Why 70 Countries In Debt Could Spark the Biggest Global Economic Crisis Since 1929
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- Опубліковано 20 тра 2024
- Some 70 countries are in or at risk of debt distress - a record number that has the World Bank sounding the alarm. Debt defaults by these emerging and developing countries could lead the world into a global financial crisis perhaps even on par with the Great Depression of 1929. The pattern is clear from three previous debt waves: the Latin American debt crisis of the 1980s, Asian financial crisis of the 1990s, and the global financial crisis triggered by the 2007 US subprime crisis.
00:00 Intro & three previous debt waves
01:16 The fourth debt wave
02:07 Countries in debt: Sri Lanka, Pakistan, Egypt, Lebanon, Laos
03:40 Impact on education, healthcare
04:21 How did the debt crisis start?
05:19 China’s Belt & Road Initiative
06:12 Climate change and debt
07:20 On the brink of economic meltdown?
WATCH THE FULL EPISODES of Debt Bomb:
What Pakistan’s Debt Dilemma Reveals About Looming Global Default Crisis • What Pakistan’s Debt D...
Sri Lanka's Debt Crisis: Who Is Really To Blame?
• Sri Lanka's Debt Crisi...
ALSO WATCH:
China’s Belt And Road: A Debt Trap For Sri Lanka? | CNA Correspondent
• China’s Belt And Road:...
Another Sri Lanka In The Making? Pakistan On Brink Of Economic Ruin | Insight
• Another Sri Lanka In T...
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The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
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I love how they present the IMF as a solution to this problem and not as part of the problem.
Without the imf feeding them loans, they'll be eating rocks...
Elite always protects themselves
It's also funny how they call Chinese loans 'debt traps'. When that's exactly what the IMF is.
I just Saw the face of the woman who said , IMF just lend more 😅😅
IMF is part of the problem
If debt is mismanaged, that's the country's fault. IMF does provide debt refinancing solutions, but again, it is the country that needs to be able to manage it all in the end...
I used to be surprised about these cycles, not anymore.
If you are reading this, the (audio)book " The Creature of Jekyll Island " explains why most economic crises, bailouts, transfer of wealth etc ... are all by design, not by accident.
I remember that. Beyond excellent book. The rich get richer and the poor poorer. True since ancient times.
👍in an age of information, ignorance is a choise. Everyone is free to make their own choises, NOBODY is free from what it brings
Oh thx! I'll add it to my reading list!
Please explain the design shortly?
1000% this is by design.. and you can be sure that the elites are going to establish ultimate control on the world’s population after this
There is a lot of corruption in the world unfortunately.
Even countries without high “corruption” seeing a lot of debt and likely even more when alot of their citizens retire.
Have you ever had someone do a job for you and paid cash??? If so, you are as guilty of tax evasion than the next person.
@@stevenhull5025what are you talking. Nobody is guilty buy paying cash. People are guilty if they don't declare that income.
More and more everyday
Dawn Of A New Day 🎉
As a Pakistani let me tell you all our debt is nobodies fault but our own. Those running the country have an obsession with going around the world with a begging bowl in their hands and have no interest in revenue generation.
I am sure many countries face the same situations. The US is the same. They may look like a sexy Western, rich country but they are actually broke. If not because of their fiat currency they would have been worse off than Pakistan & countries.
Hypocrite leader...
They knew islam not allowed interest/riba...
Now the people pay the price..
Innocent one...
Including my country...
Sir/mam I am an Indian, there are some questions as an Indian I have about your country. If it's okay I want to discuss them with you. (I have no hatred towards any Pakistani i feel we are cousins who got seperated because of selfish leaders) .
@@saiaravindkondapaturi5659 yes yes ok
@@saiaravindkondapaturi5659
Sadly...
Hindu india and islam pakistan...
Take the bait...
Only when divide they can rule..
As Master of Finance Yoda says... deficits lead to debt, debt leads to financial crisis, financial crisis leads to suffering.
Dude where did you get that awesome.
Star wars
Or as the masters of the universe say, don't let a good crisis go to waste. Someones gotta fill those Wallstreet pockets and there's only one possible source. The tax payer via corrupt govt.
It never ceases to amaze me how humanity creates these concepts like money, debt, interest rates, stocks... religion. Then we act like we are powerless against these forces as they ruin our lives, cause war and famine, we CREATED them
Don't forget atheism
@@marclast9564 If we invented God then did we also invent Atheism? Honestly I don't know
"Religion" was kind of shoehorned...
One could even say that the *lack* of religion is causing a bunch of problems
Religion actually goes against all these things. Its actually all the probelms you mentioned are created by athiesm. And people that do not fear God. So you are very wrong
Insightful yet concise, hard-hitting on the important issue. One of the best out of this channel.
It is fascinating that we can determine the atmosphere of a planet outside the solar system, but running an economy or determining optimal levels of debt seem to evade us. It is indeed very difficult. It might help if we do not rush to save ourselves from every hardship.
The problem is that economics is a pseudoscience and is closely linked to power, so changes in economic models are not convenient for the people in power because their interests and power would be affected. For them it is more convenient to continue accumulating power while blaming the individual to avoid an organization and rebellion of the masses.
Greed kills
This x1000. We all prefer to run from the consequences of our actions and all we do is make the problem bigger in the long run
One is just observing something the other is an attempt to force the will of the few onto the many. A brief study of history will show that it is working well and doing it's job of keeping the majority reliant on the state.
If the USD is not manipulated using the petrodollar, no countries need the IMF's help. Most of the victims are the USA allies like Maroko, Turkey etc.
Every time the invention of debt is used in replace of a real monetary system, controlled by a few, it fails, and it fails miserably hard.
I was waiting for some “crisis” or “shift” or “collapse” for the last 10 years.
I saved a lot… But it doesn’t matter - I will never afford anything as prices are outpacing my (not small) saving possibilities year by year.
It doesn’t matter how much money I safe if housing is going up 30-50% within a year…
Saving during the past ten years or so has been a disaster. Virtually zero interest, inflation and rising bills. We are all poorer by design in my opinion.
The system forces everyone to invest not save anymore
Gold & Silver is what you buy if you can't afford property, you buy it slowly over the years at the bottom of the dips. It protects your purchasing power against inflation.
Alan Watts had a great analogy regarding the "value" of what we call money... I'll paraphrase:
The great depression was a shortage of the CONCEPT we call money. All of the same materials and goods existed in both times of prosperity and in times of disparity. Imagine carpenters showing up at the job site one morning and the boss saying "No work today fellas. We're all out of inches." One worker asked "Inches of wood?" and the boss replied "No, we're just all out of the concept we call inches."
Work for me and you'll get free food.. Oh okay, what about free lodging? Where am I gonna stay? I have a financial institution that calls itself a bank, loan you a form of a paper, called Fiat money that dictates how much value is this house worth. Now you can settle in it without the money, but who'd want that? Too easy and you're not paying a debt to those who made your house.
Quoting someone else: when you pick a thorn from your foot, does the hand receive credit? Does the foot feel debt?
That is a very interesting perspective, thanks.
Banks are awful. They shouldn't be allowed to hand out loans to countries that clearly cannot repay it.
If the loans stop, those countries collapse immediately. It's prolonging the inevitable (and make the inevitable worse), but understandable.
Wrong! We should encourage all nations to take money from blackrock and invest it... then tear up the contracts and tell them if they want their physical assets back let the shooting war begin. I am being deadly serious when I say this... they own numbers on a screen, your home is a cell in a spreadsheet. They can hire gucci PMC outfits. Ultimately though, a bad debt is a bad debt, and unless the US government wants WW3 for blackrock... they'll just go bust
Worst part is they don’t even have requirements of being able to finance their own loans in Europe the banks have limits after the 2008 crash, but i’m pretty sure its the wild west the rest of the world.
It’s the same with credit cards and high interest loans they are morally bankrupt knowing the person they give these too has no way of paying back.
do you even bank? how else would banks make record profits YoY?
Banks boarding are made from leftist,lgbt cuckoo-wacko people and decerbrate boomers.They give money to everyone.
Mr Perera then counter-questioned Mr Xie about his stance on housing affordability.
“We’ve (WP) said that we believe that three or close to three is the right HPI target for BTO in a non-mature state.”
“Also I would like to ask Mr. Xie, what is his view on affordability? Where would you draw the line? At what level of HPI between what is affordable, what’s not affordable?”
This was a good report explaining the economic crisis around the world. Thanks forr the insight!
I never understood when people said government debt is different from private debt. Debt is addictive for both.
And the govt gets their money from citizens. If they take debts, we do also. No choice. They will get their money by hook or crook.
Totally not
Just cancel it. It only takes one click, is just an accounting mechanism
governments debt are different then private debt but its only TRUE for USA, China, UK, Japan and Europe this is because these 4 countries + whole Europe were able to "Print" by "Quantitative easing" almost unlimited amount of USD, RMB, GBP, JPY, EUR. These 5 major currencies where being used as the World Reserved Currency as USD being the biggest allows them to "export" its currency depreciation/inflation throughout the world allows them to print money out of thin air. These 4 major countries + Europe able to create/print unlimited amounts of money out of thin air to be used to buy/Imports Goods and Services from the world, where the rest of the world requires actual Good & Services to get USD/RMB, GBP, JPY, EUR as Reserved in other for them to buy/import other Good & Services from the world... meaning The World other then these 4 nations + Europe almost similar to private debt. That does not meant they cant print money out of thin air, they can, but there will be a limit on how much much money they can print until it has become hyper inflation except for USA, China, UK, Japan and Europe. Thats why Japan has a national debt of almost 300% of GDP never goes bankrupts.
@@zarith87 all correct, except you can t really compare euro to the other mentioned currencies. Euro is a private currency issued by a private entity, the ECB, and bought by each european country through debt . This is bad debt. The others you consider are all sovreign currencies issued by state owned central banks. In this case yes, they can print money without limits, and pump it into the system via public spending, until they reach the desired level of savings, employment and inflation. It does not mean they will do this,but they can (and should) . This is good debt
This is really depressing...I have been concerned about the Debt issue since the 80's.....here in Canada we have a massive debt but our neighbors to the South, America, are even worse...per capita.....and Italy and France and Spain are even more worse......I don't know how this is solvable and I fear we are heading to a massive economic collapse around the world.
This is why countries like the US and Canada should revert back to the gold standard. The gold standard prevents governments from printing fiat currency irresponsibly. Fiat currency will never have actual intrinsic value.
Because the banks want it, they make money good bad or evil. More out of evil, war equals money. Not for those fighting but the bankers.
Sri Lanka's debt by debtors: 10% China, 10% Japan, 13% Asia Development Bank, 9% World Bank, 47% Debt Market (including Black Rock)
Yet China's painted as the "bad guy" by the west ... even though China's loans were for brick & mortar infrastructure that brings trade to Sri Lanka's doorstep.
It's worth noting that the Asia Development Bank is based in the Philippines and controlled by a Japan.
That country prospers for half a century by practicing a "high risk, high yield" economic policy ... Just saying.
Like I said, Sri Lanka prospers for half a century by practicing a "high risk, high yield" economic policy.
The Asian Development Bank and World Bank (22%) are dominated by the United States and Japan. Therefore, Sri Lanka owes the most money to Japan and Western countries. However, you only hear about "China debt trap" in Western media, which is very ironic.
Black rock/ Vanguard? Interesting.
I wonder how much % of revenue the UK is using to service debt as the public services there are REALLY bad. Even worse than some "developing countries"
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I do not understand the logic of using debt for any economic development. The world should go back to asset-based economies, instead of benefiting bankers and the ultra-rich
It’s what those financial guru promoting “Other People Money”. But when the music end, the unlucky ones are holding the hot potatoes…
You’re right, i just think there isn’t much asset left, hyper consumption in last 20-30 years has stretched the asset creation & thus debt is being used for economic activities going ahead. It’s scary.
There is nothing wrong with using debt for economic development -- it's the same as taking a loan to start a factory, as long as you make enough to pay off your interest and eventually your principle, the debt allows you to bring the factory online much faster than you would if you had to save money to open the factory.
What's breaking down here is the "as long as you make enough money" part. When countries don't make sound investments, the debt become unrepayable, sending them into crisis.
@@andyyang5234 agreed. It's the swing of interest rate up that caught many off guard. The musical chairs changed its rhythm
It’s because of the capitalist frame everything is built on, everything always needs to grow grow and profit profit. It encourages people to lend money and take sky high loans to keep the fueling the growth. It’s not sustainable
When your country is governed by autocracy and filled with corruption then the national debt is the least of your worries. I think the threat to global stability is no longer an evil empire but coalition of poor, autocratic, and theocratic countries.
didnt know the us was a poor, autocratic, and theocratic country. you learn new thing everyday on yt...
The China "debt trap" narrative has recently been debunked by the British Debt Justice and World Bank data. They found that African countries owe 3x more to Western banks, asset managers and oil traders than to China, and are charged double the interest. 12% of Africa's external debt was owed to China lenders, compared to 35% to Western private creditors.
China has since cancelled the debt for 17 African nations.
I think you care more if you can eat and feed your children
One person’s debt is other person’s wealth. The solution is clear.
Bring it on!
- Although I live in one of those countries, I'm prepared to go through that in order to reset the way things work.
The elephant in the room here is easy access to credit on the private debt markets it seems very easy to blame the West or any other lender. But, in reality the problem is systemic as these markets were set up primarily to service that's held by more advanced economies than the ones covered in this short video. The regulations applying to these can be a little to nil and as such anyone can obtain credit, that is a debt accumulation, through them. What we need to do is we need to have something along the lines of a un Charter specifically geared towards regulating developing Nation debt. Otherwise as these countries grapple with rapidly expanding populations, economies and the all to unfortunately common corruption issues they will continue to accumulate debt the down the line will simply remain unserviceable.
All 70 add together still can't compare to the biggest bxmb( U$A ).
Why CNA don't do a report on the "real" world problem ?
Why so many countries start working on de-risk from $$$$ ?
Why Singapore gov rush to purchase so much gold ?
"we really need to act" - 70 countries - what can we do now? People have used the governments to support them and now the bills are coming due.
Malaysia most in debt, due to 1MDB corruption, still cannot catch jho low
How much did 1MDB borrow?
@@wavemaker2077 just over 4 bln usd
Malaysia economy is doing fine right. The manufacturing is still strong.
@@wavemaker2077about USD11.8 Billion
Corruption plays by far the biggest problem after all if you pay the officials whats to stop you?
It’s up to these companies to lower their rate of borrowing to allow these countries time to rebuild. But of course, that won’t happen
Noam chomsky wrote 150 books on how governments work
Ahh... and they had, in the past decade, thought that economic growth from increasing debt carries no consequence...
Thought? Proves that financial and economic studies are all nonsense when the source is infinitely printable. They have been playing the game of cat and mouse to shift the debt around countries for the common people to carry,
IF the economy grows... nonstop... for decades.
Not impossible (see: Japan, Taiwan, etc), but needs careful management and some luck.
Austrian economists have been warning about debt and currency crises since the 2008 bailouts and money printing. And of course, these people will never be recognised. What this video also fails to mention is that the root causes of the current problem are the bailouts and artificial low interest rates since 2008 (and further back than that). Economics is probably the only subject i know of that is not self-correcting. So many economists continue to place the cart before the horse.
can you name these Austrian economists so I can look them up?
@@indethbed2546I recommend the book price of time and broken money. They explain the situation we see today very well.
A few Austrian economist are von Mises , Carl menger and Hayek.
You can look up saifedean. He wrote a few good books about Austrian economics and the problem with government and fiat money.
Sadly Austrian economics issnt taught in university for political reasons. But books are there to enlighten us.
This isn't about the bailouts, this about lack of babies. What happening is that Russia, China and other countries industrialize to fast. When they did this people moved to the cities and didn't need 7 kids to work on the farm so a lot of countries so a de-population. So what we seeing is a de-popularization and people are freaking out because their economy is collapsing.
@@mandarinandthetenrings2201 It is about bailouts and money printing. Bad debt should have been purged. Natural interest rates should have SPIKED. Interest rate is a signal to the economy that it is over-leveraged and need to build up savings again and reduce borrowings/spending. Bailouts and money-printing prevented all these. It encouraged wasteful and inefficient allocation of resources. It encouraged moral hazard. It prevented prudent companies from gaining market shares. It transfers wealth from the population to those who has access to credit/borrowings. Mind you, we did not come to this conclusion after the 2008 crisis. We warned the world way before the crisis that this will happen. We predicted that the govt will bailout those big banks and that the central banks will print money like crazy, and we said that the money-printing will be never-ending and that there's no bailout strategy. ALL the central bankers and idiotic analysts on TV kept saying that there is an exit to all these madness. Now they're finding out.
@@jin_asap No it not, you see the population bomb has gone off. We have had debit bombs before and because you "Consumerism" people in their 20's buying cars and homes starting new families it didn't matter. But what happens when the majority of your population is in their 50's especially your women? The women in their 50's are not going to have more babies.
The greed of 1% ultimately caused this
More and more checklist being ticked for debt crisis recipe
is there a list of these 70 countries? I want to see i I should unreasonably panic or not.
All of the countries with debt could hold hands, press a button, and eliminate their debt in an instant if they wanted to.
It's all just 0s and 1s on a computer.
All of the assets and manufacturing would still be here.
The debt could just disappear and that would be that.
It would make some rich people very unhappy, but I am OK with that.
Not really. You have to realise that financial instruments are based on trust. The security of having obligations fulfilled. If you press that button, all financing immediately stops and will never come back. It means your bank would be bankrupt immediately and when you catch on and want to get your money, the ATM would already be empty and the bank not only won't open, there won't be anything there if it did. No one will take your call. That's how that really goes down. And it's not just the banks. Property development stops. Salaries aren't paid. Your pension is pooof, gone, just like that. All you now have is a few worthless dollars in your wallet. Within short order grocery stores won't be resupplied. It'd be really really bad.
@@mysterioanonymous3206
Farmers would keep plowing their fields, secure in the knowledge that their debt was gone. People would keep going to work and getting paid, but they would own their homes and their country would have no debt. Everyone would be really nervous for a month or two, but if everyone keeps working, nothing would change except for the loss of all the debt.
Everyone would have the same interest in keeping the economy going. If every nation is in the same kind of debt trouble, why would anything change? If they all default, they would establish a new exchange system and keep right on going.
@@OKOKOKOKOKOKOK-zn2fy 😂🤡 you have no clue
@@mysterioanonymous3206
So, you believe that everyone would stop doing what they are doing and just lay down and die? I think people would keep going and the finance thing would get renegotiated very quickly.
In ancient times, they would zero the books every seven years. All debts wiped out in a day. It worked before. It will work again.
@@OKOKOKOKOKOKOK-zn2fy and I believe you'd get a whole bunch of secondary effects you most definitely won't like. You'd basically erode the entire foundation of the economic system. You can't just magically come back from that. No f in way. Nations descended into poverty for far less than this.
One word tells you how we all got here. GREED!
2:41 please tell us what debt are you servicing?
& all these 70 countries are overpopulated. No one talks about overpopulation.
We are ten times more than what world can handle in droughts.
Atleast a billion will die of hunger in next few decades
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From what I've read, it seems to be a mix of factors. High government debt, corporate debt, and even personal debt are contributing to the instability. It's like a perfect storm. You should contact an expert to help you allocate stocks in your portfolio
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Singapore debt to GDP ratio is around 170%, probably one of the highest in the world. Luckily this debt is to primarily used to finance GIC investments which are (hopefully) better yielding.
As much as skepticism I have about the 'elite blindness' of our people in power, the Singapore government still has a very stringent & necessary system to ensure such debts can be paid without crashing the economy by building reserves and having a dynamic, strong monetary policy.
Singapore's debt on the balance sheet is debt to CPF holders. I.e. the debt is internal to its citizens and not external debt. The country's debt earns yield as you pointed out, whereas all other debt mentioned in the video is used to fund expenses. You can't compare the two.
In lay man term is the debt for med sch, home loan or to buy a Ferrari..
These are different quality of debt, not just the sum.. Unlike Spore in most poor country the debt is use to fund pet project for show w useless value, and often corruption is involved.. Thats bad..
@@godhelpme
Huh?
Debt is debt to someone.
Governments can always print money, but that's "inflation", and debt holders suffer.
There's no escaping the "Laws of Finance".
@@godhelpmeinfrastructure debts are fiscally long term yielding.. Meaning the Government is using it to generate fiscal revenue on top of private fiscal revenues as example from the road maintenance, road taxes, tolls etc. As long as no God forbid earthquake not sure why got to highligh them in bad way
It’s what they deserve. Back to personal finance, if the country is not smart enough to manage their finance, who are to blame?!?
What about accountability of these countries for taking so much debt?
They are portrayed like victims in this video, even though no one put a gun on their head to take these loans.
Predatory lending.
The main reason for the current wave of debt crisis is the interest rate hike by the west(EU and US), the rate hike cause devaluation of devoloping country currency and also a much higher interest rate for loan to devoloping countries.
100% correct, Everyone in the finance world knew this, but ...
Somehow this channel and western media skip this truth on purpose.
This also the reason many countries start working on de-risk from $$$$
AND also why BRICS , BRI meeting is crowded .
Agree totally
For anyone wondering wtf is global debt or any of those economist "debt" they talk about.
Basically we are "borrowing our own wealth from the future". Imagine you have 10 dollar in your bank. You actually only own 1 dollar and 9 is borrowed from future (not actual number, just illustration). If all the people in the world withdraw their money, 1 dollar bread will become 10 dollar.
The world is trying to balance debt and growth etc, on macro level. Its advanced knowledge, but you get the idea. You dont actually as rich as you think you are. You are in debt from yourself in the future. The benefit of this system, it increase the speed of everything. From spending to growth to anything.
Anyone has the link to this World Bank report?
The beginning of the end of a 70 year debt buildup cycle!
And upon the earth distress of nations, with perplexity. The sea and the waves roaring.
What are the typical terms for an IMF vs foreign government vs international debt market package?
Become a Neo Liberal Hell Hole and cut all Regulations. Let JP Morgan and Goldman Sachs Vulture Investment Firms cannibalize all Assets. I am not even joking.
If you research any IMF deal. Any Central Bank "Fiasco". They always talk about "Structural Changes". AKA the Regulations FDR put in place in the 1930's so the Great Depression didn't occur again. The entire F**King world has been duped by these Terrorist Bankers.
Excellent report, thank you for helping us inderstand the issues globally. Bottom line, corporate greed, average people getting addicted to buying useless fun junk in the market place and governments failing to supply low cost housing in collaboration with their building realtors in each individual country/culture
The debt is by and for societies, governments and people living beyond their means or even to live or free. Government programs are inefficient and often corrupt. Giving people free or subsidized housing is an example. Why would anyone work for what they can get for free.
The China "debt trap" narrative has recently been debunked by the British Debt Justice and World Bank data. They found that African countries owe 3x more to Western banks, asset managers and oil traders than to China, and are charged double the interest. 12% of Africa's external debt was owed to China lenders, compared to 35% to Western private creditors.
China has since cancelled the debt for 17 African nations.
A lot of bad things can happen. Women have a number of ways to avoid being a Single Mother. It is vitally important to use one of those methods. The children of Divorced and never Married Parents do much worse at all income levels. The very vast majority of people avoid Homelessness. It is desperately important to do as those do to avoid being Homeless. Regardless of the possibilities, some people will be afflicted by such limitations that they can't cope. Then, we should take them into compassionate custody to save them from their own misfortune.
Rental prices are what people pay. That is how they get a place to live instead of the ones who can't afford rent. Higher rent encourages more housing. It motivates people to make other arrangements,
Making it harder on Landlords makes Housing less available. In cities with strong Rent Control housing becomes more expensive and less available.
When the Public sector tries to directly provide housing it is more expensive and worse.
People who feel forced to live in their car must realize that something is wrong with their Lifestyle.
Nobody owes them anything. If we must relieve them of responsibility we must also relieve them of being able to run their own life.
@@user-6K38d95gfH
I think the problem is we still think that was people's fault getting addicted to buy junk but it was the corporations who hired Edward Bernays to use his knowledge and transform a society of utilitarianism into a society of consumerists.
I don't let the Panderer off the hook, but it is the individual who decides what to buy.
Freedom means to be responsible and not blame others for our own choices. If we buy we must pay when the bill is presented.
@@leonardohernandezcabrera7541
CNA mentioned 70 countries are in debt crisis. At least mention them so that we can know and verify if that statement is true.
All 70 add together still can't compare to U$A problem.
@@happymelon7129exactly 😂!
@@happymelon7129what problem? We’re good over here! Only country that hasn’t stagnated after the pandemic. We can’t stop OVER SPENDING and consuming unlike ur country where u stand in line for bread rations thinking dissing a richer country will help u sleep better at night on ur refugee camp floor. Get real loser
How the world get here? Greed stupidity, buying shiny things we could never afford..is amazing that every country in the world has accountants, economists, financial gurus...yet somehow we run countries into the ground🤷♂️🤷♂️..ppl always think they smarter than they really are. 💁♀️
It is not because interest rates are low or even at zero that you have to borrow.
Do with what you have even if it is not much and stay debt free , if not , then do not complain when things go wrong .
Because most debts were used/invested in infrastructures/road and bridges construction which did not yield income to pay them. Interest rates payments have to be taken from taxes and other government revenues.
Not! If the main culprits being colonizers stole and exploited other countries for centuries. That in itself can cover all infrastructure costs. Governments need not rely on taxes. Governments are bloated and inefficient. If it were a company for profit. They would have failed quickly. Total losers!!
Like many participants of the Belt and Road Forum, Sri Lankan 🇱🇰 PM Wickremesinghe was in Beijing, asking the Chinese regime for *restructuring debts.* Lol
- Other participants are coming for the same reason or to complain about delay, cost overrun, or cancelation of their projects.
Should be asking the West, America, and black Rock to write off.
@@SueC2558 he's a bot lol, don't take him so seriously.
The China "debt trap" narrative has recently been debunked by the British Debt Justice and World Bank data. They found that African countries owe 3x more to Western banks, asset managers and oil traders than to China, and are charged double the interest. 12% of Africa's external debt was owed to China lenders, compared to 35% to Western private creditors.
China has since cancelled the debt for 17 African nations.
It was not China that first expressed interest in building a port in Sri Lanka, it was Canada in 2003 but ultimately withdrew their interest. Sri Lanka wanted to go ahead with the port, so approached India and USA for financing. India and US declined. Sri Lanka then turned to China.
China agreed to fund it in 2007, a full 6 years before the BRI (2013) was even launched.
Upon completion, Sri Lanka realized Sri Lanka did not have enough experience in managing a port. So decided to lease it out to an experienced company to help pay for outstanding debts of their country. Sri Lanka first approached Indian and Japanese firms whom rejected the offer. So Sri Lanka once again turned to China whom struck a 99-year lease deal in exchange for 1.12B usd, which Sri Lanka can help pay off their outstanding debts.
Therefore, as you can clearly see, China "debt trap diplomacy" was invented by western media.
You can verify these facts with John Hopkins University professor Deborah Brautigam whom is an expert in China's BRI.
China has never seized a single asset from a country because it has defaulted on a loan.
"Debt Trap diplomacy" is a western media lie, created to distort people's perception of reality.
This is what happens when the issuance of money is controlled by private hands and why our financial system is called a debt-based financial system. These private bankers loan out more money than what is available in the real economy and that is why we have periodic recessions and depressions. It was created that way!
USD is the mother of all problem......
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bot
USA has over $33 trillion federal debt and over $17 trillion private debt in 2023 and the debt is growing and growing...
If the debt is never called in all at once, is it really debt?
The US can afford to do that because of the global reserve currency status of the $. Over 40% of global trade and 80% of oil trade in petrodollars. 😂
The US simply export their inflation to third world countries and so far there is no solution for this problem.
Poor thing.. And then they use that money to wage wars in the middle East and support genocides. That country will soon pay its horrendous atrocities and war crimes.
So many companies are going to be disappointed when they say to the people that supposedly owe ,say no money and if you think your getting my home , well we can make a bon fire and brown field site easier. Good luck with that .
Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35,000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.
Hello! who is the consultant that assists you with yours and if you don't mind, how do I get in touch with them?
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So how much national debt did the banks write off during 2009?
Bad leadership within developing countries is the problem.
Greece???
4:20 it's because of interest, where the heck people get the money for paying interest?? out of thin air?? when it's accumulate then we're all fuced
and as the video already says, it's all bank faults. the system of interest to be exact
Blame these same people who impose free trade globalization of nations economies. And IMF ,World Bank etc .
12-7-2022 Britain-based charity Debt Justice:
35% of African gov debt is owed to Western lenders compared to 12% owed to Chinese lenders
The average interest rate on Western loans is 5%, compared to 2.7% Chinese lenders.
Debt Justice, formerly Jubilee Debt Campaign, exists to build collective power to end debt that exploits people and the planet.
Debt Justice is a part of a global movement to end unjust debt and the poverty and inequality it perpetuates. Only together can we build a fair economy that serves people and the planet.
We are a UK based charity founded in 1996.
It was not China that first expressed interest in building a port in Sri Lanka, it was Canada in 2003 but ultimately withdrew their interest. Sri Lanka wanted to go ahead with the port, so approached India and USA for financing. India and US declined. Sri Lanka then turned to China.
China agreed to fund it in 2007, a full 6 years before the BRI (2013) was even launched.
Upon completion, Sri Lanka realized Sri Lanka did not have enough experience in managing a port. So decided to lease it out to an experienced company to help pay for outstanding debts of their country. Sri Lanka first approached Indian and Japanese firms whom rejected the offer. So Sri Lanka once again turned to China whom struck a 99-year lease deal in exchange for 1.12B usd, which Sri Lanka can help pay off their outstanding debts.
Therefore, as you can clearly see, China "debt trap diplomacy" was invented by western media.
You can verify these facts with John Hopkins University professor Deborah Brautigam whom is an expert in China's BRI.
China has never seized a single asset from a country because it has defaulted on a loan.
"Debt Trap diplomacy" is a western media lie, created to distort people's perception of reality.
one-sided report
If the above is untrue, then people will surely wonder why then the government has little or nothing to address those problems since the SG Conversation took place and at the same time, if Forward Singapore would end up in the same manner.
We used to plant the food we eat! Raised poultry and other animals! Used fuel from methane converted from animal crap for cooking and heating. Now, we buy almost everything because it is cheaper to import and convenient!
Keep Korea Japan China Vietnam Philippines Taiwan India America and other countries and nations safe 🙏❤
Mr Perera again reiterated that the 25% debt service ratio formula expressed in WP manifesto in 2020 is a “maximum cap” while it applies to all flats.
“It is not an expression of the target for the average, it is a maximum cap, and our formulation also has other elements in it which differ from typical transaction.”
However, in the subsequent argument, Mr Xie insisted that “Workers Party’s position is basically to peg definition of affordability to median household income even for higher income earners in Singapore.”
Food banks and shelters are over capacity here in Canada
That's the price of printing Money out of Nothing. It's a ticking time bomb.
No, it is a result of wasting that debt financing on ghost cities, unfinished infrastructure, food and fuel subsidies for the masses and military equipment rather than economic development
Wrong logic, Chris Romeo. 😂
@@M-rook Only for those who truly understand how Money system works.
@@JackHawkinswrites Money is debt.
It's a ponzi scheme
oversimplistic explanation
perhaps I misunderstood, wasn't Sri Lanka's problems related to climate change policies, ie not being able to use fertilizers etc. Therefore decreased crop yield.
Can list out the 70 countries?
Since CNA doing this debt issue, can you open share some details like Sri Lanka debt breakdown. Who is biggest debtors?
they won't, because CNA is against china and pro Western IMF
Western countries(companies)+ JPN+ India+ IMF + WB = 80% of the debts
Yah Loh no break down then anyhow copy paste then tadah one episode come out Liao
It was not China that first expressed interest in building a port in Sri Lanka, it was Canada in 2003 but ultimately withdrew their interest. Sri Lanka wanted to go ahead with the port, so approached India and USA for financing. India and US declined. Sri Lanka then turned to China.
China agreed to fund it in 2007, a full 6 years before the BRI (2013) was even launched.
Upon completion, Sri Lanka realized Sri Lanka did not have enough experience in managing a port. So decided to lease it out to an experienced company to help pay for outstanding debts of their country. Sri Lanka first approached Indian and Japanese firms whom rejected the offer. So Sri Lanka once again turned to China whom struck a 99-year lease deal in exchange for 1.12B usd, which Sri Lanka can help pay off their outstanding debts.
Therefore, as you can clearly see, China "debt trap diplomacy" was invented by western media.
You can verify these facts with John Hopkins University professor Deborah Brautigam whom is an expert in China's BRI.
China has never seized a single asset from a country because it has defaulted on a loan.
"Debt Trap diplomacy" is a western media lie, created to distort people's perception of reality.
The China "debt trap" narrative has recently been debunked by the British Debt Justice and World Bank data. They found that African countries owe 3x more to Western banks, asset managers and oil traders than to China, and are charged double the interest. 12% of Africa's external debt was owed to China lenders, compared to 35% to Western private creditors.
China has since cancelled the debt for 17 African nations.
To make the countries governments in discipline, paper currency notes should be banned and only gold or silver or metals or grains exchange should be in place to put an end to debt problems.
It is a time of unparalleled opportunity for humanity, in the face of its greatest peril. To reset debts economic systems and global civilizations energy sector all at the same time. It’s got to be honest intelligent social and utterly responsible. Viva!
Finally they stand up
My problem is all this is our own faults. all it takes is for people to decide this system isn’t working anymore and we get rid of the concept of money and move towards something else
They want it to fail to push through digital currency = total control
The problem with most big decisions is having everyone on the same page at the same time. Oh, what a force we can be tho if everyone is synced up. But alas.......
ACCORDING to Charles Nenner (cycles forecaster) there will be a DEPRESSION bigger than the great DEPRESSION (1929), will see the sign by the end of 2026. The cycle then is line up just like it did in 1929. "You have enough time to rescue your capital and take care of our life." Statement from Charles Nenner recent 2023/10/26.
It’s been in place since 2018. Just hasn’t hit hard yet it’s coming.
It's their tough luck. they did it to themselves. USA needs to get out of the business of lending $$$ to other countries.
All the money thats ever been in the world is still here somewhere.
We didn't ship money out in space or bury it deep in the ocean
So where is it? Same global amount its just shifted around, but where?
Thats a good question
Money is somewhere and if the majority of people are poor that means a minority of people have most of the money
Bravo. Thanks for telling us the truth. Hell is coming from this debt crisis and people will wonder what happened
Pay off your debt before it is too late
And weve been hearing bout it for decades. So old.
As long as there is capitalism, which promotes and supports few countries are the top 'taking care' of the rest of the world, the sufferings of those countries never ends.
Capitalism is what people naturally do. In a free condition people will do Capitalism. It takes a Police State to stifle Capitalism and install Socialism.
Capitalism has lifted billions out of poverty. Communism, its opposite has put millions in the ground.
Capitalism is a Marxist term. Using it proves you know only ideology and have no serious position to consider in terms of economics.
None of what you said has anything to do with capitalism. Thats just what a few countries with close to 1000 years of knowlege happen to deal with. Its not the fault of capitalism that many countries governments suck at managing economies.
Interest rates should be remain the same during entire loan. Eliminate variable rate loans!
So nobody is accountable at all EVER
Us debt trap is more apparent than chinese debt trap
Yah Loh and yet here they copy and paste from Jiak gangtang side and then can Liao. They think other people so easy to fool
And to think. Only a 100yrs later here we are again. Monentarey system that is corrupt at the Core
Prepare is key as the fiat debt monetary system is falling apart. Time is the essence as governments spend irresponsibly, and with term elections, leaders just keep kicking the can down the road till ....shlf, printing fiat with no return. Sound money should return with a reset or going into digital currency making it easier to add more zero to the debt without ceiling.
If people in the world don’t fight amongst them, money will be spend on food, health and living thus growing the country’s economy. However, a big portion of world’s money are used to manufacture arms or buying arms so how to prosper.
when people realised that boomer stole their future and still have the audacity to call them lazy
The best thing we can do about debt is to stop paying it.
No, you tell your government to use it wisely.