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"US debt is largely fictitious"

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Published on Jan 6, 2011

The United States is in serious debt but the latest numbers show the US national debt has surpassed $14 trillion. From June, 2010 until the end of the year the US racked up another trillion dollars worth of debt. Economist Michael Hudson says the important thing to realize is the government doesn't borrow money it creates it, the whole issue of whether the US has a debt problem is largely fictitious.

Comments • 1,395

Keltingr
$20 TRILL now baby!!! Bankrupt!
View all 21 replies
Hongpakfoo X
Don Dressel US citizen "YOU ASK FOR IT"
TheRealNoodles
why? nothing wrong with the national debt. Citizens own the debt, taxes do not increase based on the size of debt, ask a treasury staffer, he would say the same thing.
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fatcatbuzz
4 years and almost at 20 trillion dollars. Way to go. 
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Grey Warden
read modern monetary theory, all you niggas need enlightening
gwynedd1
+bighands69 Um no, I am a former conservative that used to vote straight ticket Republican.  I loath the welfare state and identity politics. Feminism is a crock of shit. etc etc. Get the picture? So you might want to  pay attention before giving me the the libtard crock a shit. You worship a false dichotomous idol  where you prefer a type of sittin on the ass money over a another. I just know how finances work while you clearly.... just don't. All money is Treasury debt, Federal reserve notes, which then  becomes bank reserves. That debt  then secures  private debt that banks use for loans . Its all fucking debt. You want to pay off the national debt with what? Ya want to borrow it form a bank and pay the debt do ya? That it? Where else does the fucking money come from? Wake the fuck up..     
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Wojak Feels
What an idiot. Creating money devalues the dollar. It's essentially stealing money from Americans and benefits the government and banks while the normal taxpayer gets shafted.
View all 33 replies
Grey Warden
+Jeremiah John go back to school
Jeremiah John
inflation is measuring the increase of prices against the dollar you dumbass, you don't "adjust" for inflation and then say no value was lost, that's as moronic as it gets, inflation is literally telling you the dollar buys less. rising prices has nothing to do with 'economic growth', I don't care what your brainless professor told you, it comes from increased demand which is from an increase in the money supply, only retarded keynesians call this economic growth, you're literally just making more money available, people are demanding more shit with it and prices go up. also 'Grey Warden' I hope your parents are proud of you because no one else is, you haven't been able to do anything other than sneak in comments with your imaginary expertise.
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steve ducell
lets cut spending by getting rid of the F 35 program
View all 15 replies
fix
+RedRider1600 70 billion per year times by 10 will be 700 billion. And when you spend, the government spend there will be other development. So other development plus 700 billion spend by the government, wouldnt that be 7 trillion. You stupid moron who doesnt know about economics. My theory is even supported by Professor Richard Werner. So shut the fuck up. Since you are so stupid and you dont know anything about economics. Here, read this. http://www.economicshelp.org/blog/1948/economics/the-multiplier-effect/ Bare in mind I said could. I didnt not say will be. That is two different things, and some people does tends to exaggerate when they are using metaphor.
RedRider1600
+fix Again, you are talking stupid nonsense. What does any of that stupid crap that you just said have anything to do with the $70 Billion? How is that $70 Billion a "multiplier effect" that "could become 7 trillion in 10 years time"? You are a moron!
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abhijat shrivastava
Dollar is fictitious not the debt you fictitious fuck
View all 5 replies
Kissing Bandit
yup
Josh H
If the dollar is fictitious, then the debt is too..
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se7ensnakes
The banking system creates money out of thin air, then loans it to the rest of us.  Without this credit there wont be enough money to maintain commerce.  The reason we have such a system is because bankers are very powerful politically and financially.  They own the politicians, major corporations, the courts, the president, the courts, the media, the educational system, and just about every agency created for the public good.  So for now we are stuck with this monetary system that is bleeding everyone and causing misery everywhere.
Vilhelmo De Okcidento
+Danyil Underwood  "The only fix for America and the world is to End the privately owned central banks ie The federal reserve, Bank of England, European Central Bank, Bank of China, Bank of Japan, all CENTRAL BANKS ARE PRIVATELEY OWNED, by the Rothschilds, Rockefellars, the European royal families," Utter rubbish. What evidence do have?
View all 31 replies
Vilhelmo De Okcidento
+RON MCCUSKER - " go back to sleep you are bothering me" I'm sorry you are bothered by facts.
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Jeanette Driskell
White collar crime is pretty much ignored anyway. No one has gone to jail and all of these crooks are still in their positions.
View all 4 replies
Don Dressel
Yes 2008-2009 the Wall Street crooks got away with crimes and the bankers ran away with millions of tax payers money
Josh H
Why doesn't it?
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Dina Eddy
I liked his comment, "when a politician try's to scare you...ask yourself, hum..what is it he wants!"
llVIU
so what the fuck happens when congress sets a top limit for debt? absolutely nothing at all. The people in congress are the ones who get our country in debt and control the banks
View all 12 replies
gwynedd1
+bighands69 Thanks for the basic tutorial... Whats the right amount of money? Do you have a number? Do you think savings rises in value merely because of delayed gratification? Do you think its possible money could rise in marginal utility such that it gains value by this mechanism as well? Do you think this is a good thing? Do you think money should pay scarcity profits?  
bighands69
+gwynedd1 Creation of money is not a creation of wealth. It is an expansion of Monetary policy. It does not mean it relates to any form of economic activity at all.  Production, Manufacturing and trade have nothing really to do with Money.  Money is really a means of exchange and it is a metric of economic activity but changing that metric does not in of its self actually change the economic value. You can change the weighing scales but that does not mean you will become lighter. Just as changing the unit of length measure does not make you taller.
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