American Debt Ceiling comes Crashing Down

The American Debt Ceiling is something that could knock the World Economy to it's knees and pull America into the largest recession in it's history. The dedollarization, Homeless and loss of jobs will be like nothing they have ever experienced. You would think that the politicians would try to avoid this at all cost but you have to remember the polarization of the American political elite and how they care more about themselves than the people of America. Sit back and watch as I discuss this subject while I ride around Nanning City, China. A world away from the Western Problems.

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[kennethhancock]

We could tax the rich, reduce military spending, etc but we cut social services because we’re broke. What a crock.

[laowhy]

This is what 32 trillion looks like 32, 000, 000, 000, 000. This might blow your mind, if you changed each dollar for one second of time, you could buy 1, 014, 400 YEARS.

[ahpong]

Kirk, you're a real Canadian🇨🇦. You contribute to saving Canada's reputation. Thank you for your works.

[Jonathantuba]

I go to China and the USA for business and it is very apparent that while China is rapidly rising, the USA is in steady decline.

[cnbigonion]

Both parties agree that military spending will not be affected. Think about it😊

[ubermenschen]

@5:08, China and USA both have debt, but China’s national debt is manageable whereas USA’s is beyond solution except default. Another critical difference between China and USA: China has a huge trade surplus, whereas USA has a huge trade deficit.

[reynoldliao]

Maybe try closing down all those foreign military bases?

[perritsang]

Thank you for showing us the real China.

[twoful]

Debt ceiling is just a showbiz. Who is going to buy it bond that is important? What concerns us is when America decided to cheat by printing new money or is it that they has been doing it all along?

[MASMIWA]

You spoke right over the problem. There are three pots to the budget. There is interest, then mandatory, than discretionary. Not much can be done with interest unless you reduce the debt. Mandatory is just that, things like social security and vets. You could cut back on these, but then there would be a revolt. Then there is discretionary which Congress can fiddle with. The defense budget is half of the discretionary pot, but both parties refuse to limit it. In fact, they want to increase it. That really leaves not much left to argue with and the debt ceiling is misinterpreted. It is to pay for expenses already accrued. We spent it!. The defense spending keeps rising and both parties refuse to cap it. And, the 15% minimum corporate tax that Yellen has been preaching is nowhere to be found. Looks like the world disagrees with Yellen, so our top 50 or so corporations keep getting a free pass and pay zero income taxes. Their lobbyists have done a good job of tax loopholes for corporate and the rich to avoid taxation. The peasant American worker has only one tax avoidance and that is his home if he can afford one. The interest is deductible so the government appears to be subsidizing your taxation and giving you a tax break. Isn't that great when most Americans that buy a home, put 20% down with a 30 year mortgage. At the beginning most of your payment goes for interest, so you get a writeoff. However, your payment averages about a third of your income if you are lucky. A third goes for taxes to both federal and state governments. The rest you spend for your family, things like food, transportation, clothing, and discretionary expenses if you have any discretionary funds to spend. Bottom line, is that many Americans are living paycheck to paycheck and when they lose their job, their debt increases. Americans are actually bondage slaves to the government. And our debt, unpayable so might as well reset the whole enchalada by bankrupting the US and those who own US debt get zero, the dollar is worth zero, and the debt goes to zero, and a new government will be formed to restart the US. With de-dollarization, probably soon.

[franciscosousa]

l have been in Nanning several times! l was not aware of what the outskirts are! Very beautiful and peaceful! And totally different! Great video!

[limts]

Excelent documentary, speaking the TRUTH and No Garbage.

[debsctn]

love your channel, your fun approach, the conservative views without the pollution of neo cons warmongering Harper-Nuland-Freeland kind of thing all the while you always show reality of China.

[hongqingxiang]

🙏Thank you for sharing your perspectives & insights🙏👍🙏

[ubermenschen]

@8:20, USA does more than just bullying foreign nations. USA drops bombs; unleashed hails of bullets; launches barrages of cruise missiles and artillery.

[MD]

The problem is not the spending, it's the lobbyist spending that is the problem. the PWC scandal just about now shows how far lobbying goes up the government tree.

[OhFookinELL]

They can always close the bases around the world. Or ask Zelensky for the money back 😂.

[youtubetebie]

Biden should print a 32 Trillion dollar note and settle the debt crisis 😄😄

[michaelgoh]

“All visitors come hotel”, 😂😂😂
How do you manage to ride your bike & talk at the same time? Amazing!😮

[befeleme]

Well they have just increased the debt ceiling. As expected. More debt, more money printing, more warmongering. Business as usual for America. But this time, the petrodollar may no longer work to protect them: Welcome to petroyuan and petrorouble.