Why Can't We Just Forgive All The Debt? (Plus a Fed Emergency Meeting Update)

𝐆𝐄𝐓 𝐓𝐇𝐄 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐂𝐎𝐔𝐑𝐒𝐄➜➜➜
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In this video, I discuss the complications involved if the US government were to cancel some of its own debt, as part of a debt jubilee.

A US Treasury (government bond) is a liability of the US federal government, but it is an asset for those who hold them-- and that includes a lot of retirees and pension plans.

If you cancel the debt, you are basically stealing from ordinary people who have put their retirement savings into Treasuries.

Governments and their politicians will always choose instead to have the debt monetized by the central bank. If there is too much debt and not enough buyers, central banks will step in with printed money to buy the bonds.

This devalues the currency over time and destroys purchasing power, but it is a form of silent theft that doesn't get politicians thrown out of office in the same way that a default would.

Markets are rallying strongly after the Fed emergency meeting yesterday, suggesting that something more substantial than debit cards was discussed at the meeting.

Not investment advice! Consult a financial advisor.

US total public debt:
https://fred.stlouisfed.org/series/GFDEBTN

Chart of debt/GDP:
https://fred.stlouisfed.org/series/GFDEGDQ188S

Debt Jubilee:
https://en.wikipedia.org/wiki/Jubilee_(biblical)

Bank of England pivots to protect pension funds:
https://www.ft.com/content/756e81d1-b2a6-4580-9054-206386353c4e

Fed emergency meeting press release:
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20221003a.htm

Sunshine Act:
https://www.acus.gov/sites/default/files/documents/17%20Government%20in%20the%20Sunshine%20Act%20Basics.pdf

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#debt
#treasuries
#bitcoin

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