@@eVill420 The problem with Argentina is that in 2015 had a debt that was arround 50% GDP. 4 years later it has a debt that was arround 100% of GDP and nobody of that administration can explain where that money went.
Is not because Argentina don´t share the information. IDK why there is not information on IMF site but the amount of the external debt is something that a country can not hide. We own arround 100% our GDP.
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
Bulgaria went into hyper inflation in 1996-1997 (of above 1000% and basically defaulted), since then the country is in currency board which helped the country stand on its feet again and it was unofficially a mission to decrease the debt since then. Until the next crisis in 2008. Another reason is that the economy grew very rapidly and the GDP increased a lot so the ratio decreased accordingly.
Let's not forget we might have one of the lowest debts worldwide, but we also have one of the lowest median salaries as well - supposedly 789 EUR or 889 USD as of Sep. 2021. And I can asure you most people live on 100 to 200 EUR less per month than the aformentioned numbers.
As a Nigerian even though I hate our shitty government, I applaud them when it comes to debt payments. We have been borrowing a lot though over the past 5 years because of economic challenges.
Nigeria is the Future African Superpower ...... Africa has to receive some credit and Nigeria would be the driving force of that in the Future . Love Nigeria from India . 🇮🇳💓🇳🇬
I was intrigued, so I checked: "Sveriges riksbank, or simply the Riksbank, is the central bank of Sweden. It is the world's oldest central bank and the fourth oldest bank in operation. The Riksbank began operations in 1668." Three banks (not central banks) were founded before 1664 when "Child & Co. was founded as the oldest bank in the United Kingdom" (shortened). You're right, the Bank of England was founded in 1694 and the Bank of Scotland in 1695. That's why I love the internet = learn something new everyday.
Same here, had to stop the video and check the year. Or did general knowledge slim down the actual use of the bank in question to something much narrower?
Putin and the russian goverment avoid debt like the plague because of the 90s when the russian economy was heavly burdened by the soviet union's debt and later defaulting in 1999. Putin during his first 8 years mostly payed off russia's debts and balanced the budget,now Russia has more reserves then it has debt. Even during the pandemic Putin never stopped being frugal about spending.
If there is little debt then the state is not growing. Governments invest in education, healthcare, social programs, infrastructure, defense etc to the benefit of its citizens which all costs money and these investments, which has to be balanced, is for the present and future of the country. The increasing debts could be sustained because of economic growth. Russia is only thinking about the present.
@@rcbrascan Not quite, as you might have noticed, Japan's debt has been growing during the years of stagnation since the 1980s, you can also note the growing South Kareya and Israel, which are growing beautifully without debt. The goal of countries is to give money to the economy so that it circulates like blood in it. Debt is just a way to get money, and not the best, if, for example, a country has raw materials to form a budget, then it's best not to get into debt.
If student have right to select their teacher then for sure I ll select u as teacher of general knowledge Edit - omg 245 likes ..😂😂😂😂 never thought of it ..
I lived in Japan, when the Nikkei hit its highest point; this must have been around 1988 to 1990. Before the decline started, the value and price of land increased about 67% per year. At the high point, the inner city of Tokyo was worth more than the whole North-American continent. A lot of people and the government borrowed money based on the expectation that this increase in value would go on for ever. Finally, the government decided to puncture this bubble. They hoped for a leveling off or a slow decrease. However, that did not work out very well. I think there are other countries that fell into the same trap.
The big mega building projects in japan are mind blowing and part of the reason for the debt. kansai international airport was one of those projects. It cost $17 bn us dollars. I marvel at it every time i go there. There are other big mega projects around japan that people make comments like "this place looks like a bubble era construction project"
@BorisH yes, this was true . This was supposedly also a reason why the government wanted to puncture the bubble, to release the pressure in a controlled manner. This did not work; the country went into a slump for more than 10 years.
@@davidanalyst671 You really know nothing. Bolsonaro increased debt to GDP and he has a ton of corruption issues. I've known him for a long time and he's just a corrupt clown.
The world's oldest central bank is Sveriges Riksbank, which was founded in 1656 as Palmstruch-Bank, but which in 1668 became Stockholm's Banco. In 1694, the Bank of England was founded on the Swedish model.
you forget to mention that the US has the petrodollar, without it, it would collapse! And like Japan, Italy has his debt mostly by his own people, not by foreign countries, this is a very important note!!
🇺🇸:-I wanna distrupt my and Global Economy. 🗺️:- NononononoNOOOOOOO 🇺🇸:-Oops, sorry, I have Done that. (that's how 2008 Global Financial Crisis Came 😜😜😜)
@@sodoff4451 I am indian nothing happens that time. Just people who are working in America they lost job. just europian and us people want through that crisis. Even in aus, NZ also nothing happened. Even India never faced unemployment. People don't get job in india cuz they lack in skills(due to poor education system) and most want to work for Govn jobs more than private jobs. And people live asia just they want to have foriegn life style. And inflation happens everytime.
Estonia on debt: "nah, we dont do that here." suprisingly enough, even populist goverment we had didnt change that, even though borrowing was their keyphrase.
Debt isn't always bad. e. g. as long as you can borrow money with an interest lower than the inflation you make money. Germany even sold bonds with a negative interest...
It is impressive that Russia that fought and won against Sweden, Turkey, Napolean, ww1, ww2 and then cold war and now engaged in new one and has only 17% debt. It is mind-boggling. What are they doing right?
Also notable to say that Russia experienced hyperinflation not long ago in the 90s and nearly collapsed. Russian economy was heavily reliant on gas exports back in 2000s, and with gas price boom it helped the economy a lot. The government has nationalized some of the assets, mainly those held by oligarchs, to prevent oligarchs from influencing the policy of the government. Because well I think, the transition to capitalism from the soviet era, paved way to a lot of oligarchs who just influences what they want within the government. Russian economy was on a surplus and their government paid back debts early that even the lenders complained 😂 Russians believe in sovereignty, to be able to decide what they decide fit for their country. They believe that less debts would mean less external influence on their policies. Then it all comes down to management I think. They make sure they don't suffer the economic collapse that happened in the 90s, that's why they prefer to operate on a budget surplus.
@@willrichardson519 For sure. But I don't think Russians aim as much as they have no foreign currency loans. I believe they started to decrease their debt with the goal to 'limit foreign influences' to their policies. In 2000s, people really believed that it was the outside influence along with oligarchs that ultimately destroyed the economy because they have enough influence in the policy making of the government at that time. Once the debt of the country was decreased, it was a major step for the government to make policies they believe was best for the country to move forward.
I know it is out of nowhere but The b in debt is silent as well as in doubt ,subtle etc. English borrowed these words from Latin and wanted to keep their spelling as similar as that of Latin.
@@porkysharma8423 The English word "debt" comes from Latin "debitu". Other Romance languages have cognate words: "dette" (French), "deuda" (Spanish), dívida (Portuguese), "debito" (Italian), "débeda" (Galician) or "deute" (Catalan). The English form was borrowed from the French back in the 1000s, and back then the word was written as "debte". Nowadays, English (almost) conserves this spelling, however French changed to "dette".
@@novelle2727 You literally said it yourself "Middle English dette : from Old French", so where is your initial "English borrowed these words from Latin"? Debt was borrowed from French, and an anglicise Latin word would have sounded different. Same applies to @Diogo Rodrigues and @Tom May.
@@novelle2727 Just because the French took it from the Latin, doesn't mean the English borrowed it from the Latin. If that was the case, then it is fair to assume, according to your very own narrative, the English word "debt" came from Greek, as Latin itself is derived from Greek.
It isn't necessarily the debt, it is the ability to pay it back. The ECB gives Euro using countries the same borrowing rate, but Germany has much more chance than Greece of paying it back. That is the failing of a blanket currency
The government in germany gets most of its borrowed money from the private sector, so that doesnt really matter. At the same time, noone profits as much from the euro as germany, being an export nation. The ones who benefit less from the euro are countries like greece.
@@4Curses the debt regulations the EU has are a joke, especially the 90% ceiling has no scientific basis. If anyone is wrong there, its the rules, not greece lol. The eurozone crisis had the rich nations, germany first, throw greece under the bus. The willingness of the greek people to stay in the eurozone makes them better europeans to me than us northern countries...
A distinction must be made of internal and external debts. Internal debt of Singapore are merely savings of the people kept by the govenment. These savings can be used for various purposes like housing, retirement and education.
US debt went up $8 trillion from 2017, due to tax cuts, and then massive amounts of stimulus spending in 2020. It hasn’t gone down since 2000 when we had a budget surplus, but then we got into two wars and lots of defense spending (which seems to be a blank check most of the time), and it seems like we don’t care how high it’s gotten, or how we’re going to pay it down.
Countries can always emit more debt to pay what they due. The US being the biggest economy in the world, debt is not really a problem as their risk of defaulting is basically 0.
@@ranjith27 Masters can allow themselves debt, they can print as much they need. slaves cannot allow themselves debt, even not a little, their income will be skimmed (stolen). Viva la revolucion.
@@AntonioZL I wouldn't say that. I mean, what are you going to do if the US suddenly said no to paying its debt? Start a war? With the country that put most of the money they borrow into their army and technically consist of a completely fortified continent?
@@willrichardson519 most of italian debt is owned by german, french and italian banks and it basically consists in common middle class savings. I for myself have a part of mine invested there. It is also true that majority of italian people own the house they live in, and the private debt on average is extremely low. So yeah, Italy is one of the most indebted countries in the world, but like in Japan, most of it is owned by italian citizens themselves. that is why the interest rate on italian debt isn't much higher than the one of other countries that have much less, like Germany. Obviously it's higher, but not proportionally to its size.
There's plenty of negatives with the debt. One big thing I notice is that those that do the borrowing aren't the ones that have to pay it down. Zero individual responsibility. Put the borrowers and recipients on the hook.
So debt doesn't explains if a country is rich or not because countries like Japan, Singapore, USA and western European nations have high debt but still are rich, whereas prosperous countries in the middle east , Taiwan , Hong Kong and Macau also are rich but have low debt.
That's a good observation. We're so used to see debt as a negative element, that we forget that public finance does not work the same as our private financial life, like the more classical economic theories used to state. If you're interested, you can search out about some more modern monetary theories (MMT), and how a lot of countries have been using these economic politicies after major crisis (such as 1929 and 2008). Public expenditure is just a tool for economic policies, of course it does not work for everyone, but is not always bad as we're used to think.
Even with all the sanctions in the past years, Russia has kept its debt very low and all the while increasing its currency and gold reserves at record high. Their fiscal policy is truly underrated, more like unsung success, an inconvenient truth for western media to report.
@@harukrentz435 Gas is a trifle, but oil is another matter, but it is worth noting that the United States and many other major exporters of raw materials have not a small government debt.
Let not talk about new diamonds locations , our President is very wise when come to resources, during Jeljcin era we lost almost all our industry but when our President took over economy slowly come on track.
@@harukrentz435 USA print money as much they WANT. And this is default the complete world, because EVERYTHING is in US$ : oil, rice, metal, flower, uranium, weapons, EVERYTHING. very convienient that YOU can print as much as you want and making the most weapons....
Get serious, Russia is barely different from 3rd world and 60% of it's economy is natural resources or it would be 3rd world. Joey B. has now helped by destroying America's oil independence and helping Russia, but the BS was Trump was colluding.
As a Bulgarian I can say, our low debt is because of our strict financial policy, which blocked our development in some way and the wages as well. Also good to mention, in 1997 we were struck by hyperinflation, caused by poor economic decisions, corruption and a some amount of debt which the country couldn't pay, which resulted a bancruptcy. After 1997 the currency, lev, was merged to the german mark, which helped our economy to be back on track, but stumbles the economic development too. Personaly I think with currency board is better, I hope Bulgaria won't change to EUR after 2 years.
Actually... The first central bank is Swedish, not english. Our centralbank predates the English one by 24 years. Well some say the first centralbank is Dutch, the difference is that the dutch bank was owned/vouched for by the city of Amsterdam. Our Riksbank, centralbank was created by our parliment and was owned by the state.
I personally thank you for this video, because some revolting ppl in my country (Vietnam) still use the raw number of each citizen on external debt to describe how our government make us in debt. Kinda dumb I know but it sells because our people don't like to be in debt as a person.
As a vietnamese i would say the same, i went abroad when i was in middle school. Going out of Vietnam give me a perspective of the problem in vietnam but also it benefit, it make me love my homeland more than i ever expect to be while living vietnam, i guess i took thing for granted back then. Now i returned here to go to university
3:25 I don't miss these times; because newspapers are still delivered to houses where I live. You can get a subscription, but there's a free local one that everyone gets.
Sovereign bond prices/interest rates that countries have to pay on their debts are based on a lot more than likeliness to default. For most nations that risk is viewed as basically zero. Instead, prices are mostly determined by things like inflation, gdp growth, etc.
@@oneontumetse7900 I thought Botswana is only stable govt in Africa!! 🙄🙄 Having Sea availablity boost connectivity and attracts Foriegn investments. But I agree if you have currupt official it doesn't matter how much money you get it will go into Swiss accounts.
@@ChoCoMoCo69 well on the outside it looks like we are doing great but the new government elected in 2019 has been so dodgy. Hopefully in 2024 we can change them and continue building towards a more progressive future
@@oneontumetse7900 Ok!! I didn't know about that I read a lot about Botswana. I think I missed reading about your 19elections cuz my country too had election that yr. All the best for you and your country. 👍
The question is who do we owe this money? to extraterritorial creatures? Secondly, some major reasons for the increasing debt of a country are: 1) Corrupt rulers 2) Money Laundering 3) Banks that help parking that laundered black money. 4) Evil Interest rates
Foreign debt is usually borrowed from the IMF or World Bank. They are basically instruments of the west. The next player in the market is China. The issue of public debt is highly nuanced together with taxation policy.
Canada is working really hard to get into the top 10. It's actual d:gdp is somewhere between 115%-120% and it has been rising quicker than most of the ratios of other countries already in the top 10.
The reason Belgium has a lot of debt historically is because of division into the dutch and french speaking parts. The government policy has been for years to mirror the size of any investment in one part of the country in the other part in order to appease both. (So called "waffle iron policy"). This lead to wasteful mega projects like the large ship elevators of Strépy-Thieu.
And again, how many languages besides from English do YOU speak, and are you able to pronounce ANY cities and countries as they should? Just wondering....
well if you think about it makes a lot of sense no bank will loan to a person without a job or some good assets in their belt because if the dont have that they are not sure if they can pay the debt. that is why poor countries dont have debt noone wants to backup someone that they think will not pay
As an Italian I have to say that while we have a huge national debt, we are one of the few nation that has the debt in the hands of the citizen. That might seem a bad things but actually that means that we our nation is not influenced that much by other nation or people
I'd like to know more about the "gold clause", according to which the debt always gets reajusted considering gold price, not Dolar or any paper money. Part of my country's debt, Brazil, follows this criteria
National Debt is NOT an issue as long as there are assets to cover the debt. Public debt is not the main problem if it was to fund investment. Singapore government has a huge public debt but the debt is used to fund investment. US uses debt primarily to fund consumption. That's why the difference between Federal assets and Federal liabilities has increased over the years.
One of the reasons why big economies can afford such high debt to gdp ratio is due to them being seen as reliable and because they hold a bigger say in many financial institutions in the world. Russia for example isnt in so much debt because people dont dare lend them money anyway, same for Congo and many more politicaly/economically instable countries.
Well, he explained it, but I still didn't get that why very very strong economies like the U.S, Japan, and Singapore have such a huge amount of debt, any economists there?
I assume high debt could be because of high aging or high underaged population plus many people after retiring just earn money through banks ,so I guess countries like japan , Singapore and USA have a high aged population, which causes the debt to be above the limit internally.
None of the numbers in this video actually mean anything. Debt its just what the country owes, if a country borrows 1 trillion and uses it to buy 1 trillion in global stocks it has a debt of 1T but also has assets of 1TN. Japan's central bank owns 45% of their own debt and $5 trillion of the USA's. GDP is a pretty meaningless number too. If you tax your population 1 TN and use that to pay people to dig holes and fill them back in youve created a GDP of 1TN but havent actually improved the economy. high GDP =/= strong economy. A deficit and therefore debt is the government spending more money than they are willing to tax their citizens... essentially it is a legal way of buying votes
Because debt has nothing to do with being rich or not. Unfortunately the common sense is more used to liberal theories which treat Public Accounting the same as Private Accounting. But the State do not have the same properties as a private entity like a family or a company. We're used to think that Debt is essentially negative, and that's true when it comes to our private financial life, but when we're talking about the State, debt is just one among several tools within Economic Policies. If a country has a more liberal centered economy, they'll try to minimize their public debt the best they can. Otherwise, if a country adopt a more developmentalism/keynesian/MMT type of theory to guide their policies, then public debt will not be a problem. This last one has been the mainstream theory adopted by most countries after great crisis (such as 1929 and 2008), even within so called "liberal" economies like the US and Japan for example. Of course, these two theories are just examples of a extensive debate about State intervention in economy. Some may agree with the first, others with the second. But the point is that both of them were used through out our history, and it's up to you to search out and decide which one you agree the most.
Chinas’ total public debt is $7 trillion, about 45% of GDP, total debt equals 270% of GDP, ie. $39 trillion, yet, the domestic savings in all Chinese banks are over $50 trillions, not only does China has a net positive balance, but also, China invests everywhere like EU, African, Asia,Australia, and America, yet western media and governments just so kind to show the real estate “bubble” of China will burst to sink global economy with potential $7 trillion debts concern this year just like the China collapsing fanfare echoed year in and year out for the past 40 years by brazen economists, media and politicians. In fact, China has become the richest country in the world with $120 trillion net assets comparing to the second $90 trillion of Us by a McKinsey report this year, even US has a public debt of $1.1 trillion to China which never has a bit of “debt trap” worries but wants China to buy more bonds that us mints don’t print and just key in digitally these days.
Bulgaria has had a currency board since 1997 and the local currency (BGN) is pegged to the EUR at a ratio of 1.96 BGN/1 EUR. Basically, that means that all BGN in circulation has to be covered with the same amount in ECB (which technically means that Bulgaria can't issue any debt, or at least very little). I wonder what happens if/when Bulgaria joins the Eurozone, which is planned for January 1, 2024...?
@@General.Knowledge Yes, Ed Herlihy was "the voice" for Kraft cheese. Also dabbled in acting. Police Academy 2 & Pee Wee's Big Adventure as Francis' dad. Both he and my grandfather went to BC for radio broadcasting and announcing and were announcers for many early Television programs. Ed introduced television at the 1939 World's Fair in NYC and voiced many WWII newsreels in the 1940s. Their 1st cousin was also vaudeville star and radio comedian, Fred Allen.
@@jamesbond695 We all know the "b" is silent. I ignore it and enjoy the context. If you're a programmer, I can understand how it must be like "fingernails on a chalkboard" for you. I wish you a great career. 😊
The countries need to build infrastructure and they can't do that without incurring debt then after they can create wealth. African countries need heavy investments in infrastructure then they can grow their economies so the debt is understandable
Not for long. Global warming is also happening on Mars. It's going to take a lot of tax dollars to get rid of that global warming on Mars as well. 🤫👽👁️🤫
Debt to survive is very different from debt to invest, whether we are talking about individuals, corporations, or nations. This is why this video can be a bit confusing, even though GDP is taken into account. While Japan being deep in debt probably means they are investing in bullet trains and power plants and expect to get some serious return on investment, Sudan being deep in debt is to recover from a war that broke up the country and is just to survive to the next year. And for example Russia having small debt could be because they sell a ton of gas and oil to Europe. It might also be that nobody wants to loan them money because their country is not exactly a shining example of stability, and is embargoed by many due to them invading Crimea and eyeing the rest of Ukraine. Debt is complicated. Still, interesting video!
Dont think investing in bullet train could make money in return unless they export them abroad, problem is Japan is quite stingy with their bullet train project abroad.
According to the German institute Stiftung Markwirtschaft, in 2018, the aggregate explicit debt + implicit debt of Italy is 122%, lower than the German one at 170%.
A good question, how much of the pandemic hysteria was promoted by the financial side of society to profit from the increasing expenditure of national states?
My personal debt is 5 times my annual income, on the chart of this video it would be something like a 1000% ratio. I live well, I have savings that will be passed to my descendants. The debt is secured by my assets.
It should be kept in mind that some countries like China have large amounts of hidden public debt due basically misleading financial data and debt at provincial level that is usually not counted, but is effectively backstopped by the national government, so should really be counted as a liability.
To answer your question about Bulgaria reducing its debt....It is a very simple explanation. In Bulgaria if you nod, which in the rest of the world insiuates 'Yes', in Bulgaria it actually means 'No', and when you shake your head form side to side, which in the ret of the world means 'NO', in Bulgaria it actually means 'Yes'....so in summary it is obviously better to do the opposit of what the general concensous feels and the national debt will decrease. I hope this explains it for you
*Does your country have a lot of debt?*
Surprisingly No
Iran is one green country on the map
Infelizmente ;-;
6:25 é uma alusão à TAP? Hahahah muito bom
Not very much🇳🇱
Iran is in green, good
How nice of Argentina not to share information, we would've taken up 99% of the video.
Chale
apparently Argentina is at slightly above 100%, so I don't think it's as drastic as you make it seem
@@eVill420 The problem with Argentina is that in 2015 had a debt that was arround 50% GDP. 4 years later it has a debt that was arround 100% of GDP and nobody of that administration can explain where that money went.
Is not because Argentina don´t share the information. IDK why there is not information on IMF site but the amount of the external debt is something that a country can not hide. We own arround 100% our GDP.
@@SirJuancelott grande
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
@@PhilipDunk I need a guide so i can salvage my port-folio and come up with better strategies. How can one reach this advisor?
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
@@PhilipDunk Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
Bulgaria went into hyper inflation in 1996-1997 (of above 1000% and basically defaulted), since then the country is in currency board which helped the country stand on its feet again and it was unofficially a mission to decrease the debt since then. Until the next crisis in 2008. Another reason is that the economy grew very rapidly and the GDP increased a lot so the ratio decreased accordingly.
Bulgaria why debt low
China has 290% dept it hides it's dept
@@anshul554 dude, stop spamming , OP or anyone else was not even talking about China
Let's not forget we might have one of the lowest debts worldwide, but we also have one of the lowest median salaries as well - supposedly 789 EUR or 889 USD as of Sep. 2021. And I can asure you most people live on 100 to 200 EUR less per month than the aformentioned numbers.
@@Reaf121286 most people are stupid . They don't understand public debt
As a Nigerian even though I hate our shitty government, I applaud them when it comes to debt payments. We have been borrowing a lot though over the past 5 years because of economic challenges.
Your country has such a whole better future ahead! The economic values tend to go up!
Nigeria is surely on the rise. It'll become one of the greatest economies of the later part of the century.
Nigeria is the Future African Superpower ...... Africa has to receive some credit and Nigeria would be the driving force of that in the Future . Love Nigeria from India . 🇮🇳💓🇳🇬
@@felipevlllll Thanks
@@krishpatel3156 Thanks
The first central bank was founded in 1668 in Sweden, and Englands was founded in 1694
???????
I was intrigued, so I checked: "Sveriges riksbank, or simply the Riksbank, is the central bank of Sweden. It is the world's oldest central bank and the fourth oldest bank in operation. The Riksbank began operations in 1668." Three banks (not central banks) were founded before 1664 when "Child & Co. was founded as the oldest bank in the United Kingdom" (shortened). You're right, the Bank of England was founded in 1694 and the Bank of Scotland in 1695. That's why I love the internet = learn something new everyday.
Same here, had to stop the video and check the year. Or did general knowledge slim down the actual use of the bank in question to something much narrower?
Go Sweden!
Oh well you beat us on that one!
Putin and the russian goverment avoid debt like the plague because of the 90s when the russian economy was heavly burdened by the soviet union's debt and later defaulting in 1999.
Putin during his first 8 years mostly payed off russia's debts and balanced the budget,now Russia has more reserves then it has debt.
Even during the pandemic Putin never stopped being frugal about spending.
Based
In India during the times of April-May-June Russians Helped us and they even gave us their vaccine
Indeed, Putin might be jerk but his responsibility is at it’s best.
If there is little debt then the state is not growing. Governments invest in education, healthcare, social programs, infrastructure, defense etc to the benefit of its citizens which all costs money and these investments, which has to be balanced, is for the present and future of the country. The increasing debts could be sustained because of economic growth. Russia is only thinking about the present.
@@rcbrascan Not quite, as you might have noticed, Japan's debt has been growing during the years of stagnation since the 1980s, you can also note the growing South Kareya and Israel, which are growing beautifully without debt. The goal of countries is to give money to the economy so that it circulates like blood in it. Debt is just a way to get money, and not the best, if, for example, a country has raw materials to form a budget, then it's best not to get into debt.
If student have right to select their teacher then for sure I ll select u as teacher of general knowledge
Edit - omg 245 likes ..😂😂😂😂 never thought of it ..
They do in college, which he would most likely be teaching.
Delete mat kar
Pencho
Teacher choose karega
Maybe search for an English teacher first 😊
I lived in Japan, when the Nikkei hit its highest point; this must have been around 1988 to 1990. Before the decline started, the value and price of land increased about 67% per year. At the high point, the inner city of Tokyo was worth more than the whole North-American continent. A lot of people and the government borrowed money based on the expectation that this increase in value would go on for ever. Finally, the government decided to puncture this bubble. They hoped for a leveling off or a slow decrease. However, that did not work out very well. I think there are other countries that fell into the same trap.
Private debt acceleration is a bad sign.
@@willrichardson519 true
The big mega building projects in japan are mind blowing and part of the reason for the debt. kansai international airport was one of those projects. It cost $17 bn us dollars. I marvel at it every time i go there. There are other big mega projects around japan that people make comments like "this place looks like a bubble era construction project"
@BorisH interesting point yes
@BorisH yes, this was true . This was supposedly also a reason why the government wanted to puncture the bubble, to release the pressure in a controlled manner. This did not work; the country went into a slump for more than 10 years.
Brazil always on the top. Lets hope we keep our position 😌
your government is screwed up. You need bolznaro's for the next 40 years to get it straight. Privatize everything so the government is corrupted!!!
@@davidanalyst671 You really know nothing.
Bolsonaro increased debt to GDP and he has a ton of corruption issues.
I've known him for a long time and he's just a corrupt clown.
(laughs in Argentina)
The world's oldest central bank is Sveriges Riksbank, which was founded in 1656 as Palmstruch-Bank, but which in 1668 became Stockholm's Banco. In 1694, the Bank of England was founded on the Swedish model.
you forget to mention that the US has the petrodollar, without it, it would collapse! And like Japan, Italy has his debt mostly by his own people, not by foreign countries, this is a very important note!!
and since countries of central asia planning to sell their oil not in US dollars, but in other currency - it may indeed happen
USA:and the country that owes me the most is.........me 🥳🏆
Meeee, meeeEEEEE, MEEEEEEEE! All for me, by me, and tOoOoO MeeEeE! MUAHAHAHA (that´s how i pictured it)
🇺🇸:-I wanna distrupt my and Global Economy.
🗺️:- NononononoNOOOOOOO
🇺🇸:-Oops, sorry, I have Done that.
(that's how 2008 Global Financial Crisis Came 😜😜😜)
@@sura899 that's not global. In asia didn't happen anything becuz of that crisis
@@sankkham India and China was affected.
@@sodoff4451 I am indian nothing happens that time. Just people who are working in America they lost job. just europian and us people want through that crisis. Even in aus, NZ also nothing happened. Even India never faced unemployment. People don't get job in india cuz they lack in skills(due to poor education system) and most want to work for Govn jobs more than private jobs. And people live asia just they want to have foriegn life style. And inflation happens everytime.
Iran & Russia are the only two major countries that never went orange even once !!!
Kudos !
Estonia on debt: "nah, we dont do that here."
suprisingly enough, even populist goverment we had didnt change that, even though borrowing was their keyphrase.
Debt isn't always bad. e. g. as long as you can borrow money with an interest lower than the inflation you make money. Germany even sold bonds with a negative interest...
@@0799qwertzuiop Germany's quite special... I wonder why he didn't talk about it in the video
Wow you are so nordic 😆
What are private sector savings like?
they doubled the debt. the only reason there was a stop to the loaning was that they were dethroned.
General knowledge, strength and integrity
General KSI
It is impressive that Russia that fought and won against Sweden, Turkey, Napolean, ww1, ww2 and then cold war and now engaged in new one and has only 17% debt. It is mind-boggling. What are they doing right?
Also notable to say that Russia experienced hyperinflation not long ago in the 90s and nearly collapsed.
Russian economy was heavily reliant on gas exports back in 2000s, and with gas price boom it helped the economy a lot. The government has nationalized some of the assets, mainly those held by oligarchs, to prevent oligarchs from influencing the policy of the government. Because well I think, the transition to capitalism from the soviet era, paved way to a lot of oligarchs who just influences what they want within the government.
Russian economy was on a surplus and their government paid back debts early that even the lenders complained 😂 Russians believe in sovereignty, to be able to decide what they decide fit for their country. They believe that less debts would mean less external influence on their policies.
Then it all comes down to management I think. They make sure they don't suffer the economic collapse that happened in the 90s, that's why they prefer to operate on a budget surplus.
@@fer4020 monetary sovereignty means no foreign currency borrowing.
@@willrichardson519 For sure. But I don't think Russians aim as much as they have no foreign currency loans. I believe they started to decrease their debt with the goal to 'limit foreign influences' to their policies. In 2000s, people really believed that it was the outside influence along with oligarchs that ultimately destroyed the economy because they have enough influence in the policy making of the government at that time.
Once the debt of the country was decreased, it was a major step for the government to make policies they believe was best for the country to move forward.
Oil and gas money are horded
While except Moscow and Saint Petersburg rest of Russia is almost wasteland
Absence of investment due to instability of government
I love that not even the IMF knows how much we owe in Argentina hahahaahha
your government is screwed up bro. We complain in the USA cause our inflation is 7%...
I know it is out of nowhere but
The b in debt is silent as well as in doubt ,subtle etc.
English borrowed these words from Latin and wanted to keep their spelling as similar as that of Latin.
More like the same spelling as in French, just like many English words. Not sure where you came up with this Latin story. Lmao.
@@porkysharma8423 and where do you think the French got it from…?
@@porkysharma8423 The English word "debt" comes from Latin "debitu". Other Romance languages have cognate words: "dette" (French), "deuda" (Spanish), dívida (Portuguese), "debito" (Italian), "débeda" (Galician) or "deute" (Catalan).
The English form was borrowed from the French back in the 1000s, and back then the word was written as "debte". Nowadays, English (almost) conserves this spelling, however French changed to "dette".
@@novelle2727 You literally said it yourself "Middle English dette : from Old French", so where is your initial "English borrowed these words from Latin"? Debt was borrowed from French, and an anglicise Latin word would have sounded different. Same applies to @Diogo Rodrigues and @Tom May.
@@novelle2727 Just because the French took it from the Latin, doesn't mean the English borrowed it from the Latin. If that was the case, then it is fair to assume, according to your very own narrative, the English word "debt" came from Greek, as Latin itself is derived from Greek.
It isn't necessarily the debt, it is the ability to pay it back.
The ECB gives Euro using countries the same borrowing rate, but Germany has much more chance than Greece of paying it back. That is the failing of a blanket currency
The government in germany gets most of its borrowed money from the private sector, so that doesnt really matter. At the same time, noone profits as much from the euro as germany, being an export nation. The ones who benefit less from the euro are countries like greece.
@@apfel3397 And despite that, greece faked their dept papers to get into the EU.
@@4Curses the debt regulations the EU has are a joke, especially the 90% ceiling has no scientific basis. If anyone is wrong there, its the rules, not greece lol. The eurozone crisis had the rich nations, germany first, throw greece under the bus. The willingness of the greek people to stay in the eurozone makes them better europeans to me than us northern countries...
The first grammar period of yours explains Japan's debt pretty well.
China has 290% dept it hides it's dept
A distinction must be made of internal and external debts. Internal debt of Singapore are merely savings of the people kept by the govenment. These savings can be used for various purposes like housing, retirement and education.
All debt must be paid tge same way, whats the point of differentiating?
US debt went up $8 trillion from 2017, due to tax cuts, and then massive amounts of stimulus spending in 2020. It hasn’t gone down since 2000 when we had a budget surplus, but then we got into two wars and lots of defense spending (which seems to be a blank check most of the time), and it seems like we don’t care how high it’s gotten, or how we’re going to pay it down.
Countries can always emit more debt to pay what they due. The US being the biggest economy in the world, debt is not really a problem as their risk of defaulting is basically 0.
If I owe you $1,000, that's my problem... If I owe you $1,000,000,000,000... Dude, that's your problem.
@@ranjith27 Masters can allow themselves debt, they can print as much they need. slaves cannot allow themselves debt, even not a little, their income will be skimmed (stolen). Viva la revolucion.
Maybe after new world war America will start paying their debt, look at the ww1 and ww2 trend, those were the only times America debt decrease
@@AntonioZL I wouldn't say that. I mean, what are you going to do if the US suddenly said no to paying its debt? Start a war? With the country that put most of the money they borrow into their army and technically consist of a completely fortified continent?
Your explanation of the Italian debt is simply concise but accurate. 👍
Italian savibgs own most of the debt and their own houses?
@@willrichardson519 most of italian debt is owned by german, french and italian banks and it basically consists in common middle class savings. I for myself have a part of mine invested there. It is also true that majority of italian people own the house they live in, and the private debt on average is extremely low. So yeah, Italy is one of the most indebted countries in the world, but like in Japan, most of it is owned by italian citizens themselves. that is why the interest rate on italian debt isn't much higher than the one of other countries that have much less, like Germany. Obviously it's higher, but not proportionally to its size.
There's plenty of negatives with the debt. One big thing I notice is that those that do the borrowing aren't the ones that have to pay it down. Zero individual responsibility.
Put the borrowers and recipients on the hook.
Fun fact: Estonia's debt was 8,4% back in 2019. But primarily due to covid, it got bigger.
aitäh
covid and the first government ever that really wanted to use loan money. they took on more debt than was needed.
So debt doesn't explains if a country is rich or not because countries like Japan, Singapore, USA and western European nations have high debt but still are rich, whereas prosperous countries in the middle east , Taiwan , Hong Kong and Macau also are rich but have low debt.
Yeah that's a difficult concept to get your head around, but it is how it is.
@@tahawaleed1779 lol ikr
How countries debts work is an interest topic I recommend looking into more.
That's a good observation. We're so used to see debt as a negative element, that we forget that public finance does not work the same as our private financial life, like the more classical economic theories used to state. If you're interested, you can search out about some more modern monetary theories (MMT), and how a lot of countries have been using these economic politicies after major crisis (such as 1929 and 2008). Public expenditure is just a tool for economic policies, of course it does not work for everyone, but is not always bad as we're used to think.
Even with all the sanctions in the past years, Russia has kept its debt very low and all the while increasing its currency and gold reserves at record high. Their fiscal policy is truly underrated, more like unsung success, an inconvenient truth for western media to report.
Natural gas does help a lot.
@@harukrentz435 Gas is a trifle, but oil is another matter, but it is worth noting that the United States and many other major exporters of raw materials have not a small government debt.
Let not talk about new diamonds locations , our President is very wise when come to resources, during Jeljcin era we lost almost all our industry but when our President took over economy slowly come on track.
@@harukrentz435 USA print money as much they WANT. And this is default the complete world, because EVERYTHING is in US$ : oil, rice, metal, flower, uranium, weapons, EVERYTHING. very convienient that YOU can print as much as you want and making the most weapons....
Get serious, Russia is barely different from 3rd world and 60% of it's economy is natural resources or it would be 3rd world. Joey B. has now helped by destroying America's oil independence and helping Russia, but the BS was Trump was colluding.
I’m from Ireland, but I didn’t know they were that good at giving money back 😂, also the increase is the recession.
Seeing Bangladesh staying pretty consistent even though the neighbours are going up . Impressed ngl
Thanks for your videos, it is always a pleasure to learn something new 😊
As a Bulgarian I can say, our low debt is because of our strict financial policy, which blocked our development in some way and the wages as well. Also good to mention, in 1997 we were struck by hyperinflation, caused by poor economic decisions, corruption and a some amount of debt which the country couldn't pay, which resulted a bancruptcy. After 1997 the currency, lev, was merged to the german mark, which helped our economy to be back on track, but stumbles the economic development too. Personaly I think with currency board is better, I hope Bulgaria won't change to EUR after 2 years.
Actually... The first central bank is Swedish, not english.
Our centralbank predates the English one by 24 years. Well some say the first centralbank is Dutch, the difference is that the dutch bank was owned/vouched for by the city of Amsterdam. Our Riksbank, centralbank was created by our parliment and was owned by the state.
the state of who
Yep just googled and it's indeed Swedish
Not a reference to the first central bank, but the first central bank of the English.
@@bowez9 No its not what he means. He had the wrong facts.
No Amsterdam had the first stock exchange/ founded capitalism
Thanks, general! Well done as usual.
I personally thank you for this video, because some revolting ppl in my country (Vietnam) still use the raw number of each citizen on external debt to describe how our government make us in debt. Kinda dumb I know but it sells because our people don't like to be in debt as a person.
As a vietnamese i would say the same, i went abroad when i was in middle school. Going out of Vietnam give me a perspective of the problem in vietnam but also it benefit, it make me love my homeland more than i ever expect to be while living vietnam, i guess i took thing for granted back then. Now i returned here to go to university
A normal day in SEA
same here in the philippines. they've been fooling people about the huge amount of debt each of one of us owed.
Government debt isn't really a bad thing, it often finances the economic growth!
Debt is good. Can I borrow some cash from you.
Fake economic growth. Like buying jobs.
Debt is not inherently good or bad. What matters if what you do with the money you have borrowed.
3:25 I don't miss these times; because newspapers are still delivered to houses where I live. You can get a subscription, but there's a free local one that everyone gets.
Lol that statement about not knowing what dropping 30k means, but a 30k drop in anything is bad. God damn hilarious and true
Sovereign bond prices/interest rates that countries have to pay on their debts are based on a lot more than likeliness to default. For most nations that risk is viewed as basically zero. Instead, prices are mostly determined by things like inflation, gdp growth, etc.
Our population in Botswana 🇧🇼 is very low compared to our land and huge diamond/beef export hence the lower debt I think.
I don't think so thats a problem. You need investment. But not having near to sea can hurt.
@@ChoCoMoCo69 it does especially for shipping. Well the Government is also corrupt so it’s not really helping we could be progressing so much better
@@oneontumetse7900 I thought Botswana is only stable govt in Africa!! 🙄🙄
Having Sea availablity boost connectivity and attracts Foriegn investments. But I agree if you have currupt official it doesn't matter how much money you get it will go into Swiss accounts.
@@ChoCoMoCo69 well on the outside it looks like we are doing great but the new government elected in 2019 has been so dodgy. Hopefully in 2024 we can change them and continue building towards a more progressive future
@@oneontumetse7900 Ok!! I didn't know about that I read a lot about Botswana. I think I missed reading about your 19elections cuz my country too had election that yr.
All the best for you and your country. 👍
I love how he pronounces the word debt.
Well yeah, that’s how it’s spelled
@Sentinel5000 The "B" is silent.
@Sentinel5000 no its not
@@PlayerBRUV yes it is
@@jeanalex7698 no its not. you cannot alter a language.
The question is who do we owe this money? to extraterritorial creatures? Secondly, some major reasons for the increasing debt of a country are:
1) Corrupt rulers
2) Money Laundering
3) Banks that help parking that laundered black money.
4) Evil Interest rates
One person's debt is another person's savings.
@@willrichardson519 Also another's income stream from interest payments.
Foreign debt is usually borrowed from the IMF or World Bank. They are basically instruments of the west. The next player in the market is China. The issue of public debt is highly nuanced together with taxation policy.
@@louvendran7273 biggest power in west is the USA, which herself in in debts.
Canada is working really hard to get into the top 10. It's actual d:gdp is somewhere between 115%-120% and it has been rising quicker than most of the ratios of other countries already in the top 10.
Canadas problem is small population.
The reason Belgium has a lot of debt historically is because of division into the dutch and french speaking parts. The government policy has been for years to mirror the size of any investment in one part of the country in the other part in order to appease both. (So called "waffle iron policy"). This lead to wasteful mega projects like the large ship elevators of Strépy-Thieu.
yup. I went through this yesterday when I was talking to the teenagers about no one can afford hockey tickets.
5:21 Finally somebody acknowledged our existence ✨ 🇰🇼
Lol as a Qatari I’m happy for u guys. 🥳👏🏽🇰🇼
I lived in kuwait for a year :)
Just want to say that we are lucky enough to still have a newspaper put through out letterbox every morning and we live in a small village in UK.
Interesting vid. Nice one.
Btw, the "b" in debt is silent so it is actually pronounced as if written "dett".
It's a subtle thing.
They say both XD. And every time it changes it stands out to me.
And again, how many languages besides from English do YOU speak, and are you able to pronounce ANY cities and countries as they should? Just wondering....
@@monajohansen8764 And again??? I don't see the relevance of your comment?
What’s funny is that a lot of poor countries have little debt but lots of rich countries are heavy in debt
No wealthy country will loan a poor country money without collateral. What is "funny" about that?
well if you think about it makes a lot of sense no bank will loan to a person without a job or some good assets in their belt because if the dont have that they are not sure if they can pay the debt. that is why poor countries dont have debt noone wants to backup someone that they think will not pay
10:31 Stock market points at its worst
Honesty at its peak
As an Italian I have to say that while we have a huge national debt, we are one of the few nation that has the debt in the hands of the citizen.
That might seem a bad things but actually that means that we our nation is not influenced that much by other nation or people
But it still means destruction of peoples pensions and life savings. Just because the creditors are domestic doesn't mean it's pain free.
Debt is debt.
I'd like to know more about the "gold clause", according to which the debt always gets reajusted considering gold price, not Dolar or any paper money. Part of my country's debt, Brazil, follows this criteria
Check out the web for an explanation on "Fiat money"
Wow...thank's fr this info...keep moving...we wait your next info,TQ.
The fact that he keeps pronouncing debt with the b is giving me anxiety
cant blame him, fuck english nonsense pronunciation
If you don't want people to pronounce random letter, don't put them there
Why though? The letter is there for a reason
Argentines: We eat fancy beef steaks on IMF three times a day!
"These are all relatively small countries"
Except for Russia right?
*Except the Congo*
Thank you for sharing wonderful video and very useful information....
National Debt is NOT an issue as long as there are assets to cover the debt.
Public debt is not the main problem if it was to fund investment. Singapore government has a huge public debt but the debt is used to fund investment.
US uses debt primarily to fund consumption. That's why the difference between Federal assets and Federal liabilities has increased over the years.
Finally a video about economy that is not stuck in the US perspective solely.
Is trying to pronounce “debt” with a “b” more common in native speakers of Spanish and Portuguese?
in spanish it's "débito" and we also say the "b" when reading it in english
Yes, that's right. In Portuguese there's no silent "b" words, it's always pronounced. So that's why maybe.
Maybe is because they don’t know that the “b” is silent
@@victorcampos7885 same in Hindi ( there are no silent letters)
@@matiu7715 many languages don't have silent letters.
I always wonder why do silent letters exist in English? To confuse people 🤔
This is where understanding MMT really helps.
Make a video on most number of treasures found in countries 🙏
Well done and well put. 😎
One of the reasons why big economies can afford such high debt to gdp ratio is due to them being seen as reliable and because they hold a bigger say in many financial institutions in the world.
Russia for example isnt in so much debt because people dont dare lend them money anyway, same for Congo and many more politicaly/economically instable countries.
only in your dreams
5:42 well... this has changed
Biggest Debt
1) Me
Have you heard of this thing called the squid games? It may help you out
@@HeloFish trust me, i would die in every single game
Always learning with your videos!
Well, he explained it, but I still didn't get that why very very strong economies like the U.S, Japan, and Singapore have such a huge amount of debt, any economists there?
I assume high debt could be because of high aging or high underaged population plus many people after retiring just earn money through banks ,so I guess countries like japan , Singapore and USA have a high aged population, which causes the debt to be above the limit internally.
Some don't spend well.
@@JenLynR So this means that almost all highly developed countries don't spend well?
None of the numbers in this video actually mean anything.
Debt its just what the country owes, if a country borrows 1 trillion and uses it to buy 1 trillion in global stocks it has a debt of 1T but also has assets of 1TN. Japan's central bank owns 45% of their own debt and $5 trillion of the USA's.
GDP is a pretty meaningless number too. If you tax your population 1 TN and use that to pay people to dig holes and fill them back in youve created a GDP of 1TN but havent actually improved the economy.
high GDP =/= strong economy. A deficit and therefore debt is the government spending more money than they are willing to tax their citizens... essentially it is a legal way of buying votes
Because debt has nothing to do with being rich or not. Unfortunately the common sense is more used to liberal theories which treat Public Accounting the same as Private Accounting. But the State do not have the same properties as a private entity like a family or a company. We're used to think that Debt is essentially negative, and that's true when it comes to our private financial life, but when we're talking about the State, debt is just one among several tools within Economic Policies. If a country has a more liberal centered economy, they'll try to minimize their public debt the best they can. Otherwise, if a country adopt a more developmentalism/keynesian/MMT type of theory to guide their policies, then public debt will not be a problem. This last one has been the mainstream theory adopted by most countries after great crisis (such as 1929 and 2008), even within so called "liberal" economies like the US and Japan for example. Of course, these two theories are just examples of a extensive debate about State intervention in economy. Some may agree with the first, others with the second. But the point is that both of them were used through out our history, and it's up to you to search out and decide which one you agree the most.
Super Start! Greeeece is sooo deep in Debt!After the Haircut again! 200% and rising.....They never come back!No Way!Its the Tombston for the Euro!
Chinas’ total public debt is $7 trillion, about 45% of GDP, total debt equals 270% of GDP, ie. $39 trillion, yet, the domestic savings in all Chinese banks are over $50 trillions, not only does China has a net positive balance, but also, China invests everywhere like EU, African, Asia,Australia, and America, yet western media and governments just so kind to show the real estate “bubble” of China will burst to sink global economy with potential $7 trillion debts concern this year just like the China collapsing fanfare echoed year in and year out for the past 40 years by brazen economists, media and politicians. In fact, China has become the richest country in the world with $120 trillion net assets comparing to the second $90 trillion of Us by a McKinsey report this year, even US has a public debt of $1.1 trillion to China which never has a bit of “debt trap” worries but wants China to buy more bonds that us mints don’t print and just key in digitally these days.
The debt of the Philippines is at $13 trillion meanwhile our GDP is $300 billion
So basically Rich countries actually poor.
In context; Rich countries are having a Heavy minor crisis such as Homelessness.
A similar analysis of who owns all this debt would be interesting
*South Asia* : Whole Region Orange.
*Bangladesh* .......
*_Let Me Introduce Myself_*
Your discussions are quite focused on Europe! Try to discuss all continents if you're choosing a globally relevant topic such as national debt.
If you were to consider history and follow modern day law,
Britain has the greates national debt 😅
There's a difference between loot and debt. So Britain won't make to the top of THIS list.
Bulgaria has had a currency board since 1997 and the local currency (BGN) is pegged to the EUR at a ratio of 1.96 BGN/1 EUR. Basically, that means that all BGN in circulation has to be covered with the same amount in ECB (which technically means that Bulgaria can't issue any debt, or at least very little). I wonder what happens if/when Bulgaria joins the Eurozone, which is planned for January 1, 2024...?
Wow. The old newsreel on Japan after WWII highlighted my Grand Uncle’s name, Ed Herlihy 👍🏼
That’s sick
Really??
@@General.Knowledge Yes, Ed Herlihy was "the voice" for Kraft cheese. Also dabbled in acting. Police Academy 2 & Pee Wee's Big Adventure as Francis' dad. Both he and my grandfather went to BC for radio broadcasting and announcing and were announcers for many early Television programs. Ed introduced television at the 1939 World's Fair in NYC and voiced many WWII newsreels in the 1940s. Their 1st cousin was also vaudeville star and radio comedian, Fred Allen.
A very Merry Christmas and a Healthy And Happy New Year to all.
Very interesting video, well done. (The incorrect pronunciation of the world “debt” throughout this video was little off putting though)
The "voice" is an IT program. NOT human! Get used to it.😅
@@tomorrowhowever7488 In that case, the programmer did a poor job. The B in debt is silent.
@@jamesbond695 We all know the "b" is silent. I ignore it and enjoy the context. If you're a programmer, I can understand how it must be like "fingernails on a chalkboard" for you. I wish you a great career. 😊
Genius video
The countries need to build infrastructure and they can't do that without incurring debt then after they can create wealth. African countries need heavy investments in infrastructure then they can grow their economies so the debt is understandable
Very interesting, thank you.
2:50 real number for china is 300%
Perfectly explained !!
America : "I am somewhat of an expert on this topic."
thank you for great information!
As a Martian, I am happy that we Martians are debt free ☺️👽
Not for long. Global warming is also happening on Mars. It's going to take a lot of tax dollars to get rid of that global warming on Mars as well. 🤫👽👁️🤫
Hey Nasa has sent rovers on Mars..shoot them.. being earthian i still care for ur planet..will u take me to Mars?
In Yugoslavia (today Serbia) around 1993 we had hyperinflation so there were 500 000 000 000 dinar bills. I was billionair at the age of six🥂
Debt to survive is very different from debt to invest, whether we are talking about individuals, corporations, or nations. This is why this video can be a bit confusing, even though GDP is taken into account. While Japan being deep in debt probably means they are investing in bullet trains and power plants and expect to get some serious return on investment, Sudan being deep in debt is to recover from a war that broke up the country and is just to survive to the next year.
And for example Russia having small debt could be because they sell a ton of gas and oil to Europe. It might also be that nobody wants to loan them money because their country is not exactly a shining example of stability, and is embargoed by many due to them invading Crimea and eyeing the rest of Ukraine.
Debt is complicated. Still, interesting video!
Dont think investing in bullet train could make money in return unless they export them abroad, problem is Japan is quite stingy with their bullet train project abroad.
Norway has national assets...
According to the German institute Stiftung Markwirtschaft, in 2018, the aggregate explicit debt + implicit debt of Italy is 122%, lower than the German one at 170%.
Mother russia owes no debt
We owe debt to mother russia
any other brazilian pretending we don't see what's happening to our country to avoid severe depression here?
A good question, how much of the pandemic hysteria was promoted by the financial side of society to profit from the increasing expenditure of national states?
Good data
My personal debt is 5 times my annual income, on the chart of this video it would be something like a 1000% ratio. I live well, I have savings that will be passed to my descendants. The debt is secured by my assets.
but what if your assets drop in value? the real estate bubble can't go on forever
@BorisH "debt to GDP is debt to yearly income" GDP is not income
Fun fact : in 1989, Romania became the only country to ever fully pay its external debt.
It should be kept in mind that some countries like China have large amounts of hidden public debt due basically misleading financial data and debt at provincial level that is usually not counted, but is effectively backstopped by the national government, so should really be counted as a liability.
It's all in Chinese currency, so they could easily buy it all.
To answer your question about Bulgaria reducing its debt....It is a very simple explanation. In Bulgaria if you nod, which in the rest of the world insiuates 'Yes', in Bulgaria it actually means 'No', and when you shake your head form side to side, which in the ret of the world means 'NO', in Bulgaria it actually means 'Yes'....so in summary it is obviously better to do the opposit of what the general concensous feels and the national debt will decrease.
I hope this explains it for you
My guess is that some countries like Bulgaria have decreased their debt to GDP ratio because their GDP grows faster than their debt.
Excellent