This is like adults talking about how to correctly play in the sand pit, in a funny way... Entertaining? Sure, but not very deep. Like the FGC just happened because some guys lent money to others and now for some unforeseen reason they can't pay it back. True, but far too simplistic. I'm afraid the rabbit hole goes far deeper and is far more complex than that. Have a look at David Icke's research over the last 20 years if you really want to get an idea of what is going on in the wild wild West.
This is bull. The money isn't owed to other countries economies, it's owed to banks who lent recklessly to other Eurozone countries at a rate which was suitable for larger economies such as Germany and France.
@dion21uk When banks fail economies fail and when economies fail countries fail.It should have happened long ago,but countries have been amplifying the problem by postponing it,and soon is doom.
@Plumpable yes you're right, it's a sketch so its spot on from a comedy point of view. The thing is they are saying what a lot of people think about soverign debt, ie it's all about countries owing money to other countries. People think "if Mexico owes 50 billion and Brazil owes 50 billion, why don't they just cancel each other out?" But countries largely owe money to pension funds and international banks. They largely owe it to me and you and companies, rather than to other countries.
This is a satire and some of the figures may be off but this shows just how crazy the entire monetary system is. Take a child and explain to them how debt works, do you think it would make sense?
@excalade89 WHEN PEOPLE SAY SCREW MONETARY SYSTEM, THEY ARE SHOWING THAT WHEN THE TIME WILL COME, SOME BAD GUYS WILL BE HANGED, AND WORLD WILL BECOME THE SOCIETY OF TECHNOLOGIES.... OR HOMOS TECHNICUS
Once again, the Aussies point out something that makes you think.
The European taxpayers are going to have a massive tax burden to contend with due to these bailouts and then the inflation stemming from the currency transactions will make it hard for them to recover in a timely manner.
I don't see how the fact that the majority of the U.S. National Reserve consists of gold bullion while China's consists of U.S. Currency makes an impact on this situation. The U.S. has most of the World's gold.
@awhit003 China's reserve being in U.S. currency means they'd have a vested interest in keeping the U.S. afloat though... maybe that's what they're referring to?
Hilarious, also a very good and succinct summary of the world's situation. I remember the first page of my economic's textbook as I sat my first certificate in Accounting. It said that market economy theory is flawed in that any sufficiently large player will manipulate the market to their own advantage. Therefore market economy theory doesn't work. gosh I wish governments read that first page of the book.
This should be played for the U.S. Congress, the president, & the senate. not that any of those nitwit lawyers would understand it. Why do we always elect the most moronic among us to positions where they can screw us all?
Ah John Clarke... when i saw this on the 7.30 report i laughed my arse off. They dont just hit the nail on the head but more blow it out the other side.
And he's Kiwi, not Aussie... but then again we claim all good Kiwi products as our own. Russel Crowe, Far Lap etc... lol Kiwi Aussie there aint that bigger difference.
Every news agency on the planet needs to air this during prime time. Regardless of the obvious satire, it is probably the single best explanation of the economic crisis ever filmed.
@iamzbacku. THANKYOU for injecting some sanity to these posts... Supply and Demand is such a simple law, but so powerful if you use it.
@ everyone else: go take an Econ class or read a book by someone who ISN'T a Marxist. Of COURSE corporate greed is evil. That doesn't mean Capitalism is bad. Don't throw the baby out with the bathwater. Learn SUPPLY and DEMAND and give yourself a sanity check!!
The dumb ones are clearly us, the little people. How can we understand the way economies work and stand by in idle contemplation as the elites rob us of our money and lives? The oppressed should unite and put a bloody and violent end to this.
Tax is also just a joke. First we pay tax on our wages and then when we have to buy our groceries, we pay tax on that as well! And still, the government manages to spend all the money we get robbed off by paying extra taxes.
Syron, I've often thought that myself. Apparently it is more complicated than that, or they really are that dumb. If this situation wasn't so horrific and we weren't all about to be plunged into a depression that will make the Great depression look like a lost $20 bill in the wash, this vid would hillarious.
@Jaasau They really are that dumb, The economic system we are using is not what the founding fathers set up, yes our current system really is that dumb.
If everyone owes everyone basically can't some of them agree to cancel out mutual debt. I will forgive you a million if you forgive me a million. I am sure there is more to it than that but still....
@syron13 The problem with canceling out debts is that its private citizens that have lent money to governments. Canceling out debts means the lenders WITHIN the country get screwed. Another way to think about gov. debt crisis is that you have three groups (1) Lenders to government (2) tax payers and (3) People promised services by the government. All three groups have been given impossible promises by politicians.
Some non-empty set of groups (1), (2), and (3) are going to get screwed.
It would be better if this european countries just defaulted on their debt. The result will just be inflation(increase in the money supply) to pay off their debt. As a result their currency will be worth less and it will hurt the economy worse in the long run.
Did someone actually write that de-regulation caused the Gulf oil spill? What ignorance......
Environmentalists kept people from drilling in all the easy places in the US, that is why BP was forced to spend millions to drill a mile down into the ocean. I am not defending BP but FFS use your head. There is enough oil on easy to get american soil to make OPEC look like a bucket. My god.....
@tranzidanz let Israel get away with murder? No...have you heard the radio between the Israeli Navy and that "Peace Ship?" That ship was not only warned but brought up Auschwitz and 9/11. That doesn't sound very peaceful to me! If Israel is killing terrorists then I'm all for it.
Who ever is trying to collapse the world economies is playing with fire, but they must have a system they believe will be better for the world, otherwise they wouldn't be gaming the system so badly. Most of the crap being done in this world is so common sense it fathems me to believe we have done this by not knowing what would happen. It don't take a genius to understand what is going to happen. Liquidate the bad assets and all will be fine.
*yawn* There are English accents that sound like this, so excuse us if we don't immediately recognize them as Australians if we've never heard of these blokes before.
Are we ready Australia or are we all wrapped up in cotton wool.
And you all wonder why there upping the Tax's and selling off Australia ,Keep watch mainstream TV and it will make you all ignorant dumb zombies, with no clue at all.
@mikez565 dude, the banks only do what the politicians regulate them to do. pay attention here, the government loans the money, then they tax the people to cover the loan. then the government regulates banks to loan money to people who can't pay it back. this is the fault of the government, not the banks.
@mikez565 Fractional reserve banking allows banks to make loans, which are essential to a lot of things in the economy. If banks had to keep 100% of their deposits, loans would be impossible. It actually makes a lot of sense to the public because loans are very useful for normal consumers as well as entrepreneurs. (Though I do agree with your first paragraph.)
Governments AREN'T broke when they can print all the money they want and invest tax dollars to make enormous profits. They keep TWO sets of books and the second set, the one you don't see, is called the CAFR , or Comprehensive Anual Financial Report. Every city in America, every level of government has one! And it is available for your review... only more people are looking at it and so they are leaving out stuff that used to be in there!
Our tax dollars (USA) go to the International Monetary Fund to pay only the interest on the debt that the PRIVATE BANK called the fed illegally charged on our behalf.
The WORLD is broke because most of the Nation's of the world are Socialist Societies.
PROOF POSITIVE that Socialism CANNOT sustain itself..
Capitalism is the only economy that can sustain itself in perpetuity.
A Socialist Society cannot spend without collecting taxes and cannot collect taxes on people that have no jobs. Or on companies that cannot make a profit. Companies with profit = Jobs to people who will then pay their taxes.
@iamzbacku Could you list the names of the companies that caused the global crash and then put a little tick next to those ones which can be considered private? I think you'll find it's the vast majority of them.
Most European countries are semi-socialised in the sense that they offer subsidised health care, etc. But the major screw up came from corruption and malpractice in private industry, i.e. the backbone of capitalism. Pure socialism mightn't work, but neither does unfettered capitalism.
@iamzbacku I don't know why i even argue with people on youtube. They don't read comments, are completely irrational and most of the time have some mental problems. I'm not a liberal, by the way. I'm neither conservative nor liberal, but a happy medium. There are merits to both sides.... But i won't go on because it's futile. I'll just suggest this: read a few sources on what economies are like in europe before you go whitewashing everything with the word socialism.
@Jontenn Because to share the wealth, governments take from those who produce and give to those who do not produce.
Sooner or later those that produce income will have no incentive to better themselves and the money tree will die. Thus, the economy will die. Thus, the Nation will collapse. The pilgrims tried socialism and it failed when those that saw they could be fed without the work stopped planting crops. Soon, there was not enough food to go around. Solution? What you grew was yours
First, you are suggesting that people would all stop working and allow themselves and each other to starve? Would this not be a pretty obvious thing to avoid? It's just planning, and keeping an eye on production rates. Basically, we know we use about x amount of a product in a given time, so try to pace the work accordingly. We live in an information age, how tough is it to keep a running count on pounds of flour?
@iamzbacku The difference is, when people decide in a democratic way how much they want to produce, it can mean possible work reduction. As someone who currently works 6 days a week, I can see the appeal of a 3 day weekend if we could manage them.
Also, this idea 'what you grow is yours' is flawed. We are not all farmers, some people are farm owners, who in fact produce nothing, but eat nearly everything. Then we have people who have wealth to begin with, and use it to make more by playing casino on the markets, or lending it to the poor at high interest. That's obviously not 'you eat what you grow.' That's just 'snatch whatever you can', and a socialist has higher aspirations that that as a proper system.
@punksnotdeadiknow I will finish what I started. Because the Pilgrims were given their own land to grow their own food, they could grow enough just for themselves or grow extra to 'barter' or 'sell' to those who could not. Thus the beginning of 'Capitalism'. I'm talking in the late 1600's. The concept holds true today. A Socialist ALWAYS takes from those that have and gives to those who don't have. Sooner or later those that have will have nothing, where will the money come from then?
@iamzbacku So you're saying that poor people are lazy? It's the poor workers that work the hardest and lays the foundation for a society. Our western society is now buildt on poor coiuntries that do work for us, they contribute to our society, therefor they should get payed more.
Without everyone contributing the society won't work. All those who contribute should get more or less equal payment, os therefor socialism is good.
@Jontenn You are correct, unless everyone contributes, society will not work.
That is the 'KEY' the word 'contributes' but those that continually do NOTHING (I am not talking about those are unable to work, or sick. We can and should help them) will suck us dry. If we continually take from others, they will either become poor or leave the country and then where will the money come from. The government produces NOTHING. The funds come from us, the workers. If we have no JOBS, WHAT THEN!!
@Jontenn@Jontenn Yes, the workers from other countries should get payed more, BUT WE CAN DO NOTHING ABOUT THAT! The fact that they are paid so little IS the reason we have NO jobs in America. Our greed as a consumer has proven to be the downfall of our society. However, that is the goal of those that run the world. The only way a ONE WORLD GOVERNMENT would EVER happen would make America a Third World Country. And we are fast becoming that. Thanks to Obama and the Democrats.
@Jontenn Respond to this video...One last though. Tell me ONE Socialist society that has not collapsed or has risen past the economy of Cuba. Better yet tell me one Marxist society that has NOT suppressed the poor. Stalin killed millions of his fellow citizens. Mao killed up to 100 million of his own people to control his country.
Remember, if there are no rich people to form companies, there can be NO jobs for the poor.
@iamzbacku There are no true socialist states, they are all and have been communist states, and for socialism to truly work, there must be no capitalist nation on earth and everyone shares all the wealth. Also, there are jobs for the people if they all move in the same direction, and that is the key in commuism ans socialism and that is why they kill and suppres their own people. USA buildt it's wealth as coming out as a winner in the two world wars, not on capitalism.
@Jontenn We haven't had L.F.capitalism in America since the feds took over in 1913. As a result of the Civil War, our states became 'owned' by the feds, and the federal govt. was incorporated by the banker as a subsidiary of the fed reserve. That is why the fed answers to NO ONE in govt.... it is the other way round. Fascism ruled post CW, The U.S. FOR America changed to The U.S. 'of' America! We lost our state sovereignty, a shadow govt. took control. Not so secret anymore!
@Jontenn I think I have heard it all now. I didn't think a liberal could ever be so delusional, but you have made my day.
We were well on our way under Capitalism, the wars just happened to get in the way. If we were a socialist/commie state we would NEVER have been able to manufacture the war machines that we needed to stop the enemies of the world.
I sure hope you find your Nirvana, but I think you will only find it in your padded room. There WILL BE NO WEALTH TO SHARE in a Communist State
@iamzbacku So what you are now saying is that sovjet russia, a communist state was not able to build weapons so that they could fight the cold war with the US? And you were not able to stop the socialist state of Vietnam, also you know that Sovjet was the ones that stopped the germans, not you guys. You are aware that all the european countries have more socialism than the US and many of them have a higher standard of living?
@Jontenn This is the last I am going to say to such a delusional left wing wacko.
If the US had NOT gotten into the war. We would all be speaking German or worse. Fact. Your country would have been taken over with no problem.
And Europe is NOW bankrupt. Just ask Greece.
I'll take my freedom and Liberty over any in a European country.
Ask the Soviet citizens just how well they were feed while the buildup was happening. How long were those lines for food? How many shelves EVEN had food.
@iamzbacku For some reason, alot of russian people miss the soviet days, and also we all know that it was Hitlers plan to wage war on russia that doomed his plans of world conquest. Also, you have tunnelvision and you're a dipshit and seems to have no sense of empathy at all. Good Night.
@iamzbacku I agree. As Maggie Thatcher said "you can't make the majority better off by trying to share out the cake more equally. A better plan is to make the cake bigger."
If those companies were mismanaged, they should have failed. But then government makes too big to fail even bigger. Gave AIG billions so GS can get paid 100%. Bailed out Buffett. Then propped up house prices and gave Fannie/Freddie a blank check.
One of the biggest causes of the crash was Alan Greenspan. The "smartest man in the world" who didn't think a housing downturn was possible. The man who "fixed" the dotcom bubble with an even-bigger bubble, and now they are doing it AGAIN.
capitalism tends to produce more than is required because it try's to maximize profit. that makes more junk and inevitably because of oversupply prices fall.
when prices fall, wealthy people start saving money. first thing they do is fire their employees because they have plenty of produced good in stock and are waiting for them to be sold. those that get fired don't have any money to spend on goods that rot on shelves, so they don't buy anything.
@D1NK0Z You flunked 1st grade economics. It's Simple. Supply and Demand. Supply UP, Demand DOWN = Price DOWN Supply DOWN, Demand UP = Price UP. If a company deliberately keeps stock on shelves to rot. THEY GO OUT OF BUSINESS. Business would RATHER have less supply to DEMAND HIGHER PRICES! If it weren't for the wealthy, there would be no business. If there is NO business, there IS NO JOBS. You are just another delusional Marxist at heart.
@iamzbacku No regulation or little regulation makes the intermediary "entity" exploit the system.This is one of the most important factors for our current crises.
"Supply and Demand. ..................."
This is false because it's variable upon how much up and how much down. In practice it is almost a law, if they're not regulated prices never go down.
The nation should never leave economies to private markets in the first place and problem solved; or the nation to traitorous scum.
@iamzbacku Lets analyze again your statements; you say 'supply and demand" and you give example the oil industry. What you say is erogenous, or it is true but because other factors. The fail in demand is not based on production, logic dictates that if you produce more then you have more jobs, better salaries better purchasing power, better demand. If you have trash in charge of governance you will encounter a simple result. The companies who are permitted ( that means all that what to ) ..
That's the bottom line. If a product is made and NO ONE wants to buy it, that is the fall of Demand. Thus. production MUST come down or the company will go out of business. A company CANNOT increase production and make money if the company CANNOT sell the product.
Business is based on what the CONSUMER will buy. It has nothing to do about 'just adding jobs to produce.
@iamzbacku ... will ship their capital ( means to achieve production) to other country's to supra-maximize their profit whit low paying force of work.
That creates in their nation low purchasing power which creates sometimes a lowering of prince when a commodity is introduce on the market in abundance.
"Supply and demand" or in general economy aka governance has a couple of factor which are screed up. That's way people like Obama apply populist methods to win some systematization.
@iamzbacku Obama is a capitalist; way ? Because he doesn't change the important factors in society; Only capitalists put more and more taxes or at lest generates such situation, a specific brand of marxism go hand in hand whit capitalism.
It's incredibly fast how the "broke economies" (uhm, what "broke" economies should exactly means?) turned to be Europe when not too far ago it seems that it were USA. Do USA resolved easy money problem? And savings glut? And global imbalancies? What about income polarization?.. All the highest GDP countries have to fight severe problems , so who is "unbroken"?
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P.S I know everyone says some corny shit like this but sncerely this is the truth.
WILL YOU GO TO HEAVEN? Here is a quick test, have you ever told a lie? Have you ever stolen something? Jesus said if you look at a person with lust(sexual thought), you commit adultery in the heart. If you have done these things, you are heading for Hell. That is not God’s will. God sent Jesus to take the punishment on the cross for our sins, so that if you repent(turn away from sin) and trust in Jesus as your lord and savior, God will forgive every sin you ever committed and grant you Heaven.
EU will take a page out of the Fed's playbook and just print more money. Or maybe not even bother printing it, just create it from ether in a computer. As long as everyone believes money is worth something what does it matter?
It's not the amount of money the U.S. owes China. It's the fact that everything we purchase seems to be made in China now. Tons of suppliers here in the U.S. get all of their supplies from China now. The prices are so cheap, we can't compete localy.
@jaybo2099 US does infact owe China. China buys US debt in the form of T-Bills and bonds. If China one day says we want to cash in our US bonds the US wont have enough money to pay 'em back. They will need to print more money out of thin air which will cause an over supply of US dollars which would cause inflation. A loaf of bread at that point would cost you $100.
I want money.
viewmmm 1 week ago
This is like adults talking about how to correctly play in the sand pit, in a funny way... Entertaining? Sure, but not very deep. Like the FGC just happened because some guys lent money to others and now for some unforeseen reason they can't pay it back. True, but far too simplistic. I'm afraid the rabbit hole goes far deeper and is far more complex than that. Have a look at David Icke's research over the last 20 years if you really want to get an idea of what is going on in the wild wild West.
MyTube20069 2 months ago
@MyTube20069 I think you've missed the whole point... This is not an educational video - it's satire.
ssouthur 1 month ago
11 people just lost a million dollars.
Honibaz 2 months ago 2
Nihao Kai-lan makes so much more sense now.
rbruchez 2 months ago
Pantomime economics.
timothyjrhill 2 months ago
8 People lost $1 million
xphsto2 2 months ago
This is bull. The money isn't owed to other countries economies, it's owed to banks who lent recklessly to other Eurozone countries at a rate which was suitable for larger economies such as Germany and France.
dion21uk 3 months ago
@dion21uk When banks fail economies fail and when economies fail countries fail.It should have happened long ago,but countries have been amplifying the problem by postponing it,and soon is doom.
orandxb 2 months ago
United States of America AKA The western province of China
Talentz92 3 months ago
How can 8 people dislike this vid? some people are mad
kezanari 3 months ago
Eight defunct financial banks disliked this.
cjrciadt 4 months ago 2
Wasn't this orginally done by Abbott and Costello ?
001Catey 4 months ago
CHINA WINS--flawless victory over the roundeyes!
eier 4 months ago
This has been flagged as spam show
That is funny China owns the USA
ap0lmc 5 months ago
LOL this is gold!
givemeblowjob69 5 months ago
this man is roger is a very smart man..love the way he talk here
Traces1000 6 months ago
This is really good and quite funny, but it's also way too simplistic and largely not true.
Gary190tube 8 months ago
@Gary190tube What's not true? (Serious question) As for being "simplistic" -that's a good thing. They are comedians trying to make a point.
Plumpable 5 months ago
@Plumpable yes you're right, it's a sketch so its spot on from a comedy point of view. The thing is they are saying what a lot of people think about soverign debt, ie it's all about countries owing money to other countries. People think "if Mexico owes 50 billion and Brazil owes 50 billion, why don't they just cancel each other out?" But countries largely owe money to pension funds and international banks. They largely owe it to me and you and companies, rather than to other countries.
Gary190tube 5 months ago
True!
tubeoverdriven 10 months ago
This comment has received too many negative votes show
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chayaweres 11 months ago
Michael Levy showed this video at the Vancouver Resource Investment Conference yesterday. It was hilarious!
Catcrazy69 1 year ago
You guys are just too funny!
charlesfuchs 1 year ago
As funny as it is true, sadly.
Hanglands 1 year ago
Priceless - well worth repeat viewing every week or so :
StalinsOrgan 1 year ago
not really owned by China, that's a myth. Go search who has our Debt, China is only a small "owner".
TexanMike 1 year ago
If you love Clarke & Cawe try ' Bird and Fortune ' and ' Armstrong & Miller ' also on Youtube very funny
trebleclefts 1 year ago
This is a satire and some of the figures may be off but this shows just how crazy the entire monetary system is. Take a child and explain to them how debt works, do you think it would make sense?
malicant123 1 year ago
Screw the monetary system!
excalade89 1 year ago 2
@excalade89 WHEN PEOPLE SAY SCREW MONETARY SYSTEM, THEY ARE SHOWING THAT WHEN THE TIME WILL COME, SOME BAD GUYS WILL BE HANGED, AND WORLD WILL BECOME THE SOCIETY OF TECHNOLOGIES.... OR HOMOS TECHNICUS
FruityLoopsas 1 year ago
LMMFAO!!!!!! Get ready people.....
afolabi111 1 year ago
I will give my car for that banana
elwynlear 1 year ago
Once again, the Aussies point out something that makes you think.
The European taxpayers are going to have a massive tax burden to contend with due to these bailouts and then the inflation stemming from the currency transactions will make it hard for them to recover in a timely manner.
I don't see how the fact that the majority of the U.S. National Reserve consists of gold bullion while China's consists of U.S. Currency makes an impact on this situation. The U.S. has most of the World's gold.
awhit003 1 year ago 8
@awhit003 China's reserve being in U.S. currency means they'd have a vested interest in keeping the U.S. afloat though... maybe that's what they're referring to?
lemonori 1 year ago
this is also good. stand up economy. :D
watch?v=NkEtArDFNYA
Although Schiff is a real economist.
Voy2378 1 year ago
Hilarious, also a very good and succinct summary of the world's situation. I remember the first page of my economic's textbook as I sat my first certificate in Accounting. It said that market economy theory is flawed in that any sufficiently large player will manipulate the market to their own advantage. Therefore market economy theory doesn't work. gosh I wish governments read that first page of the book.
empath3 1 year ago
This should be played for the U.S. Congress, the president, & the senate. not that any of those nitwit lawyers would understand it. Why do we always elect the most moronic among us to positions where they can screw us all?
kdraper2007 1 year ago
Ah John Clarke... when i saw this on the 7.30 report i laughed my arse off. They dont just hit the nail on the head but more blow it out the other side.
And he's Kiwi, not Aussie... but then again we claim all good Kiwi products as our own. Russel Crowe, Far Lap etc... lol Kiwi Aussie there aint that bigger difference.
HawkFan30 1 year ago
"because its owned by china"
As an American I welcome my new Chinese overlords!!!
LTDANMAN44 1 year ago 52
MONEY = DEBT
AfricanKillerBees 1 year ago 2
love it!
mirkea3 1 year ago
Every news agency on the planet needs to air this during prime time. Regardless of the obvious satire, it is probably the single best explanation of the economic crisis ever filmed.
Canniballgag 1 year ago 69
@Canniballgag sweden did yesterday
nibel13 4 months ago
discharge eachothers debts lol
stevenosmond 1 year ago
Aussie Humour at its best
aodscarecrow 1 year ago
@Nolifeking20hellchili
Oil isn't erogenous ;) lol
tyderrium 1 year ago
@iamzbacku. THANKYOU for injecting some sanity to these posts... Supply and Demand is such a simple law, but so powerful if you use it.
@ everyone else: go take an Econ class or read a book by someone who ISN'T a Marxist. Of COURSE corporate greed is evil. That doesn't mean Capitalism is bad. Don't throw the baby out with the bathwater. Learn SUPPLY and DEMAND and give yourself a sanity check!!
tyderrium 1 year ago
The dumb ones are clearly us, the little people. How can we understand the way economies work and stand by in idle contemplation as the elites rob us of our money and lives? The oppressed should unite and put a bloody and violent end to this.
Bulhakas 1 year ago
Clarke is a Kiwi... and the leading (only?) wit in Aus
chinamerlin 1 year ago
Gotta love capitalism.
Tax is also just a joke. First we pay tax on our wages and then when we have to buy our groceries, we pay tax on that as well! And still, the government manages to spend all the money we get robbed off by paying extra taxes.
Piisuke 1 year ago
moral of the story? China owns everything lol.
jonz94 1 year ago
I just love these guys.
stevecast65 1 year ago
Love it :-)
KoldingDenmark 1 year ago
1 Miiiillion stars.
DarkwingScooter 1 year ago
@DarkwingScooter Yes, but you owe 3 Miiiillion stars to Spain. Don't forget that as you spend those stars!
JRCrowley 1 year ago
Syron, I've often thought that myself. Apparently it is more complicated than that, or they really are that dumb. If this situation wasn't so horrific and we weren't all about to be plunged into a depression that will make the Great depression look like a lost $20 bill in the wash, this vid would hillarious.
Jaasau 1 year ago
@Jaasau They really are that dumb, The economic system we are using is not what the founding fathers set up, yes our current system really is that dumb.
Vunks2000 1 year ago
Correct!
Melted369 1 year ago
If everyone owes everyone basically can't some of them agree to cancel out mutual debt. I will forgive you a million if you forgive me a million. I am sure there is more to it than that but still....
syron13 1 year ago
@syron13 The problem with canceling out debts is that its private citizens that have lent money to governments. Canceling out debts means the lenders WITHIN the country get screwed. Another way to think about gov. debt crisis is that you have three groups (1) Lenders to government (2) tax payers and (3) People promised services by the government. All three groups have been given impossible promises by politicians.
Some non-empty set of groups (1), (2), and (3) are going to get screwed.
fortinbras47 1 year ago
Its a nice way to put a funny perspective on such a big situation for the European Union!!!
ugene00 1 year ago
These guys explained the world financial situation perfectly. Brilliant!!!
If only our political class understood that we are on to their games. Just remember, elections are coming....
onceuponamidnightdry 1 year ago
It would be better if this european countries just defaulted on their debt. The result will just be inflation(increase in the money supply) to pay off their debt. As a result their currency will be worth less and it will hurt the economy worse in the long run.
hexzerg 1 year ago
Agree with Buck...sad, but true! :0(
weeyin1155 1 year ago
So sad but so true.
bucknorrismusic 1 year ago
I love this video
Mostdef 1 year ago
i do believe they are kiwis/aussies - not brits.
secondandc 1 year ago
This is like a financial British version of who's on first. Bravo Fellas!
shimauma42 1 year ago
Too hilarious!
JasonWB007 1 year ago
-who's on FIRST BASE!
-THAT'S WHAT I'M ASKING. WHO'S ON FIRST BASE!
NicoletoZ 1 year ago
@NicoletoZ well said!
shimauma42 1 year ago
Did someone actually write that de-regulation caused the Gulf oil spill? What ignorance......
Environmentalists kept people from drilling in all the easy places in the US, that is why BP was forced to spend millions to drill a mile down into the ocean. I am not defending BP but FFS use your head. There is enough oil on easy to get american soil to make OPEC look like a bucket. My god.....
SteveC100482 1 year ago
it was the jews that collapsed the world economy, but they won't get away with it
hobgoblinlkjfdsa 1 year ago
"why are people selling the European currency and are buying US dollars?"
answer: "because the US economy is so much stronger.... because it is owned by China???" -
Hello!!??? - I'd rather suspect it is because the US let Israel get away with murder, literally...
tranzidanz 1 year ago
@tranzidanz What does Israel have to do with anything?
dswynne 1 year ago
@tranzidanz let Israel get away with murder? No...have you heard the radio between the Israeli Navy and that "Peace Ship?" That ship was not only warned but brought up Auschwitz and 9/11. That doesn't sound very peaceful to me! If Israel is killing terrorists then I'm all for it.
lilhester07 1 year ago 2
Just point it out, one of these guys in a New Zealander.
One Australian. One New Zealander.
Klimpenkens 1 year ago
This is just lovely! Viva la debt based banking system! LOL
TheGunnerpup 1 year ago
volume poor...have every setting on max and can't hear it.
katrynova 1 year ago
Fantastic! Its like an Abbott and Costello skit.
ghirsc 1 year ago
China owns the US.... LMAO!!!! But its true *sigh*
ninjamonk111 1 year ago
Who ever is trying to collapse the world economies is playing with fire, but they must have a system they believe will be better for the world, otherwise they wouldn't be gaming the system so badly. Most of the crap being done in this world is so common sense it fathems me to believe we have done this by not knowing what would happen. It don't take a genius to understand what is going to happen. Liquidate the bad assets and all will be fine.
Budvb 1 year ago
*yawn* There are English accents that sound like this, so excuse us if we don't immediately recognize them as Australians if we've never heard of these blokes before.
Very good and concise skit, though.
jravell 1 year ago
pyramid schemes make the world go round.
rgibralter 1 year ago
pyramid schemes make the world go round.
rgibralter 1 year ago
How much dose Australia owe Roger?
1.2 trillion dollars about 100% GDP .
Are we ready Australia or are we all wrapped up in cotton wool.
And you all wonder why there upping the Tax's and selling off Australia ,Keep watch mainstream TV and it will make you all ignorant dumb zombies, with no clue at all.
chotaboy66 1 year ago
Very well done gentlemen.
Now where did that silverware go... it was right here a minute ago..
brotherjupiter 1 year ago
LMAO!! owned by China...sad but true
froggychick71 1 year ago
Nicely done. A bit reminiscent of "Who's on First". Or is that "Whose on first"?
RogerOnTheRight 1 year ago
File this under sad, but true.
vlj1120 1 year ago
@vlj1120 Correct .... I couldn't resist.
2beenvied 1 year ago 2
I know a few people who have done this in my life time.
smj62 1 year ago
Get that kids? - debt is money. Go for your lives!
cpswyl2 1 year ago
so the money is coming from where?
jayfavre 1 year ago
@jayfavre
print it out of thin air. but doing so will create hyperinflation which is what america is heading to
KhmerD0g 1 year ago
* Who's on first?
- Hu's on first, Watt's on second.
* I don't care what's on second, who's on first?
- Etc, etc, etc
LtlChiefThunderCloud 1 year ago
I have no friends please add me I am lonely
evamendesable 1 year ago
Where are they getting the money?
moeChaYea 1 year ago
@moeChaYea They print it without anything to back it. Well, actually the taxpayers pay for it twice. Once via taxes and again via inflation.
FUCKING BANKS! We need to destroy the fractional reserve lending system. It makes NO sense for the public and nothing but profits for the bankers.
mikez565 1 year ago 14
@mikez565 dude, the banks only do what the politicians regulate them to do. pay attention here, the government loans the money, then they tax the people to cover the loan. then the government regulates banks to loan money to people who can't pay it back. this is the fault of the government, not the banks.
shimauma42 1 year ago
@mikez565 Fractional reserve banking allows banks to make loans, which are essential to a lot of things in the economy. If banks had to keep 100% of their deposits, loans would be impossible. It actually makes a lot of sense to the public because loans are very useful for normal consumers as well as entrepreneurs. (Though I do agree with your first paragraph.)
SpartaNate 1 year ago
@mikez565 There's nothing wrong with most Banks, As long as you keep the politicians away from them.
kdraper2007 1 year ago
@mikez565 Andrew Jackson would like you.
CrystalHunter1989 1 year ago
@CrystalHunter1989 Pres Jackson is my hero.
mikez565 1 year ago
@moeChaYea correct
LTDANMAN44 1 year ago
@moeChaYea correct
LTDANMAN44 1 year ago
Governments AREN'T broke when they can print all the money they want and invest tax dollars to make enormous profits. They keep TWO sets of books and the second set, the one you don't see, is called the CAFR , or Comprehensive Anual Financial Report. Every city in America, every level of government has one! And it is available for your review... only more people are looking at it and so they are leaving out stuff that used to be in there!
bellatruth 1 year ago
Somehow Chad is going to make a move and come out on top of the world.
NakedWombat666 1 year ago
Excellent points being made with that ever charming British wit! Love it!
imposibleeposible 1 year ago
@imposibleeposible Australian wit, that would be.
jeffwaugh 1 year ago 42
@jeffwaugh One would be Australian and the other Kiwi, Look who is the wit now
danmannz 1 year ago
@jeffwaugh He's a kiwi so that would be kiwi wit:)
Madwestie 1 year ago
@jeffwaugh You mean New Zealand wit, of course.
friendlycannibal 1 year ago
@imposibleeposible Australian, not British, you fucking idiot.
antimarxism 1 year ago
@imposibleeposible tsk tsk
purpledino64 1 year ago
@imposibleeposible
It's Aussie wit you dumb ignorant Twat
HooperWest 1 year ago
@imposibleeposible
faepalm
RichardGriffith10 1 year ago
Our tax dollars (USA) go to the International Monetary Fund to pay only the interest on the debt that the PRIVATE BANK called the fed illegally charged on our behalf.
webmasterflash 1 year ago
The WORLD is broke because most of the Nation's of the world are Socialist Societies.
PROOF POSITIVE that Socialism CANNOT sustain itself..
Capitalism is the only economy that can sustain itself in perpetuity.
A Socialist Society cannot spend without collecting taxes and cannot collect taxes on people that have no jobs. Or on companies that cannot make a profit. Companies with profit = Jobs to people who will then pay their taxes.
Socialism CAN NEVER work.
iamzbacku 1 year ago 2
@iamzbacku Could you list the names of the companies that caused the global crash and then put a little tick next to those ones which can be considered private? I think you'll find it's the vast majority of them.
Most European countries are semi-socialised in the sense that they offer subsidised health care, etc. But the major screw up came from corruption and malpractice in private industry, i.e. the backbone of capitalism. Pure socialism mightn't work, but neither does unfettered capitalism.
bobbels101 1 year ago
@bobbels101 Not another delusional liberal. If it weren't for business, there would be no jobs.
I'll take my chances with corrupt businessmen over corrupt politicians any day.
At least I'll get a paycheck to feed my family and keep a house over my head.
Malpractice in business might make a few extra millionaires to those that are corrupt. But malpractice in government will get me killed.
I stand by my original statement. Socialism can never and will never succeed.
That is the bottom line.
iamzbacku 1 year ago 2
@iamzbacku I don't know why i even argue with people on youtube. They don't read comments, are completely irrational and most of the time have some mental problems. I'm not a liberal, by the way. I'm neither conservative nor liberal, but a happy medium. There are merits to both sides.... But i won't go on because it's futile. I'll just suggest this: read a few sources on what economies are like in europe before you go whitewashing everything with the word socialism.
bobbels101 1 year ago
@iamzbacku So´the basic concept of socialism is sharing the wealth, and that will never work? why?
Jontenn 1 year ago
@Jontenn Because to share the wealth, governments take from those who produce and give to those who do not produce.
Sooner or later those that produce income will have no incentive to better themselves and the money tree will die. Thus, the economy will die. Thus, the Nation will collapse. The pilgrims tried socialism and it failed when those that saw they could be fed without the work stopped planting crops. Soon, there was not enough food to go around. Solution? What you grew was yours
iamzbacku 1 year ago
@iamzbacku @iamzbacku
Yeah everyone hates youtube debates, but here we are. I've read your comments and considered them. Please give my points a chance. = ]
punksnotdeadiknow 1 year ago
@iamzbacku
First, you are suggesting that people would all stop working and allow themselves and each other to starve? Would this not be a pretty obvious thing to avoid? It's just planning, and keeping an eye on production rates. Basically, we know we use about x amount of a product in a given time, so try to pace the work accordingly. We live in an information age, how tough is it to keep a running count on pounds of flour?
punksnotdeadiknow 1 year ago
@iamzbacku The difference is, when people decide in a democratic way how much they want to produce, it can mean possible work reduction. As someone who currently works 6 days a week, I can see the appeal of a 3 day weekend if we could manage them.
punksnotdeadiknow 1 year ago
@iamzbacku
Also, this idea 'what you grow is yours' is flawed. We are not all farmers, some people are farm owners, who in fact produce nothing, but eat nearly everything. Then we have people who have wealth to begin with, and use it to make more by playing casino on the markets, or lending it to the poor at high interest. That's obviously not 'you eat what you grow.' That's just 'snatch whatever you can', and a socialist has higher aspirations that that as a proper system.
punksnotdeadiknow 1 year ago
@punksnotdeadiknow I will finish what I started. Because the Pilgrims were given their own land to grow their own food, they could grow enough just for themselves or grow extra to 'barter' or 'sell' to those who could not. Thus the beginning of 'Capitalism'. I'm talking in the late 1600's. The concept holds true today. A Socialist ALWAYS takes from those that have and gives to those who don't have. Sooner or later those that have will have nothing, where will the money come from then?
iamzbacku 1 year ago
@punksnotdeadiknow By the way, Europe is going broke. Socialism is the prevailing system of government in Europe.
Greece's debt is 117% of it's GDP. This is unsustainable and that is why it is broke.
Ours is close to 90% can you see why we are about to go broke also?
iamzbacku 1 year ago
@iamzbacku So you're saying that poor people are lazy? It's the poor workers that work the hardest and lays the foundation for a society. Our western society is now buildt on poor coiuntries that do work for us, they contribute to our society, therefor they should get payed more.
Without everyone contributing the society won't work. All those who contribute should get more or less equal payment, os therefor socialism is good.
Jontenn 1 year ago
@Jontenn You are correct, unless everyone contributes, society will not work.
That is the 'KEY' the word 'contributes' but those that continually do NOTHING (I am not talking about those are unable to work, or sick. We can and should help them) will suck us dry. If we continually take from others, they will either become poor or leave the country and then where will the money come from. The government produces NOTHING. The funds come from us, the workers. If we have no JOBS, WHAT THEN!!
iamzbacku 1 year ago
@Jontenn @Jontenn Yes, the workers from other countries should get payed more, BUT WE CAN DO NOTHING ABOUT THAT! The fact that they are paid so little IS the reason we have NO jobs in America. Our greed as a consumer has proven to be the downfall of our society. However, that is the goal of those that run the world. The only way a ONE WORLD GOVERNMENT would EVER happen would make America a Third World Country. And we are fast becoming that. Thanks to Obama and the Democrats.
iamzbacku 1 year ago
@Jontenn Respond to this video...One last though. Tell me ONE Socialist society that has not collapsed or has risen past the economy of Cuba. Better yet tell me one Marxist society that has NOT suppressed the poor. Stalin killed millions of his fellow citizens. Mao killed up to 100 million of his own people to control his country.
Remember, if there are no rich people to form companies, there can be NO jobs for the poor.
iamzbacku 1 year ago
@iamzbacku There are no true socialist states, they are all and have been communist states, and for socialism to truly work, there must be no capitalist nation on earth and everyone shares all the wealth. Also, there are jobs for the people if they all move in the same direction, and that is the key in commuism ans socialism and that is why they kill and suppres their own people. USA buildt it's wealth as coming out as a winner in the two world wars, not on capitalism.
Jontenn 1 year ago
@Jontenn We haven't had L.F.capitalism in America since the feds took over in 1913. As a result of the Civil War, our states became 'owned' by the feds, and the federal govt. was incorporated by the banker as a subsidiary of the fed reserve. That is why the fed answers to NO ONE in govt.... it is the other way round. Fascism ruled post CW, The U.S. FOR America changed to The U.S. 'of' America! We lost our state sovereignty, a shadow govt. took control. Not so secret anymore!
bellatruth 1 year ago
@Jontenn I think I have heard it all now. I didn't think a liberal could ever be so delusional, but you have made my day.
We were well on our way under Capitalism, the wars just happened to get in the way. If we were a socialist/commie state we would NEVER have been able to manufacture the war machines that we needed to stop the enemies of the world.
I sure hope you find your Nirvana, but I think you will only find it in your padded room. There WILL BE NO WEALTH TO SHARE in a Communist State
iamzbacku 1 year ago 3
@iamzbacku So what you are now saying is that sovjet russia, a communist state was not able to build weapons so that they could fight the cold war with the US? And you were not able to stop the socialist state of Vietnam, also you know that Sovjet was the ones that stopped the germans, not you guys. You are aware that all the european countries have more socialism than the US and many of them have a higher standard of living?
Jontenn 1 year ago
@Jontenn This is the last I am going to say to such a delusional left wing wacko.
If the US had NOT gotten into the war. We would all be speaking German or worse. Fact. Your country would have been taken over with no problem.
And Europe is NOW bankrupt. Just ask Greece.
I'll take my freedom and Liberty over any in a European country.
Ask the Soviet citizens just how well they were feed while the buildup was happening. How long were those lines for food? How many shelves EVEN had food.
BY
iamzbacku 1 year ago
@iamzbacku For some reason, alot of russian people miss the soviet days, and also we all know that it was Hitlers plan to wage war on russia that doomed his plans of world conquest. Also, you have tunnelvision and you're a dipshit and seems to have no sense of empathy at all. Good Night.
Jontenn 1 year ago
@iamzbacku I agree. As Maggie Thatcher said "you can't make the majority better off by trying to share out the cake more equally. A better plan is to make the cake bigger."
Gary190tube 8 months ago
@iamzbacku Canada? The UK? France? Do you need any more socialist countries to think of?
matthoople70 1 year ago
@Jontenn Because sooner or later you run out of other people's money.
WesSeid 1 year ago
If those companies were mismanaged, they should have failed. But then government makes too big to fail even bigger. Gave AIG billions so GS can get paid 100%. Bailed out Buffett. Then propped up house prices and gave Fannie/Freddie a blank check.
One of the biggest causes of the crash was Alan Greenspan. The "smartest man in the world" who didn't think a housing downturn was possible. The man who "fixed" the dotcom bubble with an even-bigger bubble, and now they are doing it AGAIN.
WesSeid 1 year ago
@iamzbacku
damn you need education.
capitalism tends to produce more than is required because it try's to maximize profit. that makes more junk and inevitably because of oversupply prices fall.
when prices fall, wealthy people start saving money. first thing they do is fire their employees because they have plenty of produced good in stock and are waiting for them to be sold. those that get fired don't have any money to spend on goods that rot on shelves, so they don't buy anything.
D1NK0Z 1 year ago
iamzbacku 1 year ago
@iamzbacku No regulation or little regulation makes the intermediary "entity" exploit the system.This is one of the most important factors for our current crises.
"Supply and Demand. ..................."
This is false because it's variable upon how much up and how much down. In practice it is almost a law, if they're not regulated prices never go down.
The nation should never leave economies to private markets in the first place and problem solved; or the nation to traitorous scum.
nolifeking20hellchil 1 year ago
@nolifeking20hellchil First: Too much oil on the market? Gas prices come down.
Not enough to cover the demand? Gas prices go UP. Just ONE example of the TRUTH of 'Supply and Demand'
So which Marxist government would you like to live under?
So which traitorous scum are you referring? Obama?
iamzbacku 1 year ago
@iamzbacku Oil industry is an exception because there is no intermediary "entity".
In U.S.A. and in most of the country's it depends on import policy's mostly.
I don't see way supply and demand do excuse capitalists, only they can supply ? do you know what monopole does to "free market" ?
I am not for a marxist government or ideology, but i do not consider it all rubbish.
Obama ? yes he is trash, is he a marxist ?; no.
Trash ? last true president, at lest so it seemed, was John F. Kennedy.
nolifeking20hellchil 1 year ago
@iamzbacku Lets analyze again your statements; you say 'supply and demand" and you give example the oil industry. What you say is erogenous, or it is true but because other factors. The fail in demand is not based on production, logic dictates that if you produce more then you have more jobs, better salaries better purchasing power, better demand. If you have trash in charge of governance you will encounter a simple result. The companies who are permitted ( that means all that what to ) ..
nolifeking20hellchil 1 year ago
@nolifeking20hellchil Listen, you do NOT know the theory of 'Supply and Demand'.
That's the bottom line. If a product is made and NO ONE wants to buy it, that is the fall of Demand. Thus. production MUST come down or the company will go out of business. A company CANNOT increase production and make money if the company CANNOT sell the product.
Business is based on what the CONSUMER will buy. It has nothing to do about 'just adding jobs to produce.
It's been nice, but I am done with this.
iamzbacku 1 year ago
@iamzbacku Sorry but your the total nincompoop, also your trying to patronize so pathetic.
nolifeking20hellchil 1 year ago
@iamzbacku ... will ship their capital ( means to achieve production) to other country's to supra-maximize their profit whit low paying force of work.
That creates in their nation low purchasing power which creates sometimes a lowering of prince when a commodity is introduce on the market in abundance.
"Supply and demand" or in general economy aka governance has a couple of factor which are screed up. That's way people like Obama apply populist methods to win some systematization.
nolifeking20hellchil 1 year ago
@iamzbacku Obama is a capitalist; way ? Because he doesn't change the important factors in society; Only capitalists put more and more taxes or at lest generates such situation, a specific brand of marxism go hand in hand whit capitalism.
nolifeking20hellchil 1 year ago
And the wheels on the bus go round and round.
393coupe 1 year ago
You're wasting very valuable time, Roger.
bludgenous 1 year ago
It's incredibly fast how the "broke economies" (uhm, what "broke" economies should exactly means?) turned to be Europe when not too far ago it seems that it were USA. Do USA resolved easy money problem? And savings glut? And global imbalancies? What about income polarization?.. All the highest GDP countries have to fight severe problems , so who is "unbroken"?
warriozzo 1 year ago
Oh this is hilarious! I like the part where the U.S. economy is the strongest because it's owned by China! LMAO!
rodanmedia 1 year ago
lol
mekaview 1 year ago
Sell everything immediately...
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spudnick660 1 year ago
where does the money come from? Print!
xinliuxg 1 year ago
These guys are hilarious and get to the truth.
MonkWarrior108 1 year ago
Everybody ends up owing China. The beat us at our own game!
choirboyfromhell1 1 year ago
very well done...that explains it all!!
billielowe 1 year ago
Correct
wijy5 1 year ago
Comment removed
Wariciest 1 year ago
EU will take a page out of the Fed's playbook and just print more money. Or maybe not even bother printing it, just create it from ether in a computer. As long as everyone believes money is worth something what does it matter?
frizlefry 1 year ago
How much money does the U.S. owe to China?
quizerry 1 year ago
@quizerry
It's not the amount of money the U.S. owes China. It's the fact that everything we purchase seems to be made in China now. Tons of suppliers here in the U.S. get all of their supplies from China now. The prices are so cheap, we can't compete localy.
jaybo2099 1 year ago
@jaybo2099 US does infact owe China. China buys US debt in the form of T-Bills and bonds. If China one day says we want to cash in our US bonds the US wont have enough money to pay 'em back. They will need to print more money out of thin air which will cause an over supply of US dollars which would cause inflation. A loaf of bread at that point would cost you $100.
jamal22066 1 year ago
@quizerry
Over 1 trillion dollars in t-bonds
wbgrieve2 1 year ago
Basically the problem is Socialism doesn't work. It breaks everyone.
quizerry 1 year ago
@quizerry
Except for Australia. And New Zealand. And Canada. And Switzerland. And Norway,
thelobsterboy 1 year ago