The Death Spiral of Western Economies with Dan Tubb - WBD595
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 19 December 2022
⏱️ 111 minutes
🧾️ Download transcript
Summary
Dan Tubb is a podcaster and former venture capitalist. In this interview, we discuss the unprecedented levels of debt within the US and UK. Dan goes through one by one the various options open to the state to bring debt levels back down to manageable levels; tl;dr "none of those options is going to be viable."
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Over the past few podcasts, we have discussed state indebtedness. As part of these discussions, we have referenced the amazing USDebtClock.org resource that provides real-time data on debt in the US and across the world. At the time of writing, US debt stands at over $31.4 trillion, whilst UK debt is $3.4 trillion. These figures are so large and unfathomable that we have almost become blind to their meaning.
Dan Tubb has been focusing on these figures, to both put them into more meaningful contexts, and to assess the options governments have for paying them off. In summary, debt levels are off the scale: adding outstanding liabilities to US debt results in a total debt worth $1 million for every American adult. In those terms, it's easier to understand that there are no real viable options for paying down this level of debt.
The issue is that as citizens are generally tuned out: there is a general assumption that the subject matter is just too complex, and further, those in power must have answers to these issues. After listening to Dan's explanations you'll suddenly realise that these aren't complex subjects to comprehend. The data is literally there for anyone to see. And further, it is then obvious that governments are consciously not dealing with increasingly high levels of unsustainable debt.
So, why have such discussions been missing from MSM? There are some great journalists who attempt to cover specific areas. But nobody is yet screaming that the house is on fire although we're all feeling the heat and hearing the cracking of timber.
The problem is that governments have limited ways of keeping the system from falling apart. Increasing levels of control are openly being discussed in government institutions, particularly digital identities and CBDCs. Some believe such measures are designed to avert civil unrest. So, it's up to those who have got the receipts to start banging the drum before it's too late.
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Transcript
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| 0:00.0 | It's not like you can just evaporate the UK from the system. |
| 0:09.0 | If you did this, if you knocked down the UK sovereign debt, you would cause a domino effect that took out the entire Western financial system. |
| 0:15.0 | Hello there, how are you all doing? I'm doing a bit better here. I've had Borgitis all the week, |
| 0:20.0 | I've not been in a good way. You can probably still hear it in my throat. Also what a World Cup final last night. |
| 0:27.0 | Just breathtaking. Absolutely amazing. Probably one of the best games of football I've seen, definitely the best World Cup final. |
| 0:34.0 | And you know what? |
| 0:35.2 | To see the greatest player that's ever lived, collect the World Cup trophy, I think is amazing, |
| 0:40.0 | so great game. |
| 0:41.0 | Anyway, listen, welcome to the What Bitcoin did |
| 0:43.0 | podcast, which is brought to you by Gemini, the only place I'm using for |
| 0:46.4 | buying Bitcoin. I'm your host Peter McCormack, and today I've got a |
| 0:49.0 | fascinating interview with Dan Tubb. Now, Dan first came to my attention on Twitter. I saw a thread he had written explaining |
| 0:56.8 | why financial markets across the world are failing. He's in London, so I reached out to him and said, |
| 1:01.4 | listen, mate, you need to come on the show, you need to explain this. |
| 1:04.1 | Now, the issues we deal with on this show, we look at it through a UK lens because we're in the UK, |
| 1:09.4 | but it's essentially the same problem throughout the world and then basically gets into why we're in a very precarious position why the system might not be able to save itself |
| 1:20.3 | So yeah, fascinating interview. I think you're going to enjoy this one. Dan came with |
| 1:24.4 | receipts, came with some good explanations. I'm definitely going to get Dan back on the |
| 1:28.5 | show soon, really enjoyed this one. If you got any questions about this or anything else, |
| 1:32.1 | or please reach out to me, my email address is hello at what Bitcoin did. |
| 1:35.0 | Come. Morning Dan. Welcome to what Bitcoin did. How are you? |
| 1:42.0 | Yeah, I'm not doing bad. How are you? |
... |
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