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Categories: Prepaid Legal Q & A

22 Responses so far.

  1. Jason Stapleton says:

    If the debt limit is not raised to pay for previous spending that does NOT
    mean that the government cannot meet it’s debt obligation. What it means
    is that it will have to delay or eliminate FUTURE spending to pay for their
    current debt. (exactly what you or I would do in our personal lives)
    If you want to stop the U.S. debt, Congress is going to have to stop
    raising the debt ceiling. It will likely be the only way to keep us from
    going under.?

  2. Zelnyair says:

    Is the government having lots of money they owe really such a bad thing?
    The government own and run public services, but they aren’t strictly a
    business, I’d argue.

    What I’m getting at is this: If a person fails to pay off the mortgage on a
    house, the bank repossesses the house, for instance. Someone higher up has
    powers to take things in order for you to take things back: courts,
    bailiffs, banks and so on.

    Nobody is higher up in a country than the government, so if the government
    don’t pay back a debt repayment, who’s going to come and repossess their
    stuff? Nobody- they own it, and furthermore, the government can’t really
    ‘go out of business’. You’ll generally always have a government of some
    description unless total anarchy breaks out.

    So, is it really that bad for a government itself to have debt? ?

  3. Ashadow Reviews says:

    Form the perspective as a foreigner looking in, this seems a bit… *too*
    retarded… Does this video just oversimplify a far more complex issue, or
    is it is really set up dumb??

  4. kevin carter says:

    what a f-ed up country haha, also im sure not even 20% of americans are
    aware of that distinction.

  5. BobDaHat Gamer says:

    So Obama isn’t the one who caused this? Ok…makes sense…?

  6. Herbolife05 says:

    I knew the US was fucking retarded but this… Holy shit what a pathetic
    excuse for a government. No wonder your economy went to shit.?

  7. Gavin Baker says:

    +CGP Grey I’m not kidding !?

  8. Digitalatom6 says:

    America, your government consists of complete idiots. And who here wants
    idiots to be in charge of the world economy??

  9. JP Kloess says:

    Well that wasn’t biased at all…?

  10. cheng tommy says:

    Why the Interrobangs??

  11. Zelnyair says:

    So long as the Federal Reserve continues to run, the USA will *never* get
    rid of its debt. Here’s why, and it’s all to do with how the monetary
    system works in America.

    What you have to firstly know is that the Federal Reserve’s name is a
    complete lie- it’s not a government institution. It’s a private business
    who has shareholders and dividends. It exists to profit. Now, normally you
    wouldn’t blink an eye at a company existing to make money, but by
    explaining the system, it’ll be some evidence as to how and why the Federal
    Reserve (FR from here on in) are arguably evil.

    Whenever money is needed, which is almost all the time, the Treasury and FR
    swap bonds, and the FR produces all the money and it goes into circulation.
    The bonds the FR exchanges have interest on them- after all, how else can
    they make a profit?

    So, the people are charged income tax in order to try and raise the money
    needed to pay back the FR. Thing is, if the FR provide all the money in the
    country, then how do you get the money that isn’t there in order to pay
    them back, and that’s why income tax exists- to help pay back this debt, as
    well as fund any government projects.

    By exchanging more bonds, which, you guessed it, also have interest on
    them. Isn’t there a way to stop this cycle of borrowing more money to pay
    back bigger and bigger loans? No, because due to the powers that be, the FR
    literally input numbers into a computer and make money. They effectively
    withdraw from a bank account that has a balance of zero, and no overdraft.

    In summary, every cent, every dollar, comes with debt attached to it.
    That’s why so long as the FR continue to exist and operate, America will
    never get out of debt. They’re being held up by a private institution. ?

  12. Piefav2 says:

    0:06 Innnterrobang!?

  13. wolfmanwill says:

    so is the Federal reserve not independent from the US government, unlike
    the UK??

  14. But Black Dynamite I Sell Drugs to the Community! says:

    and when you need to pay that debt you will conveniently find terrorists in
    a fucked up country with natural resources and you go to war for their
    freedom. ?

  15. EvaIowaRedSoxFan says:

    Hey, I have a novel idea.

    Raise taxes, decrease stupid spending (The Defense department specifically
    as well as getting rid of Homeland security) and we won’t have this problem

    Amazing how that works, and it did under Clinton! AMAZING!?

  16. xXPuNkRoCkRulesXx says:

    Okay… so what you’re saying is technically the congress is the asshole
    not the president, right? ?

  17. Maxime Desrosiers says:

    This seem to excuse and remove any responsibility from the president….?

  18. PikachuTatoo says:

    what is congress/ is it like a group of rich ppl or the illuminati or

  19. Eryn McVay says:

    Dear CGP,
    What program do you use to make your videos??

  20. Demogorge says:

    The politics eventually backfire on congress and, more importantly,
    Republicans who think they can use it as a weapon to get what they want.?

  21. Blue Winter says:

    If Americans hate their government so much, why don’t they do something
    about it??

  22. Alistair Drennan says:

    Feeling so sorry for the president (and all presidents) right now…?

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