why were you gone for 5 years?
0:15

Boy
Almost as if money is something we just completely made up...

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.

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

the treasury hasnt printed cash in over one hundred years. thats the federal reserve

What is money?

Please explain more about treasury issuing the debt to printing the money

Noo this needs to be out there

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

Best 17 seconds of my life

7 footnotes in a day? something is weird here

zeitgeist... shit.

In case you don't want to ignore that: https://www.youtube.com/watch?v=TDL4c8fMODk

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.

Wait where did all these footnotes come from ?

FOR NOW

I'm looking at my my notifications like, What the fuck?
I was expecting at least 3 more years

The federal reserve is a private bank

none of these showed up in my subfeed?

What? This footnote published today has comments *3 YEARS OLD???* WHAT?! Edit: Comments 6 years old?!

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.

@brain toaster There's a difference between "believable" and "factually correct." Do some research, the info is all out there.

@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

@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.

What do you mean by other issues?

CGP Grey really throwing all the popular youtubers off their game with those 7 uploads in one day

That and 3 year old comments to boot.

Is that a story for another time?

Binging these footnotes is great.

I’m so confused

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

Will CPG Grey go into the nature of money, central banking, and Austrian vs. laissez faire economics!?!?!?
CPG Grey PLEASEEE

'vs laissez faire economics'?

Footnote: His uploading spikes.

Oh my fucking god he posted so much in one day usually takes 3 months oh yeh yeh

WHAT THE FUCK HOW ARE THERE COMMENTS FROM YEARS AGO WHEN THIS WAS POSTED TODAY, FEBRUARY 4, 2019???

HAS TIME TRAVEL BEEN INVENTED? IS IT A GLITCH? ARE WE NOT SUPPOSED TO KNOW? DID SOMEONE ALTER THE PAST SO WE SEE THEM? WHAAA

Why did all these get listed all of a sudden

Wait money is a myth?

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.

yeah, we don't want to acknowledge capitalism is broken, that would be bad.

@Arenesz What? no! Where did you get that from? You should read a bit more about economics or political philosophy.

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.

It’s Greysmas!!

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.

What's with all the comments that are older than the video?

the video was only unlisted today, so youtube displays it as being published today.

Yeah, some of them are 4 years old!

where these the invisible annotations thought the old videos? Thanks for listening them although its a shame you had to.

They're for unpublished videos! ʲᵘˢᵗ ᵏᶦᵈᵈᶦⁿᵍ ᴵ ᵈᵒⁿ'ᵗ ᵏⁿᵒʷ

Not mentioning the federal reserve does what the treasury department should be doing*****

FOOTNOTES

wqhat

Rough

fucking YouTube didn't notify me about this video WTF I had the god damn bell on and everything.

This is basically the US Shutdown in a nutshell

U should have uploaded all these footnotes on 1st April

I'm weird

I never thought I would see so many CGP Grey uploads in one day. It's a miracle!

@overshot grunt Hey newmono they are from years ago

No one tell him that they're from years ago

Hallelujah

RIP annotations

Trump's wall would like to know your location

Who else is patting themselves on the shoulder for checking his channel for these 4 unlisted videos after his airplane post

noburn.info/id/video/sX3FnNOgoGx5kHY.html&index=2&list=PLc5PfsIwcLCiA_aTk6_LmZSVYhMluWM5P

Haha yep!

#CGPFOOTNOTEFUCKUP

Were these unlisted by accident?

Found him (and why so many likes)

@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.

@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.

@Cam Free what does that means?

The real question is if they count towards his $20k per video on Patreon.

Excuse me but w h a t i s t h i s

annotations from other videos which youtube disabled.

suddenly my recommended is filled with these footnotes lol

woah

In 2018, we'd consider this a big yikes.

I like anime

Isn't The Department of the Treasure run by private owners? Are private owners controlling the national debt?

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.

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.

@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.

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.

@Convergant yes, but liberation isn't always good. Constraint, if moderate, allows for building a structure and growth off of that constrain

@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.

could you explain it in more detail please?

yes this is pretty scary topic, lets leave this for now.

whoa all these footnotes

Indeed

@klarigi4219 Exactly. Watched them years ago. Don't know why I've come back *thinking*

@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

You missed the opportunity to comment 'First'.

lmao

At then end it brings you back to the point you were at in that video automatically.

cgpgrey, you're smart and eloquent enough to be able flesh this one out. "Money's Existential Nature Explained", please.

Imadabest time travellers

5 years ago?

Sometimes that doesn't work, but that is a good tip.

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.

if you just let the video play then it will resume where you left off :)

Wait how many of these are there o_O?

i think youtube tried to do that at one point but droped it because it wasnt working properly

It's your internet browser that does that, mine automatically opens in a new tab. Update internet explorer.

dude you talk tooo fast!

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.

You should MAKE a video of money's existential nature.

When these little videos end it automatically takes you back to the original video where you left off

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.

Well annotations are gone now

Stop the main video and click on the link for the one that goes into specifics while holding "ctrl". You're all welcome.

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).

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

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.

If you let this video play out it will take you back to the spot in the main video where you were before.

Yes please!

Spend a whole video explaining this please!!! =D

... so the U.S do not collect it own taxes or creates it owns money....

SECRET VIDEO!

Just press ctrl when you click on the annotation

Likely he can't, for technical reasons.

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

wut

4th? holy crap!

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?

Ahhhhh!

Oh.

Lol