Crash Course: Chapter 12 – Debt by Chris Martenson
Chapter 12 (Debt): Dr. Martenson explains how, since debt is a claim on future money, it is therefore a claim on future human labor. To put it simply, debt is future consumption taken today. Key Concept 7 is introduced, that “ever-growing debts implicitly assume that the future is going to be larger than the present.” Dr. Martenson challenges this assumption, and what it means for us if that condition of growth is not met. www.chrismartenson.com
i like how he starts this one with a hushed tone
Don’t bank loans/contracts obtain real value once they are executed?
Very well. Then I hereby contract you to pay me an amount of money, equal in value to the current sum-total of your assets. You have until this Friday. ; )
Of course, both you and I understand that this contract is not valid in any moral sense, such as what Mr. Martenson mentioned in his video. No, you are not morally obligated to seed your property to me, just because I say that you should.
And no matter how many guns they get pointed at them, neither are the American taxpayers.
Peace. : )
He is talking about national debt. The fed is what will come after you if you don’t pay your taxes. So in essence the future population of the United States will be paying back the debt that is created today. Also being born in the United States is basically a contract that is put on you when you turn 18 as a US citizen.
But if debt can only be part of a legal contract, and given that a contract cannot be enforced against a person that has not signed it… Those families have nothing to do with the debt. They have no responsibility for its accumulation, and no moral obligation towards its repayment.
hahahaa inflation OF COURSE. Its a slam dunk
???
profit!
Overall great work again Chris, thank you! Watch it on definitions of ‘productive debt’. If it is one of the droves of students who blow thousands of dollars on higher education for a career that outputs very little value, or rhetorical value such as sociology, where there is very little productive return for other humans – it is a net loss for everyone. A union factory worker would earn and produce more lifetime value than a student who blew $100k getting a masters in sociology.
There is something deeply humorous about someone who can’t spell “graph” or “debt” calling someone else a moron or idiot…
Is it not ironic that we (labouring folks) create all the funds with out signatures on the promises to pay which they (banksters) then “lend” us back and collect interest and most of time the collateral, they bring nothing to the table and leave with everything. Read the book by Mary-Elizabeth: Croft “How i clobbered every bureaucratic cash-confiscatory agency known to man”
no all central banks do that…if it was only the us that´d be great (for the rest of the world at least)
question, is the us the only country which it’s government can “print and pay” ?
Reagan did not make it worse moron. If you take a closer look at the graff you will see that he made it posible for Clinton to pay down the dept. What made it worse is your left brain idiot.
reagan made it worse … but it started in 1913
So if I understand well, the stimulus package to get the US out of the crisis, will only make things far worse in the future by increasing the level of debt by a few trillions of $.
We borrow from Chinese. Chinese take our land in payment. Send their surplus workers to America. Send us to liquidation camps. Problem solved.
America is gonna be destroyed.
It started with Reagan.
I have been telling people that in the future, things like abortion and birth control might be restricted on national security grounds.
111th CONGRESS
H. J. RES. 45
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That subsection (b) of section 3101 of title
31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof
$13,029,000,000,000
WAKE UP AMERICA!!
Inflation, then we Pay off our Debt to the Chinese, with Inflated Dollars.
Interesting, I didn’t realize he was making money in some way off this.
Okay, I doubt I’d give anyone money for this. But I would offer great appreciation – this (free) video series is a pretty cool contribution to the public.
So while making money off of fear is annoying, it doesn’t diminish the factual value of what he is illustrating. Shoot holes in the information he presents if you can, but I’ve been studying this stuff for years and he’s doing a pretty fair representation of reality IMHO
Fantastic videos,but in the debt chapter you say that ,
there is two possible scenario of how the story ends:
-Either paying back debt thru inflation
or eliminate debt thru bankrupty and defaults (deflation)
what about a third possiblity which would be a combination of both .Therefore an equilibrium between inflation and deflation
still hurting the middle class . it’s all wrongflation anyway
Please check this comment below by Chromatype. I find this very disturbing and I tried to reply but each time my reply becomes a separate comment. Address this!
“I think all of you need to realize something. Chris is selling month subscriptions for $30.00. If he scares 500,000 people into wanting to “support his cause”…he will generate 15 million dollars for himself.
That is way more that any one needs to take care of website server costs. This guy is out to make a LOT OF MONEY REAL FAST.”