The real impact of growing budget deficits - Ruchir Sharma

[@dear_darling]

@KZbin the comments are 99% crypto related spam.

[@patienceisalpha]

As soon as deficit is mentioned, the bots kick in

[@Terrranfear]

Yea I reported every single bot. Pretty disgusting. Dead internet theory is here folks.

[@vasanthpragash854]

Have you heard about "at fake guru" I made so much of my money off blah blah blah. Standard spiel, followed up number in bits and prices to scam you.

[@prasadgokarankar4666]

Fantastic research and presentation of thoughts, couldn't hold myself from appreciating. Well done!

[@VasVordokas]

This is what they teach in undergrad and grad business and economics schools. Modern monetary theory. A framework that justifies QE to the extent a state is backed by its debentures (not bonds)

[@peterbedford2610]

When your central bank becomes the biggest buyer of your debt, your currency will probably devalue severely

[@ctrl-shift-run8681]

Insightful as always with Ruchir. The upcoming auctions are going to be interesting because let's face it, those tax cuts will be cemented.

[@davidlewis3773]

The US government issues both the US bonds and the US currency used to buy the bonds. They are US government issued financial instruments. It is simply nonsensical to talk about a limitation of fiat issuance arising from the bond market.

[@johngalt2100]

Yes, and when the market decides that the emission is out of control, it will demand much higher rates for US debt, and that will lead to inflation and devaluation.

[@AyushMohan.8]

Ruchir Sharma Fans here ❤

[@bobovv6060]

Excellent interview. I suspect the US populace (at least the top 15%) do want bailouts. Anything to keep the S&P from falling. Asset price appreciation is much more important than wages to many in the US.

[@rishigupta1738]

As always Ruchir rocks!

[@AyushMohan.8]

I just love listening to him ❤

[@VasVordokas]

Is it fair to say that debt levels, in the US at least, began shifting from corporate and household balance sheets to government balance sheets, in the wake of the subprime and automaker crisis and now the pandemic?

[@MarcioBarcellos-last]

Awesome material! Hint: very annoying to hear the interviewer breathing during the entire interview.

[@nihalmohammed7648]

Yes same

[@OwpunRiplys]

These Issues are really hurting we the ordinary workers in the country. Please, who can suggest the best 5 assets to grow my savings within the coming year in order to deal with the harsh economic climate which seems imminent?

[@Billivdis]

Bitcoin through 2025, then high yield ETFs through the bear market 26’-27’ that's my plan. I'll be buying more TSLA too remember to always work with a knowledgeable person in the financial market when starting out to avoid getting burnt. my two cents

[@iam_maryanne]

“DCA" is the golden term. My dollar portfolio is made up of 15% PLTR, 15% TSLA, 25% NVDA, 15% VOO and 30% in digital assets, credits to my advisor. I've made over 80% capital growth minus dividends this year alone. It's sure getting better with the Trump economy.

[@bukki07]

@@iam_maryanne fear of missing out is real ! who is the advisor guiding you please? I could really use a help at this point

[@iam_maryanne]

Personally, I take guidance from a well-spoken advisor, ''Katherine Nance Dietz'' She's quite known in her field of work with over two decades of experience.

[@marlene_orja]

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[@1ag18]

this is awesome!! thank you for sharing this

[@joelpilback4078]

I just finished Ray dalio's: The changing world order. He goes more in depth on these large cycles. Base currency, debt, etc. His earlier book Big debt crises is very in depth on previous crises (depression, 08, oil crises) very interesting graphs, dates in depth. Also James Rickards has "aftermath" on this if you don't feel like reading 1000+ pages. Why such short interview he was just starting 😂

[@yersultankossymov8475]

loved this video. Quite resonated with my thoughts brewing since COVID, the bois put them in order nice and succintly. PS> you should monitor your comment sections

[@icls9129]

Nah, it's too late for the government to say we're not going to bail out the banks, stock market, real estate, etc. We're addicted to private profit and public risk.

[@mariusj8542]

A great interview, even though I might not agree with his very one sided view on debt-driven growth. I think he might overlook the instances where debt is being effectively utilised.

[@VasVordokas]

I would also raise the concern over two key attributes of sovereign debt. It’s maturity profile and refi risk, and who the biggest owners are, foreign or domestic? If foreign, then is it just a financial investment or is it a levy to larger geopolitical issues?

[@andrewsalmon100]

I like it. No more Jaag.

[@glennnielsen8054]

Interesting discussion. China could be interesting in this context, where crises "never" get the chance to unfold and clean up.

[@geoms6263]

Deficits are not a problem as long as you have a money printing machine. If I ran my business the way the government does, I would go bankrupt in a few days.

[@ssuwandi3240]

Deficit means fiscally unsustainable. Thanks to Bidenomics wasteful Climate Subsidies

[@davidlewis3773]

Fiat currency is a financial instrument. It is a contract between two parties. It simply follows by logical necessity that one party must hold the debt side of the contract, and another that asset side, until that financial instrument is retired. This is exactly the same for private credit.

[@shoriyantrivedi1689]

​@@davidlewis3773can you expand on this Little more?

[@geoms6263]

@@davidlewis3773 all currencies are linked to the titanic dollar. Many countries reduce their treasury bonds and buy gold. Many countries started to buy gold. They are preparing for standard bitcoin. Trump yesterday threatened everyone that he would impose 100% tariffs if he gave up the dollar. They weaponized the dollar...

[@raynes1957]

Capitalism without bankruptcy is like Christianity without hell. What is also missing from this discussion is that the bailout culture and removal of risk not only applies to the private sector, but the public sector as well. If America was being treated like any other developed economy it would have gone bankrupt a long time. It's the exorbitant privilege of issuing the reserve currency that has in essence bailed it out from it's poor fiscal policies. Moreover in the emerging market/developing world governments take on ever more debt and creditors extend them that credit even when their debt is unsustainable because the IMF bails them out. This is not conducive to a well functioning market economy.

[@Terrranfear]

I agree on the premise. However, there doesn't seem to be a really great way to de-risk large companies from the market. We had a baby formula crisis in 2 years ago. About 90% of the baby formula is made by 4 companies. The one that had plant shutdown was Abbott produces ~40% of the baby formula. When a company fails its function its not just a slight disruption but has real life consequences that can harm a lot of people. When a company is on a slow decline it's easy for the market to adapt. The company that fails goes out of business and the new business takes over. That's a win-win. But if a company that owns a large percentage of the market share just goes offline. That's not a 'them' problem any more that's a 'we' problem.

[@icls9129]

​@@TerrranfearClearly that's a sign that the market is over concentrated and those big companies need to be split up. A result of government oversight being non-existent for the last 30 years.

[@glennnielsen8054]

Yes, Switzerland has a formula that works. I'm surprised no other country is copying that model. The general explanation is that Switzerland is a confederation that is run decentralized. Extremely democratic and extremely successful.

[@geoms6263]

distributism

[@glennnielsen8054]

@geoms6263 Distributisme=envyisme

[@acmkamos]

no offence but the tone he uses to ruchir is rather condescending versus what he uses for druckenmiller. his questions are seeking definitions of standard economic terms and checking to see if it matches with his understanding of those terms

[@passiveaction]

Most people wear masks in the u.s but online they unleash the rage. We have a materialism/appearance society where smiles are hidden frowns. Where the beauty of nature and reality is overlooked and replaced by letters and numbers. Plastic plastic everywhere, a place where people stare & compare.

[@Disciplineiskey-sk9ey]

Man..this host was asking straight direct questions 😂😂..

[@sus10651]

29 minutes? This should be like a 4 hour podcast.😅

[@Paul-e9x4h]

Dalam situasi tanpa gejolak seringnya tanpa disadari banyaknya pembiayaan yang berupa belanja modal menjadi pemicu terjadinya defisit

[@Alnamestkahdift]

Can u not hyperventilate in the microphone please

[@jakewalker5536]

Get this man some afrin

[@klam77]

When you are a haughty Norges , you keep interrupting the interviewee. very annoying discussion style....b/c you have oil?

[@gordongekko2781]

I disagree with him on banking policy. The fact is SVB was **NOT** bailed out, the depositors were. The bank ceases to exist today. This is how it should be. When a bank is mismanaged, then the owners/shareholders should assume the risk, not the depositors. Why should depositors assume the risk, when they get no cut of the profits? Furthermore, it's absurd to expect every person in America to do thorough due diligence on all the banks to determine which ones are most solvent (as if we even could do that without access to their books). Yes, the government should not bail out the banks (owners), but every deposit account should be protected.

[@geoms6263]

I don't think he understands "banking" All the banks are bankrupt. They offer loans without having any money. And on top of that, you also have the so-called "fractional reserve". Central banks are like God creating money, who has access to freshly printed money.

[@geoms6263]

the depositors were bailed out, yes. But at what cost? Printing other money and devaluing currency

[@geoms6263]

Central Banks are playing with debt monetization and quantitative easing....... we don't even know what the real cost of credit anymore....

[@gordongekko2781]

@@geoms6263 No new money was created to protect depositors. They were made whole by the FDIC which is funded by the banking industry (every participating bank is required to pay into the insurance fund).

[@geoms6263]

@@gordongekko2781 follow the money printer ( M2 base money)

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