In which John Green discusses the US national debt, the federal budget deficit, plans for shrinking or eliminating the deficit, and tries to provide some context to the political rhetoric and statistics that are constantly thrown around in an election season. Along the way, I hope you’ll understand why the United States’ sovereign debt hasn’t led us to an economic crisis, but also why budget deficits need to shrink in order to ensure that credit remains inexpensive and the US continues to enjoy the trust of the world economy. (Friendly reminder: Educational videos, by extensive precedent, are allowed to be longer than 4:00.)

 

 

 

Here’s why I think the gold standard is a bad idea: 1. By restricting money supply to the supply of gold, you risk shrinking the money supply just because of a shock leading to a disruption in supply from mining. This creates a lot of volatility in the money supply for no reason. 2. The gold standard limits a government’s ability to respond to changes in the market, which can (and has) led to unescapable deflationary spirals. 3. Far from inspiring investor confidence, its implementation would crush it: http://www.ocregister.com/opinion/gold-369936-standard-money.html

 

 

 

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HERE ARE A LOT OF LINKS TO NERDFIGHTASTIC THINGS:

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Hank’s Facebook: http://www.facebook.com/hankimon
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John’s Twitter: http://www.twitter.com/realjohngreen
John’s Facebook: http://www.facebook.com/johngreenfans
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Nerdfighteria

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http://effyeahnerdfighters.com/nftumblrs

http://reddit.com/r/nerdfighters

http://nerdfighteria.info/

A Bunny
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Category:

Education
License:

Standard YouTube License

Category: Credit, Politics, Really, really bad calls, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Understanding the National Debt and Budget Deficit”

  1. [...] John Green dispels many of the misconceptions about debts and deficits, along the way explaining why the current state of affairs is not a crisis, but could turn into one (h/t The Big Picture). [...]