Footnote † from "The Debt Ceiling Explained"

2 896
Main video:
Runtime: 00:17


RalOrtTal - Måned siden
why were you gone for 5 years?
Johnny Carcinogen
Johnny Carcinogen - 5 måneder siden
Almost as if money is something we just completely made up...
Lil Scotchy
Lil Scotchy - 10 måneder siden
Did someone say MMT? Yes, there is a huge smoke and mirrors game between the Treasury and the Federal Reserve. It's like that for messy historical reasons, but here is the truth. US Dollars are a creation of the Federal Government. It makes a lot of people cry to hear that, but facts don't care about your feelings, right guys? So the Federal Government does not tax or borrow to get the money to spend. It creates the money at will (don't cry). Taxes create the demand that gives USD their value. If you can enforce a tax, people will do what you want in order to get the tax credits (USD) to pay the tax. The Fed Gov issues debt when it spends to drain reserves to maintain the interest rate.

So the Fed Gov can never run out of its own money. We could pay of the entire US debt tomorrow without any difficulty. But that probably wouldn't be a good idea, because then everyone would have all this cash they wouldn't know what to do with. Federal Debt and deficits are good things. They equal our net saving. A deficit is always the other side of a surplus.

It's been like that all through history. Even when the Emperor's image was stamped on metal, that coin traded above the value of the metal (otherwise people would melt it down). Why was it worth more than the value of the metal? Because you needed those coins to pay your taxes. Even Jesus knew this. Was Jesus an MMTer?

Why does the Government tax then? To get people to work for it. And the Government in a Democracy is our agent. At least it is supposed to be.
Camaro Arrow
Camaro Arrow - År siden
yeah, theres a full video detailing this called the Collapse of the American dream explained in animation that can be found just by typing it in on Youtube for anyone who wants to learn more about this
Lucas Jumper
Lucas Jumper - År siden
the treasury hasnt printed cash in over one hundred years. thats the federal reserve
Iorveth - År siden
What is money?
Abda F
Abda F - År siden
Please explain more about treasury issuing the debt to printing the money
E. S. Johnson
E. S. Johnson - År siden
Noo this needs to be out there
Márcio - År siden
Thats the whole modern scheme... Ahhhh It kinda Works... Ima kinda slave but freedome is so confusing... For simplicity lets forget about How the scheme Works... Since It kind of works its better than the hard work to really understand It and when u understand is sooo f depressing ignorance is bliss
Andrei Cristi Moga
Andrei Cristi Moga - År siden
Best 17 seconds of my life
Kat Galactic
Kat Galactic - År siden
7 footnotes in a day? something is weird here
msfsaint - År siden
zeitgeist... shit.
eduardog3000 - År siden
In case you don't want to ignore that:
vptes1 - År siden
Yea totally disliking these footnote videos. Especially since it's been a while since I've seen the videos they're referring to. I think it's ok to include a footnote clip at the end of the full video.
Huy Đức Lê
Huy Đức Lê - År siden
Wait where did all these footnotes come from ?
The Real Dylamb
The Real Dylamb - År siden
cixlo - År siden
I'm looking at my my notifications like, What the fuck?
I was expecting at least 3 more years
The Hunter x Hunter 2011 Dickriding Association
The federal reserve is a private bank
thetriplea11 - År siden
none of these showed up in my subfeed?
Scorched - År siden
What? This footnote published today has comments *3 YEARS OLD???* WHAT?! Edit: Comments 6 years old?!
S Edwards
S Edwards - År siden
Nononono please don't just ignore that, that's a super important topic. The only online media that goes into significant depth about money creation is the Zeitgeist movies, which have... other issues.
S Edwards
S Edwards - År siden
@brain toaster There's a difference between "believable" and "factually correct." Do some research, the info is all out there.
brain toaster
brain toaster - År siden
@S Edwards I don't know most of that you said because I havent watch the other movies yet just the first one but can I ask what part in the first movie was not to be taken seriously? I'm really curious it all seemed so believable. Thanks
S Edwards
S Edwards - År siden
@brain toaster Research issues, mostly related to the conspiracy theories in the first movie. Plenty of people will dismiss the first movie out of hand simply because of the 9/11 section, many parts of which have been debunked, and even Peter Joseph himself has said that the first movie was more of a thought piece than something to be taken 100% seriously. Also length issues. The second, and most interesting, movie is over two long-winded hours on only two topics, and the third is a three-hour defense of the second. And realism issues. While Jacques Fresco's vision is grand and worthy of consideration, it's also unrealistic because it includes the dismissal of arts and culture in favor of a strict scientific mindset. Fresco seemed to believe that the humanities have no value to society. Worse, the Venus Project has adamantly refused to make his blueprints public following his death, which runs contrary to the spirit of cooperation for the betterment of humanity. The split between TVP and the Zeitgeist Movement highlighted the fact that Roxanne Meadows, who controls Fresco's legacy since his death, is more interested in personal gain than improving society.
brain toaster
brain toaster - År siden
What do you mean by other issues?
TJ Domino
TJ Domino - År siden
CGP Grey really throwing all the popular youtubers off their game with those 7 uploads in one day
Scorched - År siden
That and 3 year old comments to boot.
Vladimir Cruz
Vladimir Cruz - År siden
Is that a story for another time?
Irok 121
Irok 121 - År siden
Binging these footnotes is great.
Bluemer - År siden
I’m so confused
スミル - År siden
I had to watch this at least 10 times for me to understand what he managed to say in that less-than-20-minute timeframe
Max Wilde
Max Wilde - År siden
Will CPG Grey go into the nature of money, central banking, and Austrian vs. laissez faire economics!?!?!?
Qimodis - År siden
'vs laissez faire economics'?
Warren Piece
Warren Piece - År siden
Footnote: His uploading spikes.
Lightningfun 64
Lightningfun 64 - År siden
Oh my fucking god he posted so much in one day usually takes 3 months oh yeh yeh
Tradroid - År siden

Xhoc - År siden
Why did all these get listed all of a sudden
whm_w - År siden
Wait money is a myth?
Andy Sun
Andy Sun - 7 måneder siden
Sort of. It only works as long as people believe it works, and the government has virtually unlimited money, as the national debt never actually has to be paid off. Look up Modern Money Theory if you wish to learn more.
goblinoid - År siden
yeah, we don't want to acknowledge capitalism is broken, that would be bad.
goblinoid - År siden
@Arenesz What? no! Where did you get that from? You should read a bit more about economics or political philosophy.
Arenesz - År siden
This is not capitalism. This a government structure. Goveemnet structure cannot be capitalist as there is no market in the government. Capitalist can be the economy around it.
Qwertyuoip 123
Qwertyuoip 123 - År siden
It’s Greysmas!!
Levi Crandall
Levi Crandall - År siden
These footnotes are not that. CGP Grey comes back from the void with half a dozen footnote videos, and they're all going to be on YT Trending before we're done with them.
ThatRandomDude - År siden
What's with all the comments that are older than the video?
large man
large man - År siden
the video was only unlisted today, so youtube displays it as being published today.
Scorched - År siden
Yeah, some of them are 4 years old!
David Thompson
David Thompson - År siden
where these the invisible annotations thought the old videos? Thanks for listening them although its a shame you had to.
Andrew Smith
Andrew Smith - År siden
They're for unpublished videos! ʲᵘˢᵗ ᵏᶦᵈᵈᶦⁿᵍ ᴵ ᵈᵒⁿ'ᵗ ᵏⁿᵒʷ
Mr Fat-face
Mr Fat-face - År siden
Not mentioning the federal reserve does what the treasury department should be doing*****
Anson Sieu
Anson Sieu - År siden
Joshua Grahm
Joshua Grahm - År siden
MrDavo511 - År siden
weegeeアメリカ - År siden
fucking YouTube didn't notify me about this video WTF I had the god damn bell on and everything.
ThomasTurner69 - År siden
This is basically the US Shutdown in a nutshell
ThomasTurner69 - År siden
U should have uploaded all these footnotes on 1st April
Mr. T
Mr. T - År siden
I'm weird
Newmono - År siden
I never thought I would see so many CGP Grey uploads in one day. It's a miracle!
Aurorain - År siden
@overshot grunt Hey newmono they are from years ago
overshot grunt
overshot grunt - År siden
No one tell him that they're from years ago
Lucinda Leon
Lucinda Leon - År siden
hps362 - År siden
RIP annotations
ThomasTurner69 - År siden
Trump's wall would like to know your location
James Bone
James Bone - År siden
Who else is patting themselves on the shoulder for checking his channel for these 4 unlisted videos after his airplane post
Tonechild - År siden
DirectorJuiceBlack - År siden
Haha yep!
Noah Thomas
Noah Thomas - År siden
Justin Y.
Justin Y. - År siden
Were these unlisted by accident?
Stan daman daman
Stan daman daman - År siden
Found him (and why so many likes)
Scorpionsnerd - År siden
@Cam Free it only counts videos the creator marks specifically. So creators have to opt in every video and patrons have the option to not "accept" a certain video and not pay for it. So given the nature of these footnote, I highly doubt Grey is opting then in.
Cam Free
Cam Free - År siden
@aditya Patreon has the option of paying per video uploaded rather than per month if you link it to your NOburn channel, and that's what he has set up, but idk it counts every video uploaded as part of that or just the main ones.
aditya - År siden
@Cam Free what does that means?
Cam Free
Cam Free - År siden
The real question is if they count towards his $20k per video on Patreon.
Karel Plets
Karel Plets - År siden
Excuse me but w h a t i s t h i s
Arrgghh - År siden
annotations from other videos which youtube disabled.
Joren Baplu
Joren Baplu - År siden
suddenly my recommended is filled with these footnotes lol
Howdymynameishow - År siden
Jensi Oquendo
Jensi Oquendo - 2 år siden
In 2018, we'd consider this a big yikes.
Elias Bouhout
Elias Bouhout - 2 år siden
I like anime
Roach DoggJR
Roach DoggJR - 4 år siden
Isn't The Department of the Treasure run by private owners? Are private owners controlling the national debt?
Edouard Dubois
Edouard Dubois - 5 år siden
Sometimes I get the feeling that a huge bulk of modern economics, in all of it's intricacies, is all just an elaborate way of saying 2 + 2 = 5 so that modern governments can get away with spending more money than they have.
Like... the system isn't sustainable, but they just pretend it is and hope it will all work out in the end.
Convergant - År siden
Storing an amount of gold as a reserve is very different to pegging your currency to it. Since the scarcity of any material (gold included) is subject to change, the amount of gold circulating must be controlled to prevent your economy crashing when you come across a lot of it. Since gold is difficult to control, this makes your economy liable to crashing simply because you chose to peg it to the gold standard. On the other hand, paper money is easy to control, and hence that risk can be mitigated. I actually agree that governments shouldn't simply inflate the currency for short-term benefit, but that far outweighs the long-lasting risk that using the gold standard presents.
Jonathan Olson
Jonathan Olson - År siden
@Convergant the reason you want a finite, scarce supply is because it's not easy to control. It is naturally controlled if the standard is adhered to. Instead of trying to prevent the government from shrinking debt by inflating the monetary supply with many laws, all you need to do is make sure a certain amount of physical gold is stored and verifiable for each dollar in circulation/printed. It doesn't matter how many dollars per amount of gold as long as it's not too small. The problem is not the currency being scarce or liquid, it's the government's ability to make the currency scarce or liquid. They will almost always tend towards making it liquid (inflation) because it benefits the economy temporarily (as long as it continues) and allows money to be funneled between the classes (legislation to inflate monetary supply endorsed by elites) without the general population noticing because the process is so slow and invisible.
Convergant - År siden
Equivocation fallacy; I obviously wasn't referring to market libertarianism, but instead to the fact that using gold only ties your economy to a finite resource (whereas paper money is, for all intents and purposes, infinite), and that since all currency, in all forms, only has the value given to it by its users, restraining yourself by using a basis which is finite and who's supply is very difficult to control is clearly futile.
Jonathan Olson
Jonathan Olson - År siden
@Convergant yes, but liberation isn't always good. Constraint, if moderate, allows for building a structure and growth off of that constrain
Convergant - År siden
@Jonathan Olson Scarcity has no inherent value, so gold suffers all the same problems that paper money does; just now, if you come across a big supply of gold, there goes your economy. By not relying on a scare resource, you liberate the economy from said scarcity.
Donanbia1 - 5 år siden
could you explain it in more detail please?
dee jay
dee jay - 5 år siden
yes this is pretty scary topic, lets leave this for now.
Sally H
Sally H - 6 år siden
whoa all these footnotes
A hecking seal
A hecking seal - 6 måneder siden
Nathan McLaughlin
Nathan McLaughlin - År siden
@klarigi4219 Exactly. Watched them years ago. Don't know why I've come back *thinking*
klarigi4219 - År siden
@Endre Szentgyorgyi these videos were linked to in annotations in the original video and this person clicked on then and commented. But now annotations have been removed so Grey has uploaded the videos to public
Kaka kk Kakakk
Kaka kk Kakakk - År siden
You missed the opportunity to comment 'First'.
LQP - År siden
Arun Johnson
Arun Johnson - 7 år siden
At then end it brings you back to the point you were at in that video automatically.
Brian Kobernuss
Brian Kobernuss - 7 år siden
cgpgrey, you're smart and eloquent enough to be able flesh this one out. "Money's Existential Nature Explained", please.
Kenneth Lam
Kenneth Lam - År siden
Imadabest time travellers
Centeyek - År siden
5 years ago?
I Hate Google+
I Hate Google+ - 7 år siden
Sometimes that doesn't work, but that is a good tip.
ijfharvey - 7 år siden
the US treasury doesn't print cash or collect taxes even though it's supposed to. those jobs has been taken over by the federal reserve.
Nathan Bueckert
Nathan Bueckert - 7 år siden
if you just let the video play then it will resume where you left off :)
Adam J
Adam J - 7 år siden
Wait how many of these are there o_O?
mattbenz99 [Canadian Gambit]
i think youtube tried to do that at one point but droped it because it wasnt working properly
Objects in Motion
Objects in Motion - 7 år siden
It's your internet browser that does that, mine automatically opens in a new tab. Update internet explorer.
Dandi - 8 år siden
dude you talk tooo fast!
I Baram
I Baram - 8 år siden
when he links to this video, this video is in an unlisted playlist, with the next video being the original video, but starting from the footnote.
Lenoir - 8 år siden
You should MAKE a video of money's existential nature.
Carllito12 - 8 år siden
When these little videos end it automatically takes you back to the original video where you left off
Benjamin Kohler-Crowe
Benjamin Kohler-Crowe - 8 år siden
Yes, this, please please please.
For that matter, ALL annotations should open in new tabs -- until Youtube gets around to giving users control of it.
CSManiac33 - År siden
Well annotations are gone now
brancoflip - 8 år siden
Stop the main video and click on the link for the one that goes into specifics while holding "ctrl". You're all welcome.
S G - 8 år siden
Make a video on the monetary and sovereign debt system of the United States. I kinda know the most of the story, and I think it would make a great subject for a CGPGrey video, because of all its intricacies and technicalities. Plus it is sorta important for people to know about, and people could gain from learning about it (so as not to be swayed by manipulative half-truths, so often distributed by opportunistic fear-mongers, on that subject).
Palace Of Wisdom
Palace Of Wisdom - 8 år siden
While I am impressed that you bothered making video footnotes I would prefer if clicking the link would open another tab instead of terminating the main video
benthebarbarian - 8 år siden
If I let the footnote play to completion, it automatically sends me back to the video at the time I clicked off...idk if this is the case for you since youtube is glitch city.
EagleEyeEvan - 8 år siden
If you let this video play out it will take you back to the spot in the main video where you were before.
Eric - 8 år siden
Yes please!
greenfire61 - 8 år siden
Spend a whole video explaining this please!!! =D
the Decoy
the Decoy - 8 år siden
... so the U.S do not collect it own taxes or creates it owns money....
Jason61499 - 8 år siden
YourIGNHere - 8 år siden
Just press ctrl when you click on the annotation
Ansobert Whelan
Ansobert Whelan - 8 år siden
Likely he can't, for technical reasons.
Thomas Hui
Thomas Hui - 8 år siden
I like these little videos that goes into specifics but could you make them open in new tabs? Because every time i go back to the main video i have to find where i was before because youtube doesn't keep track of where i was
Unbrowny - 8 år siden
Josh K.
Josh K. - 8 år siden
4th? holy crap!
Preston Cook
Preston Cook - 8 år siden
Am I bad for thinking that you put a templar looking cross on the podium and that this was going to take me to a conspiracy sidenote?
RazzoGatto - 8 år siden
Esuerre - 8 år siden
Centeyek - År siden