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Valuetainment

Shocking Debt Ceiling History and The Danger of Defaulting

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 23 May 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

In this video, Patrick Bet-David discusses the issue of the debt ceiling in America, its history, and how it has been used as a political weapon. It highlights the negative consequences of defaulting on the national debt with examples from Argentina, Russia, Greece, and Venezuela. Go to our sponsor https://betterhelp.com/valuetainment for 10% off your first month of therapy with BetterHelp and get matched with a therapist who will listen and help. FaceTime or Ask Patrick any questions on https://minnect.com/ Recommended video: Will The U.S. Dollar Collapse As a Reserve Currency? - History of World Currency Explained: https://youtu.be/urEAgeeTq4k Subscribe to our channel: http://bit.ly/2aPEwD4 To reach the Valuetainment team, you can email: info@valuetainment.com #debt #default #history

Transcript

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0:00.0

Will the U.S. government for the first time ever default on our debt payments that we have?

0:04.4

And if we do, what does this really look like?

0:06.0

In the last 100 years, six countries have defaulted on their debt.

0:08.8

Well, we really go through it as America, the greatest nation in the world.

0:11.8

What, how do we get here in the first place?

0:13.2

Why are Republicans and Democrats fighting?

0:15.5

Is this really a leverage game that the Republican controls the House?

0:18.7

And these guys want to raise a debt limit?

0:20.1

And they're saying, well, before you lower your spend,

0:22.4

that you, we're not going to raise it.

0:23.4

They're like, no, we want all of it.

0:24.8

And then some.

0:25.6

So then President Trump in the town hall meeting says,

0:28.0

let them default because they're bullying you.

0:30.1

So we're going to see if McCarthy is going to hold ground and say,

0:32.9

nope, we're not doing this.

0:34.1

Janet Yellen said, we could be running out of money as early as June.

0:37.1

And that's here to crap out a lot of people in the market.

0:39.2

So there's a lot of things going on.

0:40.4

We're going to dive into this to really see,

0:42.1

is U.S. going to default or not?

0:43.7

So during chaotic, uncertain times,

...

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