Global debt is unpayable: How Wall Street traps poor countries, profiting rich ones
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- เผยแพร่เมื่อ 9 ต.ค. 2023
- All the debt in the world is three-and-a-half times the size of the global economy: 349% of GDP, or $37,500 per person. It is unpayable. But poor countries are forced to pay high interest rates to rich bondholders on Wall Street, while Western vulture funds profit. Journalist Ben Norton analyzes the deeply unequal international financial system.
Watch the first part here - A huge debt crisis is coming: • A huge debt crisis is ...
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Instead of the UN saying "inequality is embedded in the international financial architecture," they should say "inequality is by design, orchestrated by the wealthy nations to exploit the poor nations." Keep it plain and truthful.
In the so called rich nations there are millions of poor people ! And what about the rich classes in poor countries
@@user-oz4op4tr7h some of the same rich ppl who won't pay a living wage without brutal strikes by workers in rich nations are the ones who engineer/run the system that exploits poor nations. So Of course there are poor pl in rich nations, inequality is mostly by design here too.
If you do some research on who own the Wall Street, it's quite interesting.
Yep, it's all about wealth distribution, which the proven mathematical relationship between "parity of agriculture" and national wealth can address. This is a US-based proven.mathematical relationship which the "money power" has successfully suppressed for decades, creating enormous and exploding windfalls of fictitious wealth for Wall Street. A concept known as "equitable trade" (along with Sovereign Money) will go a long way toward pulling the globe into a system of real wealth production instead of the kind of casino gambling responsible for creating fictitious wealth that is now running amok.@@user-oz4op4tr7h
@@elizalee1214Gee, is it the top of the 1%?
"Debt is the slavery of the free."
-- Publilius Syrus
Thanks for covering this. These debts are responsible for a lot of the suffering in the world. It's also directly related to the immigration crises all over the world. When these poor countries have economies that don't work, people have no choice but to leave, and where will they go? To the same countries extracting their countries wealth through debt. It's important that the citizens in developed nations know this. If you want to curb unsustainable illegal immigration, you must do something about the exploitation of these poor countries using debt and other forms of economic manipulation and sabotage.
All developing countries should de-dollarize asap and minimize borrowing in foreign currencies
Too late.trapped.
Debt and slavery have long been considered similar conditions throughout human history, often even sharing the same words/terminology.
O
Respect and support to you Ben Norton! You are brilliant. Stay strong and cool, brother.
Ben Norton is NOT an economist. He's using sources that appear authentic, but if the GREAT Economist DR. Michael Hudson had been privy to that info, we strongly sense Hudson would have looked at it a little differently than Ben Norton. Hudson always has the expertise to looks at issues multi-dimensionally. Ben certainly isn't there, yet.
This channel upped its quality by 1000% since the rebrand/revamp. Thank you for your dedication to making these issues better-known!! 💪🏿
Evil in plain sight😢
Your clearly stated explanations are greatly appreciated, I'm from Argentina and this is a common topic for everyday talks but even then it's not well understood by most people, the media and politicians make a deliberate effort to keep us ignorant of what's really happening with the economy to obfuscate the source of our problems using gross oversimplifications.
Only the devil could have come up with such a oppressive , self destructive economic system against humanity.
You mean people with small hats .
Clear and important explanation. We must all raise our consciousness on how the systems (and financial capitalism more specifically these days) work to extract wealth for a small elite. Keep on!
What the global south needs to do is establish its own international bank, totally separate from western interests, which will lend developing nations infrastructure loans on far better terms than the IMF, World Bank or vulture funds and other predatory western financial institutions. Total disengagement from the west should be the longer term objective: the global south has the natural resources necessary to function and indeed thrive free of the pernicious western interference and control.
That may or may not work,money in itself is useless, money doesn't make you a genius,money doesn't create anything of value,human ingenuity and labor does,if i gave you a billion dollars would you be able to recreate the same level of inventive success that Elon musk did or wright brothers or many others,money can help but its not the decisive factor in success.
Yes, the New Development Bank (BRICS+ Bank) ✨💖🛠💖✨
They lack brains . I’m from Africa
I honestly can’t recommend your channel enough! Thank you for all you do🙏🏾👌🏾
#insightful
Beautiful explained in simple terms. Thank you Ben.
Thank you Ben...this is the best I ever learn from you...Now I understand why we Philippines can't move on....
And the fact that you have a foreign army on your soil.
agree with you
Thank you very much Ben for your independent & truthful journalism! As George Orwell said, 'in times of universal deceit, telling the truth is a revolutionary act'...
IMF and the World bank .... (!!) I'm getting to old for this sh*t 😠😩
Who to blame ... Milton Friedmann, Margaret Thatcher and The Chicago School of Economics ... (!!!)
Ziocons
Paul The Vulture, Volker
@@7swordmary567 I'm afraid the damage was already done with perpetual growth thesis put forward by Milton et. al. .... (!) How can one argue for perpetual growth on ONE finite planet?
Funny that no one blames the capitalist system and the very few wealthy elites that controls both US political parties and and the wealthy elites that control those of Canada and Europe.
@@kristianflaate perpetual growth just as feasible as perpetual motion
I would like to see the IMF and World Bank lend money in the currency of whichever country they service.
Great Information. Salute All Truth Teller's and Activists. 🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋
confessions of an economic hitman by John Perkins is an interesting read on this subject
Good evening Ben!
The only scarcity in capitalism is money-capital. All other real scarce commodities are priced accordingly. In order for price to benefit the owners of capital at the non owners' expense, money must be scarce. This is one big reason why China is such a threat to the West - China's money is sovereign money - owned by the state. It isn't privately owned, as it is in the West. Capitalism doesn't create nearly as much inequality when the state owns the money supply and central bank.
So USA lost thier power in 1913?
@@VB-ds4bp It's not about power. Capitalism is just the latest form of an economy for the private property owners. Central banking was a development in the process of capital consolidating itself, enriching itself, becoming more 'powerful' if you like. Once money and land are completely owned by private entities, any economy becomes a plantation. 1913 was the formal crowning in that process. It was inevitable. The lesson to be learned is that the vast majority of people in the world are not property owners and are therefore slaves to those who do own property. This must stop. It transcends nations and ethnicity. Social class has two categories - those who own and those who don't own. The non owners must come together and take control of the planet. We must create a mutiny. No more serving the owners. All people must be owners.
@@VB-ds4bp Yes, the rot started in 1913, for the common people but a huge gain for the Capitalists. The bible warned about usury but the Christian Capitalists ignored the warning.
@@peternycyou say only the government owning all things is superior then you see we must all become owners. Government needs people to function and you see no paradox, you don’t see that your advocating for far less owners than there already are unless there’s more to your plan you haven’t mentioned
@@malachih3 of course it’s difficult for you to understand, being that you have been brought up in a brainwashing capitalist regime; that the state (“government”) is a tool of the dominant class in society. Government is either constituted by the oligarchy (be they kings, lords, or capitalists) or it is constituted by the workers/masses. It does not have an existence all by itself. Some states constituted by capitalist-oligarchs May give concessions (bribes) to the working class to prevent their overthrow (like the social “democracies” of Europe in the early 20th century that took hold following the Great October Revolution), but they nevertheless remain established for the ultimate benefit of the ruling class; the capitalist-Oligarchy. The state organized by workers and ruling in their interest, can and should hold property in the interest of the dominant class; the worker collectives. So therefore the state holding property in the interest of the collective is the superior, just, and proper way for society to function.
You are excellent
12:22 - 17:32 Is a good explanation of modern imperialism that everyone should watch.
P.S. Thank you for boiling this article down from about 40 pages to an excellent report ❤
Something the polish people needs to know. Although it seems to be too late already. Huge loans by US.
They messed up
Thanks Ben for your good reporting. Can you make a walkie-talkie for your next video in Beijing?
Scary BUT true. Help! Thank you Ben. A reality check.
Unbiased facts thank you Ben. Refreshing.
It's a shame there are six billion people live in the Global South, only 28k watched this extremely important and educational segment. I am well educated and I pay a lot of attention to economic growth of the world but I didn't understand the debt issue before.
Ben enlightened me what neo colonialism really is, it's almost as bad as the occupier colonialism.
Does this debit include things like a bill for destroyed infrastructure in Syria and Invoices for stolen oil??
Ben, you are a king 🤴.
This is very true thank you so much ❤❤
Great work!
Great Report Ben. Really good material 👏
Very good work Ben.
Excellent work. Michael Hudson must be proud. 😁
What is vitally important (and a subject that economist do not touch) is to comprehend why debt has been such an effective tool for socio-economic control for over 5000 years. What really constitutes debt?
Money is debt and debt is shame. Nations, institutions and people are shamed into repaying debt even if that debt was forced upon them by others. It is why people sold themselves and their families into slavery and why entire nations starve.
Of course this basic understanding of money also explains why the shameless psychopaths are able to rise to the top of the social order. But that is another topic altogether.
Historically debt is dangerous weapon to wield, it is like holding a sword at the sharp end. Too little debt and you have no real control - too much debt and the entire socio-economic system will unravel in violent revolt. Most of history's great revolutions were actually debt revolts (and you have to wonder why you won't read that neat fact in any of your history books!)
Unless we start to really comprehend what money actually is any lasting monetary reform will inevitably fail. We will always fall back to the same money-debt-shame cycle run by psychopaths that only a tiny elite will profit from.
Interesting, my view is from the reverse angle. No, money is not debt, it is quantified trust. It is not the psychopaths that are at fault but the common people who place their trust in psychopaths (Keoma effect). The inequality and the injustice are initiated by parasites, but their parasitic empire is maintained by the credulousness of the common folk based on lack of understanding and insight due to neglecting mental cultivation. The strongest bond in the universe is between the parasite and the fool. The parasite only does what it is meant to do. It is the fool who is at fault: i.e. "we the people".
Ramping up the "village" in the global village. Like in a village, collective shame works as a power-wielding tool. But this time there's nowhere to go.
The problem is, Norton is not an economist. If he's actually in China, he touts his goal of attending a Chinese university to earn a PdD in economy. Yet, according to Dr. Hudson, China, for some bizarre is sending their college-aged folks to be educated in the US universities. That makes NO sense, since those colleges NEVER teach the history of economics. They only teach Neo-Liberal ways of understanding economics. Weird.
First of all, 5,000 years ago, most all ancient civilizations CANCELLED people's debt. IT was only when Greece, then later when Rome became a super power, that lower class slaves, small family farmers had DEBT because the aristocrats in Rome learned this was an excellent way to keep those people poor and enslaved.
thank you ben for teaching the financial system in simple words and it makes me furious.
That is the best explanation of the financial system
Thank You Very Much, Ben 🏵🍂🦋
badass 💪
Thank you so much BEN, you are always hitting it in the spot, greetings from Mexico, hope to see you and your viewers in our country, after all WE ARE ALL AMIGOS.🙏🙏🙏🙏
Thanks again Ben for great debt explanation
Great video.👏
Great video! Thank you.
Someone can easily feel the injustice in our society and see it,but to understand it...its really when someone becomes wholesome and able to organise and help change
Thank you.
You're doing a good job Ben 👍
As an "MMTer" I commend your argument. The systemic violence of imperialism is a problem that will not be solved by knowledge and understanding alone. Unfortunately, it has to be addressed by force. But how do we stop that necessary violence and authoritarianism from becoming a new horror? Asking this question explains some things: The reason for massive demonizing of Marxist and class analysis becomes apparent.
Well done Benjamin 👏
Thank you Ben. I learned a lot from this segment.
thank you for explaining...
Excellent explain like I'm 5 breakdown of a super important topic again from Ben!
Thanks!
Thank you for your amazing work Ben Norton
Thank you!
Thanks Ben
2008-financial crisis, that the PRC single-handed saved.
The TLDW is basically this; Neoliberal finance capitalism is inherently exploitative.
Thanks
Very elaborate lecture. Want to hear more and more times to digest.
Good. Bring it. PLEASE.
I have been learning so much about the world economy and politics from listening to your videos. Thanks for your great work.
Is this Black Stone and Black Rock, IMF and World Bank?
You know the credit default swaps bankrupted countries like Greece and others.
Thank you, Ben.
Prosperity over profit
what a good watercolor at 13:10
Just like me, My debt is unpayable but BUT !! collections companies keep calling me 24/7.
Yup😅
Sharing will save the world.
Makes it easy, doesn't it - when you have the sole veto at both the IMF and The World Bank - anyone remembering the fate Greece ?
Show Who-are the PRIVATE-CREDITORS?
Sounds like my home mortgages.
You’re the best, Ben! You make everything so simple and easy to understand. You’re so appreciated. Thank you for all that you do💗
YT is difficult for me. When is it gonna be up on R umble?
You’re too honest like it😮
Check this: The "Owners' Equity" account is not a Liability account. A = L + E + R - E is the accounting equation. Theoretically, that Equity account could be converted into a Public Equity account, effectively banning the private ownership of banks. Ditto for the structure of enterprises; a Workers' Equity account would replace OE. You're welcome.
The people with the most debt have the most money. I stayed away from credit and now I have nothing and a 400 credit score. I never got into any debt.
Was it really an hour? Flew by!
Beware of people who site sources that advance what the speaker is saying. Example: Ben N. sites CADTM which is a group of activists that do NOT appear to have even ONE economist on board. Instead, their lead activist is Eric Toussant who specializes in issues other than economics. CADTM may be legitimate, but without having an honest and very knowledgeable economist on board, we need to use CADTM as one source; NOT THE source. The DEBT of nations is complicated, but you need an economist to expain the full depth and meaning of those nations in debt. We should ask either the economists Steve Keen or Michael Hudson what they think of CADTM.
Under liberalism, nothing is systemic.
Ben you are great educator and western lies debunker
ever simply use US debt, at present around 33 trillion usd, divided by world population, there is no poor people, but we see poor people everywhere, so where is the money goes?
Ziocons
Public debt is not the same as private debt. National debt at 33 trillion USD = to the penny, the net supply of dollars the US govt has spent into the economy since inception. The National debt = net financial assets, our money supply. There is nothing wrong with the National debt other than its distribution.
@@henrygustav7948 He was expecting a simple answer. I am afraid your answer is too complex! I think the simple answer is that the 'money' had gone to the rich and powerful without the need to work hard, like the poor people do, yet remained poor.
@@adamiskandar5107 Here is a simple answer. The 33 trillion is what we collectively own not owe. We own those 33 trillion dollars, they are in savings accounts. There is no 33 trillion we, as people in the economy, have to pay back.
@@henrygustav7948 You talked about distribution. My simple answer addressed that, whereas you did not.
very clear, thank you.....regarding the world map at 3:17, the north on top view is arbitrary....it's interesting to turn it upside down (and make Russia red too)
Would you please let us know the present situation on CAZA. WE ARE WAITING.THANK YOU.
The federal debt doesn’t matter.
MMT
Doesn't matter, from whose perspective? Don't you hear frequently that there is no money to spend on education, health care etc but billions are borrowed to fund the Ukraine war?
@@adamiskandar5107 Where do you hear that from? Politicians?
Borrowed? Borrowed from whom? Who does the US borrow dollars from and where do those people get those dollars to "lend"?
US Fed govt borrows from no one, taxes no one to get dollars to spend. They spend first, by using a keyboard to add $ to peoples bank accounts, whether its social security or welfare, or salaries and wages for people working in Dept of education, military or anything else. Those dollars flow through the economy, then you pay taxes. The difference between Govt spending and taxing in one yr is the Deficit. If Govt deficit spends 1 trillion into the US economy, then it is -$1trillion. That means the US economy is + 1 trillion. People in the economy then have a trillion, which they can use to buy US treasuries with. This is called "lending" to the Federal govt. But as you can see, people FIRST got those dollars to buy UST FROM Govt spending.
101% true. 😥😥😥
Anyone been hounded by collection agency. Think of pressure from a private transnational corporation with impunity
I have 1000 euros debt, is my private debt. Since corona has started i am indebted.
100%
Thank you Ben for your excellent presentation on Global debt .You explained such complex mechanics in such a clear and simple way that anyone could understand. Thank you again for sharing your research with us.
It is in my opinion too easy an excuse to put the whole guilt to the colonists. This does certainly not go for Argentina which was one of the richest country in the world and the rest of South America. Its too easy an excuse after 70 years of independence.
If you think deeper, the elites and the ruling class of the developing countries like Argentina are 'bound' by the System. They either abide by the system or lose power through regime change operations or even assassinated. Also, don't forget about the constant Western propaganda to support the Western narratives. It's only because of the accumulated problems faced by the common people that leaders of the developing world are waking up, especially now that China and Russia offers an alternative to the 'System'.
You know what I find unique they open their mouth with projection it should be easy to see
Don't reset the debt just turn off interest and if the debts already been paid but it's just the interest outstanding, cancel it
This was a great expose!! Thanks for this top quality analysis.
USA and the global south should just give up on paying their debt let the stupid rich suffer
How much of these debts creation processes are counted toward the annual GDP?
Great work
And the bulk of this debt is in the US.
My impression is that much of your audience is in the US..... Hudson has a myriad of examples where debt here to other secors of the US economy is sinking the US economy as well....
... If you wish for equity, explain how it will produche more wealth.
Learn from China?
@@adamiskandar5107 Yes.... We can learn from the way China is keeping banks in the pubic sector and not letting them fleise the econmy...
We need to return to a kind of capitalism where we grow capital rather than pilfer from it... That means letting the makers keep more of what they make and not letting the takers have it like we are now.