What if the US Just Stopped Paying the Debt?

TIMECODES
0:00 Intro
0:17 U.S. National Budget Deficit
2:31 Should the Government Default
6:05 the Fed Would Step In
12:22 What Will Happen Next

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My name is Joe Brown, and I'm a former stock broker who spent years advising the top 1% on how to manage their wealth. After making enough money to leave the corporate world behind, I turned my attention to teaching regular people financial strategies that exist outside the mainstream - things you'd never hear from your traditional fiancial advisor.

I am not a CPA, attorney, or licensed financial advisor and the information in these videos shall not be construed as tax, legal, or financial advice from a qualified perspective. Linked items may create a financial benefit for Heresy Financial.

[XrpIambo]

US defaulted when it removed gold standard

[Capitalist_Pig]

yes, but they would not be able to borrow ever again.

[InvisibleCitizen]

I remember when Germany cut off their credit to Greece. Germany told Greece that starting austerity was mandatory. It’s time America’s creditor cut us OFF! I remember decades ago when Australia’s inflation was so bad that citizens took their pay directly to hard goods stores to buy stereos and other goods that would hold their value or increase in value! Plus they were tradable. Dry goods like food!

[jameslovell]

It is not true that for all of US history the deficit and debt have always gotten bigger. There were periods of deficits and surpluses before 1913:
From 1796 to 1811, there were 14 budget surpluses and only 2 deficits.

In the 20 years following the War of 1812, there were 18 surpluses. President Jackson eliminated all US debt in 6 years.

The problems we have are tied directly to the creation of the Federal Reserve and the implementation of a permanent income tax, both in 1913.

The first steps to correct the current issues would be to eliminate the Federal Reserve and declare a debt jubilee -- discharging all Federal Reserve debt.

[zeljkomikulicic]

When money is backed by debt. What's happening if government don't back debt? Collapse of currency.

[ChristianJacquet-myrl]

It's disheartening to think that our tax dollars are being spent on international interests instead of tackling our own nation's challenges, such as rising rents and stagnant wages, which are making it difficult for me to make ends meet. In fact, I've been forced to dip into my savings to keep up with the increasing costs. However, I'm determined to make the most of my situation and invest the remaining $100, 000 in a non-retirement account to secure my financial future. Advice on how to grow this sum would be greatly appreciated, especially considering the current economic climate.

[tombox]

All of this really means that the average tax payer is providing human labor for absolutely 0.

[rya]

what happens when a ponzi scheme does not pay interest anymore?
Everything collapse. The main difference with Japan's debt is that, the US one is hold in its majority by other countries/third parties, meanwhile the japanese one is only 30%.
We can think like the japanese debt was already paid with inflation, meanwhile the US one is inside a vicious circle w/o escape.

[zorrobel]

Add all those unfunded entitlements, it’s about 200 Trillion

[Lieutenant_Dan]

We're going to have to downsize the budget, one way or another. Either you make the hard choices now, or you have the choices happen to you. Congress hasn't had the guts to do the former yet, so buckle up.

[timothyrday]

Imagine how much better the world would be if the politicians were not allowed to borrow any money. We might feel poorer, but at least we'd have to face reality.

[Cedartreetechnologies]

Default on debt will bring on financial ruin for most Americans. Including my wife and me. My kids will live to see recovery. Bring it.

[jonathantaylor]

Your average American might not have much cash in the bank... but their employer does. Good luck getting paid on Friday. The USG defaulting on UST's would destroy the global financial system. The entire supply chain that provides food, energy, medicine etc would entirely break down. The inflation you experience doesn't happen in a vacuum- there are massive non-fiscal deflationary pressures like open borders, globalism and technology advancement that effectively push back against money printing. My concern is those counter-pressures to all the money printing have a limit and I think we are getting close.

[lufknuht]

Doesn't consitution forbid failing to pay debts?

[ace]

Not according to history. They’re doing what most have done in the passed .. print it till ot becomes worthless. It’s been happing for decades. Especially since 2008 GFC.

[stevenrowlandson]

The governments creditors may find out that those government bonds will amount to a tax on people silly enough to lend to government.

[lv]

If you want to control spending maybe term limits would be helpful since bribing legislators for pet projects, maintenance of bloated programs and other boondoggles wouldn’t be as effective.Since reelection is no longer possible, maybe bribing would be less likely.Term limits would have to be voted on by the very people who would suffer the most and the only thing more unattainable than repaying the national debt is legislators voting their own demise.

[mikee]

Is this the pathway to CRYPTO CURRENCY to help pay off the DEBT?! We will enter the 4th INDUSTRIAL REVOLTION (Finance)

[waylaidsavant]

Tell us more about the element of private ownership of the Fed.

[andrewvader]

If things go 100% to zero holding anything US... You can't run away from it... You hold physical things... Or find something outside of that system.