, so that the borrower can get a slice from your profits. Nothing guarantees that the GDP will grow more than the interest. If it doesn't, too bad, you are still paying the interest. Nothing stops recessions from happening. Nothing stops people from getting unemployed. Nothing stops the exports from falling or the mines depleting. But you are still paying the interest. What are you going to do? Increase taxes. Sell government property. Outsource government services.
Interest is a parasite that EVERYONE is paying, one way or the other.
*More economic downturn* “A bad economy and weak governments meant that the people are a little unhappy.”
King Louis XVI: Yeah about that money, when can we get it back?
George Washington: Gotta go, best of luck to you.
King Louis XVI: Ohhh nooo!
*executed*
@@HeisenbergIsHereAAAAAAAAAAAAA
“But when a man with a silly mustache came and said that he can fix everything, the people loved him!”
"Good Debt make you rich, and bad debt make you poor. Unfortunately many people invested bad debt, and that's why they are poor."
- Cashflow 101 (1996 PC game ver.)
Man, this video was so good. Glad I found your channel.
When the debt is from your own central bank, it is a little different. Japan has so much debt, but they also have more asset that pays more than the interest they need to pay. Also, Japan has a hidden U.S. dollar asset that they don’t talk about. When Japanese yen was at their highest, Japanese government unofficially printed more yen to buy U.S. dollars. The yen was twice as strong as it is right now. That U.S. currency can be sold at 100% profit. But it is sitting collecting dust as a shadow savings. So the nature of Japan’s debt is so different.
"You earn money by not paying" - USA, probably.
Should you not mention that most countries hold their debt in USD and that the restructuring imposed favours multinational companies to best extract wealth from these countries whilst keeping them in debt
Yeah well countries should be more responsible than. There is no such thing as free money
@@TheKeendark yet another person who has no idea what they are talking about nor do they know about lend lease
@@TheKeendark Ukraine paid with cannon fodder. Zelensky is now billionaire in just 1 year.
@@robertjonker8131they’re pretty much forced to take foreign aid or face violent consequences lmao
@@TheKeendark No shit there like stuck on a conflict against a massive army
good one! thanks
I’d kill for a video just showcasing all of the different animals you use for these videos xd
Hoser should make a video on how remittances help economy
Glad you touched on the positive aspect of debt (And how it can go bad). A good analogy I always use is: There's a extremely large difference between a $800,000 debt that you use to pay off your home loan (I'm Australian, housing prices are wild), and a debt that's $800,000 from gambling. Most countries in the world (Including my own) are analogous to the former. Good video.
Yep it seems like anything else money spent on stupid shit like gender equality will be death of all.
@@datuputi777 gender equality isn't stupid. Unfortunately it is still necessary. And I can't see the relevance. It was gambling vs house loan .
@oysteinsoreide4323
It is stupid. human rights apply for all humans so what does gender equality truly mean or what does it really stand for other than a misguided branch of the humanitarian movement?
@@datuputi777 no, it is not stupid. Unfortunately women don't have the same rights as men in many places. And some places they don't even get an education. You need of course other movements for other human rights issues.
@@oysteinsoreide4323 i believe in relative eqaulity rather than absolute eqaulity.
absolute eqaulity= women work in 50% of construction jobs and given same workload(currently only a few pecentage work in construction, mostly in higher paying positions), 50% women play in mens sports and 50% of men play in women sports, 50% of women work and 50% of women do hosuehold chorse by law, or both men and women work but percentage must be equal.
vs
you work in the feilds that you are qualitfied in (aka women work in positions that require less physical strength(please dont say that it bias that women are weaker its biology), but more do take on teaching roles)
That's basically what I did when I was broke. I just went to the store and payed with credit card to be able to withdraw some cash and then went to the bank and deposited it again to pay off my last card bill. And well it got worse and I ended up paying my arse off because of that interest charges.
Omg thank you for getting a better mic setup
China has a debt of about 53 trillion according to the world bank. About 23 of that is publicly owned while the rest is owned by the government. Compared to America, only about 6 trillion is owned by the government with the rest being owned by the public.
Where did you get these statistics? China has 23 trillion in “public” debt in actuality mostly owed to local governments, owed to the government, not to the public according to Goldman Sachs
@@bigbrothersinnerparty297 My bad. I got the statistics mixed up
Why don’t governments dedicate less of their budget to debt repayment if that’s causing so much trouble? Also, I can tell you as a Haitian that the loans being sent to Haiti disappear. Either the oligarchs fill their accounts or the government flat out steals it for themselves
There are requirements to pay back your debt in consistent amounts
@@jarry1595 right I figured a government can’t pay back like $10M one year and then $6M the next then $9M the next because that would be confusing. But if 40% of the budget causes issues, can’t they say they’ll pay like 10% of the budget over a certain amount of years or does the IMF require them to pay that much of their budget?
I believe that's called defaulting
@@alex15095 so they’re required to pay more than a quarter of their budget in order to get a loan? No wonder people hate the IMF. That basically screws any country who takes a loan
That's called raising taxes and it's what countries like japan are doing. You can't cut your loan payments but you can raise more revenue by taxing the population more. The result is a lower percent of the national budget being spent on loan repayment
10:45
It's not going to unbuild this railway
*Meanwhile in Japan*:
Thanks for answering right away. As an argentinian I would have been worried for the whole video that we might be thw answer
Every day is a good day when hoser uploads
Yay hoser 🎉🎉🎉
Love your videos man ♥️
Awesome video. Could you do a video about Colombia?
Problem with some of these things is that you need to continue to pay to maintain and use them. Its like borrowing money to buy a Ginormous Hummer. When you run out of money, you might still have that Hummer, but you also need to pay for gas and maintenance - assuming you're going to skimp on insurance - but without gas and paying for maintenance, that Hummer isn't going anywhere. So infrastructure is the same thing. Operating and maintaining them can be expensive, especially if the income from normal operations can't cover the normal operation and maintenance costs - ignoring debt servicing costs.
You should have discussed how rapid credit expansion can lead to economic booms and then subsequent busts, and in turn higher debt
It's like you said; it all comes down to whether or not you can pay it back. High speed rail, healthcare, and various other things can be really great, but if a country can't pay it back it's eventually going to default. If you're interested in learning a bit more about how this stuff actually works on a higher level, I can't recommend Heresy Financial enough. The dude there is insanely good at breaking down all the different parts of how this stuff works (Central banks, national debt, what actually happens when you default, etc), and once you understand all the pieces the big picture makes much more sense. Basically, this type of stuff is why the Gold standard and not practicing fractional reserve banking are so important. With gold, a country can only borrow from their central bank as much as the amount of gold they have in reserve. Without some kind of standard to tie your currency to, the only thing that controls how much you can borrow is political will, and we all know how that goes.
Yeah, but as you may have noticed, you also need the political will to stay on the gold standard....
Anyway, It makes absolutely no sense to have huge amount of gold held in reserve, sitting there doing nothing most of the time. It's misuse of public funds.
"Look what they have to mimic a fraction of my problem."
-US
That might’ve been my favourite ending to a video I’ve ever seen 😂
A question I never knew I wanted an answer for.
An interesting fact when the UKs credit rating comes up . Since the late 70s we had a AAA rating up there with the Swiss and Germans which is understandable given our historical importance in finance and our continued importance (the connector of the outside world to the EU, as a member we had the same benefits as Germany but we had concessions allowing greater freedoms such as fiscal and monetary policy independence from the ECB and EU parliamentary fiscal rules) but since we voted in 2016 for Brexit our rating was lowered to the shown AA because we had voted to get rid of our uniqueness as the global broker for Europe. Just some interesting what’s now economic history :)
The rating had nothing to do with our ‘uniqueness” 😂
I rake a lower rating then become what happened to France sweden germany Spain full of middle eastern men
When you are asked for a debt, but got hated when you ask for it to be paid back, you know you're dealing with a human being.
Just a question… did you use the scimitar oryx for the UAE? Fun to see a bit of more unusual animals represented like the cassowary as well
the "oh shi-" at the end got me 😂
I thought South Korea would come up in the IMF discussion bc of how prevalent that narrative is in that country, but it seems like they weren't even the country that was hit the hardest. Thanks for the awesome video. Now I feel like I'm clued into a bigger conversation.
so it all boils down to
"An economy can have some debt, as a treat"
and we all know that treats are fine in moderation, right?
I love your videos. How do you choose the animal to represent a country?
Very good analysis... especially the explanation that debt is not necessarily bad. People take out mortgages on their house and pay back a huge amount of interest over a 30 year loan but look what they get in return for it. Debt should be used wisely, which of course it rarely is, especially at the public level. Politicians can't be trusted to make sound fiscal policy, which is why they dump the responsibility on the Central Bank to set monetary policy so they have someone to blame when things go south. People love to blame the Fed.. and they're clearly not guiltless here.. but if politicians did their jobs they'd be a lot less hated.
Debt is just society owing itself to itself. The real question is: do we owe ourselves punishing ourselves out of spite for ourselves, or encouraging ourselves to flourish for our ultimate good?
Most currency in the world is debt, and ALL debt has interest. FIRE (Finance, Insurance, Real Estate) economy is parasitic, and takes away from the productive part of the society, to the part that has enough capital to loan out in the first place. They are not making a profit by producing or refining anything. They are not making a profit by doing work. They are making a profit by the sole virtue of having capital in the first place.
Yeah cool, someone made a profit of an entire house, just because you had to take a loan to have a home for your family. Now he can buy another house and rent it out, and give out a new mortgage to someone else. His capital will grow exponentially, while your paycheck will grow linearly.
So yeah, debt is probably not an issue. But an entire economic system built around unlimited debt and interest is.
And this kids, is what we call Economic Warfare. Fun shit. Thanks hoser!
As inflation goes up the value of debt goes down
As an 11B, I have ZERO problems with the American government's debt, as, it keeps me employed.
The answer is mine because I went to a U.S. college
Hoser, you did the impossible: you made economics interesting 🤯🤯🤯🤯