American annual tax collection can't even pay it's debt interest rate, American tax payer ain't covering sh*t, all of you guys are clowns, this is just in place to give you guys the belive that "capitalism" works, if it wasn't for money printing this whole system wouldn't work. Taxes collection is NOTHING compared to the amount of money printing to be able to keep society running under the "capitalist" system.
@josuerizo12 күн бұрын
This video is running a main stream nerrative thise at top want you to believe.
@Alberto-k6t3 күн бұрын
The constitutional basis of the power of levy taxes and contributions is financing expenses. You did it right by stating that your theory does not apply to EU.
@KogliMugli5 күн бұрын
I'm not sure about the U but this certainly does not apply to my country Germany. Firstly, the government spending is capped by the amount of taxes collected. Then the government cannot just create new money, it has to lend it. Anyways, I dont really get the point of the video. Whats the difference if I collect 10 $ taxes, delete them, create them new and spend those?
@PEGSInstitute5 күн бұрын
While the German government is indeed restricted by the ECB, I assure you that the Bundesbank is indeed an issuer of Euro. It does not spend money redeemed through taxation, because tax redemption is the fulfilment of debt created at the time the currency was issued. Money collected by the currency issuer is literally being removed from the economy. It can't pay for new spending.
@adiyarzharmenov91876 күн бұрын
Haven't you heard of sovereign defaults?
@PEGSInstitute6 күн бұрын
The things that are exceptionally rare, and if you actually look into them are not actually cases of debt defaults? Most of them are things like they just changed the term of the debt, or they restructured it. The list that is peddled as sovereign debt defaults includes 1970s Cambodia where they literally tried to abolish money.
@sweetiemarura7739 күн бұрын
We work to keep ourselves busy out of depression
@DripGoku-bv2py11 күн бұрын
Waste of money
@brianronan190512 күн бұрын
Doesn’t this assume that money does not recirculate though? Imagine no new money is printed from this point on. Now imagine the government collects a tax to build a road, the money doesn’t just disappear, the road builder has it. He can spend it on whatever he wants, which is income for another person. This gets taxed again and the cycle continues, perpetuating the economy. As long as the builder and other members of society have confidence in the currency, it benefits them greatly to use it rather bartering or trading directly, so they do it. The value of money is the overwhelming convenience provided to avoid archaic systems of bartering that is inefficient and prevents effective specialization of labor. I agree that taxes enforce a standard within a nation, but that has nothing to do with the value of currency itself.
@PEGSInstitute12 күн бұрын
Barter isn't an archaic system. There's no anthropological evidence that barter was ever used as a system of exchange. It may have been used between individuals, but larger economic systems have always run on gift exchange, which eventually evolved to debt exchange. The monetary system we operate in today is as much a debt exchange as monetary systems going back 5,000 years.
@dwaindibley413714 күн бұрын
Interesting how you rewrite monetary history to fit your totalitarian communist aspirations.
@elpaso594717 күн бұрын
And when exactly will work end, we're not gonna build up into space, we're not digging down cause limited resources, the fuck are we building, and for who, what is our peak limit. Every living organism eat, sleep, fuck, repopulate, die, repeat, why do we need to work 8-10hr days, why was the 8hr day invented by a DAMN CAR DEALERSHIP named FORD!
@DrSanity777777725 күн бұрын
Ownership and trust are the only real currencies.
@AdamOwens13526 күн бұрын
So you’re saying that high inflation rates is because people that make a ton of money are finding ways to NOT burn out their fair share
@josueramos5967Ай бұрын
She’s just an ignorant, she thinks she knows everything there’s to know about biology 😂, like Trump who knows more about everything than anyone; kzbin.info/www/bejne/nIeUimaNm5egi7Msi=MJXD4Xm77xLkB5xK
@SeanOCallaghan0106Ай бұрын
I don’t understand why the interest rates would fall. Thanks as always guys. Great channel
@hospitalsgivingpatientsdan8894Ай бұрын
SOME KIDS BORN WITH SIX TOES BUT WE STILL SAY HUMANS HAVE FIVE TOES. EXCEPTIONS DO NOT MAKE THE RULE
@hospitalsgivingpatientsdan8894Ай бұрын
PRIMARY SEX CHARACTERISTICS CHROMOSOMES AND REPRODUCTIVE ORGANS. TWO SEXES EGGS AND SPERM. DEFORMATION HAPPEN EXTREMELY RARE FEELINGS MASCULINITY AND FEMININITY HORMONES CAN BE DIFFERENT TO SEX MASCULINISED WOMAN AND FEMINISED MALE.
@ImblakeimblakethatsrghtАй бұрын
algorithm boost comment
@renzcruzmabalatan2225Ай бұрын
I AM HERE BECAUSE I AM BURNOUT. I GAIN INSPIRATION BY TEACHING .IT'S JUST THAT DOING PAPERWORKS REPETITIVELY IS TOO MUCH AND LACLS MEANING SO I STRUGGLE TO START EVEN THOUGH THE DUE IS IN TWO DAYS. I WILL COME BACK HERE ONCE I'M DONE😢
@oluchijacobs28288 күн бұрын
I felt like that too about teaching at some point. I was a teacher for about 11years. You can work as a supply teacher- you don't have to make notes, prepare reports or anynof such things. Though it comes with financial implications.
@user-un8uw2vr8oАй бұрын
Money is what to use to buy what we need
@Vafa_evАй бұрын
One of the best videos on the internet, easy to undrestand and also the visual is at the peak. Would you please tell me what software has been used to create this video?
@GonzoTehGreatАй бұрын
What about European countries which use the Euro, which is issued by the ECB? What is the purpose of taxation in these countries, if not to fund spending?
@PEGSInstituteАй бұрын
Taxes do not funding federal government spending in the Eurozone. Money is still created by central banks, it's just the national central banks also defer to the ECB. If you read a paper published earlier this year by Dirk Ehnts and Randall Wray it goes into this in more detail. In fact national central banks in the Eurozone are still the currency issuers, just now they issue the Euro instead of Francs or Deutschmarks. The issue for nations in the Eurozone is not that taxes fund spending.. they don't. It's that those nations have a lower degree of monetary sovereignty. They are bound by rules enforced by an external authority, and have less control over their own economy. For more on that I'd suggest reading Peter Mair. He particularly highlights the case of Ireland's response to the GFC, and how the ECB constrained Ireland's democracy due to fiscal rules. Many southern-European nations have also faced similar challenges due to restrictions placed on them by the ECB.
@GonzoTehGreatАй бұрын
@@PEGSInstitute Thanks for your prompt and detailed reply. If I understand you correctly, the governments (via their central banks) Eurozone members can no longer create new money, but they can still destroy it via taxation? They've effectively given up the sovereignty to create their own currency to the ECB, thereby limiting their own fiscal spending? However, their commercial banks are unaffected, as they still create new money via loans.
@apoi__7607Ай бұрын
I don't understand how we can think a tool can be political by itself, like no one will say that a hammer is leftist or rightist because... it's just a tool ? So i don't understand the main subject of the video either, but it was really useful to teach me what MMT is !
@apoi__7607Ай бұрын
These comments made me lose faith in humanity. Imaging saying that science prove you right but when someone with actual sources (=other that "i learled it in middle school") proves that actually, science is not even on your side, you start to aggressively crap yourself out of rage and try to find lies that proves that truth is wrong and that you are right instead of just admitting that you are hateful for no reason
@ulysses7157Ай бұрын
ever since dropping out of collage (Because finacial aid was denied to me) and finding no other alternative for any skills training or education I struggled for 5 years since 19 and never being able to get a single job offer despite looking everywhere i could think of. i gave up after a while and I only end up getting my first because of connections that were handed to me. Never even put much effort in it at all and it just happen. it never helped my self esteem. The effects still lingured even when i was employed. I feel like i have ptsd from what happened. I couldn't earn anything so I could use it to invest in myself in building skills or saving for getting education. Despite now going to trade school, I still feel so dishearted and feel like i won't get anywhere no matter how hard I try or the effort I put in will have minimal or no effects. those feelings of isolation, alienation, horrible self esteem, helplessness. It completely messes you up.
@ElParacletoPodcast2 ай бұрын
This is bull, all taxes are theft.
@JoinTheTemple2 ай бұрын
But taxes aren’t stopping inflation. Clearly. Because they cannot increase taxes enough to keep up with the amount of currency they are creating. We can see right now (2024) the cost of living crisis is directly the cause of currency creation done during covid.
@adamSandler-y7i2 ай бұрын
I love this video
@TuckJ2 ай бұрын
Great video. Keep informing humanity.
@mlindenigumede75982 ай бұрын
Tax the Federal Reserve
@davidnewton1903 ай бұрын
Very true very true.
@denisday143 ай бұрын
so it's same as saying "peeing is vital to ensure water supply to your organism". it's not refined pee that you drink (propably). it's just excreting excess water so you don't get overfilled with water
@Flattithefish3 ай бұрын
Man I hate ads on private TV. So happy that I live in Germany where public Tv is massive
@kurtdukes63363 ай бұрын
😬 "PromoSM"
@Lolosaad19993 ай бұрын
very nice video . I will get my students to watch it in class
@OliverBridge3 ай бұрын
We work so that we can get off this rock and start living off planet! Bring the Sci Fi!
@bluBlaq334 ай бұрын
The propaganda of capitalism the sheeple believe in these comments. I do not dream of work.
@SilentiumCivis4 ай бұрын
Big difference between government printing $ to fund society vs Government acquiring $ via loans from the private central banks that come with interest which you pay off via your taxes with $ backed by debt, creating a never decreasing debt amount with a constantly decreasing currency. Big difference that you chose not to mention. First is how things should work & the ladder IS how it currently works.
@PEGSInstitute4 ай бұрын
Where do the "private central banks" get the money to loan to the federal government? Most private entities don't have the power to create new units of a national currency at will, so who imbues the central banks with that power?
@theangrycanuck83313 ай бұрын
@@PEGSInstitute The assets they own is leverage against the government as they can be sold to foreign entities for a profit in the currency that they prefer. This creates a national security concern and is why the U.S treasury has a policy of always paying out national debt holders first and foremost and covering investments in Treasury Bonds. And this has happened throughout history in many instances. The U.S prints out bonds to these people, they agree on paper that they'll put up their assets as secured loans to the government on the governments good will and trust that they will guarantee a repayment on those bonds, they will pay a guaranteed interest rate, and thus the government is able to acquire new funds not allocated by congress in the federal budget, or can be put into projections on the next budget.
@PEGSInstitute3 ай бұрын
@@theangrycanuck8331 You're almost there. So when the Treasury issues bonds, do they borrow those from somewhere, or do they just create them out of nothing? And what about how the fed owns 16% of Treasury debt? Did the fed have to go earn the dollars they used to buy those securities from the private market, or did they simply create new dollars as needed? And when the government pays interest on the bond to the Fed, does the Fed save that money, or is it simply one side of a balance sheet being cancelled out by the other side?
@theangrycanuck83313 ай бұрын
@@PEGSInstitute They allocate the funds to be printed and circulated in some cases, in other cases they add in the funds to corresponding budgets and then release tender upon payment.
@theangrycanuck83313 ай бұрын
@@PEGSInstitute Everything is on the basis of growth. The government expects growth in each quarter to cover some of the interest. As the economy grows, they have more trust and good will as well as investments, assets to leverage in negotiating with the private sector. They also use their legislative powers to give tax credits where needed and increase taxes and tarrigs where they believe they can to raise capital on returns. If your country operated soley on currency out of thin air, why would I sell you good and services to import? Your currency has no value domestically, and if the rest of the world thinks like me, what good is your currency globally? What guarantees the USD? There's some gold that backs it though not enough and there hasn't been a proper audit in decades. The U.S military might and NATO alliance is another form of insurance that backs the USD, and the financial systems put in place that's run out of New York and London that over see multi national trade securities and can impose sanctions. With two out of three no longer having any signicant power, the US military and financial system, we see BRICS forming, the Yuan/RMB expanding and the USD being dropped. That's the literal outcome for a currency with no value based off of printing. However on a domestic scale, it's far worse. The GDP and PPP of communities is directly affected by the reintroduction of large quantities of dollars returning. This devalues US Treasury bonds, causing the good faith that the private sector to rely on to falter, causing calls in bonds, causing massive debt and loss on the part of the lenders as the US can do a currency and debt wipe; however now you'll have civil issues where people will sell assets and leave or move to other countries and bring assets with them due to bad transactional history and lack of trust in the government.
@SeanOCallaghan01064 ай бұрын
How do Euro countries get money? The ECB buys their bonds correct? How can the ECB decide how much money should it give (or how many bonds should it buy) to Euro countries? I live in Italy and many economists here are denouncing the 20 year long practice to have a taxation that exceeds the aforementioned money input in the economy. Basically a super austerity. This is leading to the collapse of the public sector and to massive privatisation. What do you guys think about it?
@PEGSInstitute4 ай бұрын
Strongly recommend this paper about the mechanisms of the ECB www.tandfonline.com/doi/full/10.1080/09538259.2023.2298448
@SeanOCallaghan01064 ай бұрын
@@PEGSInstitute Thanks!!!
@KYLE-zo4bm4 ай бұрын
i understand this but WHY do we pay the FICA taxes why do we pretend its going somewhere and that SS and Medicare will go bankrupt soon
@PEGSInstitute4 ай бұрын
Because the government is run by neoliberals who want to privatise everything.
@edbrewington32 ай бұрын
@@PEGSInstitute You nailed it. That's been their motive since they took power.
@AddictedToreality4 ай бұрын
Watching from Africa, I searched online for an answer that would make the most logical sense and this is the best so far! Major respect my friend you've earned a subscriber!
@PEGSInstitute4 ай бұрын
You should look into the work of Fadhel Kaboub. He is African and has some fantastic contributions in this area.
@AddictedToreality4 ай бұрын
@@PEGSInstitute thank you!
@PinkYellowGreen20234 ай бұрын
I love working....its a good way to afford life. You can not truly be a responsible adult if you can not work consistently. But all the drama that comes with work is something I can do without.
@SanzuRiver4 ай бұрын
Debt to make money yippee
@aquavitae38244 ай бұрын
Not all money is debt.
@PEGSInstitute4 ай бұрын
It is, and always has been kzbin.info/www/bejne/aXrLqYyJftKmjZo
@aquavitae38244 ай бұрын
@@PEGSInstitute your own definition is: a medium of exchange, yes? Who is a gold eagle a debt to? It's as if you forgot that some mediums of exchange have intrinsic value as goods. Please explain if I'm missing something about the non-debt currency, money.
@PEGSInstitute4 ай бұрын
Our sources are in the description of each video if the short videos don't provide enough detail.
@aquavitae38244 ай бұрын
@@PEGSInstitute I quoted your definition of money, then gave you an example of a common medium of exchange which has an intrinsic value beyond only being a currency. Referring me to another claim isn't proof. Please explain how gold coinage is debt.
@PEGSInstitute4 ай бұрын
I assure you that no length of KZbin comment will be as convincing as the anthropological evidence mitpressbookstore.mit.edu/book/9781612199337
@davebenz82714 ай бұрын
Hence Bitcoin.
@PEGSInstitute4 ай бұрын
For more information on this one, we'd recommend this peer-reviewed article www.tandfonline.com/doi/full/10.1080/09538259.2023.2298448 or a more accessible lecture from one of the authors kzbin.info/www/bejne/inrIlYZni92klbs and of course the longer video this short was clipped from kzbin.info/www/bejne/qqfKfJWJqq5oobs
@MPostma724 ай бұрын
A single currency promoted trade by eliminating exchange rates and costs. Greece being unable to pay its debts was due to mismanagement, not the euro. The euro just made it impossible to hide it by deflating the value of their currency.
@WooShell4 ай бұрын
Has this video been produced by a Brexiteer? That sounds a lot like the crap they usually spout about the EU.