Can't We Just Cancel All US Debt?

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In this video, I discuss why we cannot just cancel or forgive US government debt. US Treasuries (government bonds) are the US government's liabilities, but they are also always someone else's asset.

If you cancel US Treasuries, you immediately blow a giant hole in the balance sheets of households, corporations, pensions, and even entire countries. This is what a hard default looks like, and it would cause an immediate global financial crisis.

The US has instead chosen the path of a soft sovereign default, where it pays off old debts with devalued dollars.

This means that real estate, stocks, and Bitcoin will continue to massively appreciate this decade.

In the short term, things look bleak-- the Fed will continue to be hawkish until we get a recession, stock market crash, or malfunction in US financial plumbing.

Not investment advice! Consult a financial advisor.

US debt clock:
https://www.usdebtclock.org/

US debt/GDP chart:
https://fred.stlouisfed.org/series/GFDEGDQ188S

CPI chart:
https://fred.stlouisfed.org/series/CPIAUCSL#0

Major holders of US Treasuries:
https://ticdata.treasury.gov/Publish/mfh.txt

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#Fed
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