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**Why governments are 'addicted' to debt. FT Film**
“_This film examines what some are calling the biggest issue in global finance today, the role of the 'bond vigilantes', and whether government borrowing could spiral out of control._”
#Video length: twenty-nine minutes and fifty-nine seconds.
https://www.youtube.com/watch?v=n1jhoU9Mp_U
#FT #FinancialTimes #Film #Markets #Debt #Borrowing #Bonds #Trading #Investment #Finance #BondVigilantes #BondMarket #Economics @economics @finance
" The #debt is growing because the country keeps #Borrowing to finance an increasingly large gap between #GovernmentSpending and #Revenue. (..) What’s the Solution? "
Judging by their actions, the solution of the #Trump - #Junta is to slash revenue drastically while raising expenditure to unprecedented levels.
(While their other "solution" is to declare bancruptcy [#MarAlLagoAccord] - because the daddy of the United States will of course bail the country out as he always did in the past. 
)
Actor Michael Sheen on paying off £1m of his neighbours’ debts; Marina Hyde on ‘grotesque’ JD Vance; and ‘how the Beatles helped my autistic son find his voice’ – podcast https://www.theguardian.com/lifeandstyle/audio/2025/mar/15/actor-michael-sheen-on-paying-off-1m-of-his-neighbours-debts-marina-hyde-on-grotesque-jd-vance-and-how-the-beatles-helped-my-autistic-son-find-his-voice-podcast #Trumpadministration #Borrowing&debt #Lifeandstyle #MichaelSheen #USpolitics #TheBeatles #JDVance #Poverty
The Guardian · Actor Michael Sheen on paying off £1m of his neighbours’ debts; Marina Hyde on ‘grotesque’ JD Vance; and ‘how the Beatles helped my autistic son find his voice’ – podcast
The trouble with the farmer up to now has been that every time somebody has thought of relief for him it has been to make it so he could borrow more money. That’s what’s the matter with him now. What he needs is some way to pay back. Not some way to borrow more.
Will Rogers (1879-1935) American humorist
Column (1927-02-27), “Weekly Article: Big Bouts for Farm Relief”
Sourcing, notes: wist.info/rogers-will/75676/
‘It’s not because I want people to think I’m great’: Michael Sheen on paying off £1m of his neighbours’ debts https://www.theguardian.com/lifeandstyle/2025/mar/10/michael-sheen-interview-secret-million-pound-giveaway-port-talbot #Banksandbuildingsocieties #Theminers'strike1984-85 #Creditcardfees #Borrowing&debt #Steelindustry #MichaelSheen #Lifeandstyle #Creditcards #Debtrelief #Refugees #Poverty #Culture #Wales
The Guardian · ‘It’s not because I want people to think I’m great’: Michael Sheen on paying off £1m of his neighbours’ debts
He that would have a short Lent, let him borrow Money to be repaid at Easter.
Benjamin Franklin (1706-1790) American statesman, scientist, philosopher, aphorist
Poor Richard (1738 ed.)
Sourcing, notes: wist.info/franklin-benjamin/75…
Morten Morland @mortenmorland on #KeirStarmer #RachelReeves #Borrowing #Spending @thetimes – political cartoon gallery in London original-political-cartoon.com
#IMF warns #Global #PublicDebt to pass $100 Trillion by end of this year. #FiscalMonitor #Report urges govts to put through #TaxHikes and make drastic cuts to #PublicSpending and #BudgetCuts despite well publicized plans to do just the opposite.
Both #USElection #PresidentialCandidates are committed to policies that will add trillions in #debt to a fragile US #economy while in #EU govt #bonds have experienced sell offs, and #UK seeks to "tweak the definition of public debt used for the UK’s #fiscal
rules to allow for more #borrowing."
Global debt will be almost 20% points of GDP higher next 3 years than previously projected: "Much more substantial fiscal adjustments are needed".
https://on.ft.com/3YnU6NB via @ftworldnews #GiftLink #FinancialTimes
Republicans break with Trump, back Fed ahead of rate cut
The Republican candidate said #lowering #borrowing #costs is
“something that they know they shouldn’t be doing”
before November’s elections.
-- GOP lawmakers disagree
https://www.politico.com/news/2024/09/11/republicans-defy-trump-fed-rate-cut-00178758
#Is the #Debt #Limit #Constitutional?
The 14th Amendment states that “the #validity of the #public #debt of the United States, #authorized #by #law ... #shall #not #be #questioned.”
Some legal scholars contend #that #language #overrides the #statutory #borrowing #limit, which currently caps federal debt at $31.4 trillion and requires congressional approval to raise or lift.
“The Constitution’s text bars the federal government from defaulting on the debt — even a little, even for a short while,” Garrett Epps, a constitutional scholar at the University of Oregon’s law school, wrote in November. “There’s a case to be made that if Congress decides to default on the debt, the president has the power and the obligation to pay it without congressional permission, even if that requires borrowing more money to do so.”
Other legal scholars say the limit is constitutional. “The statute is a necessary component of Congress’s power to borrow and has proved capable of serving as a useful catalyst for budgetary reform aimed at debt reduction,” Anita S. Krishnakumar, a Georgetown University law professor, wrote in a 2005 law review article.
The president has repeatedly said it is the job of Congress to raise the limit to avoid an economically catastrophic default.
Top officials, including Ms. Yellen and the White House press secretary, Karine Jean-Pierre, have sidestepped questions about whether they believe the Constitution would compel the government to continue borrowing to pay its bills after the X-date.
The New York TimesIs the Debt Limit Constitutional? Biden Aides Are Debating It.
The GOP wonks trying to get their party not to detonate the debt limit bomb
A few conservative budget experts are cautioning House Republicans that #brinkmanship over the nation’s #borrowing #limit could lead to economic #disaster, warning of severe financial ramifications even as their own party ignores their advice.
In both public and private comments, a handful of GOP budget experts — #Brian #Riedl, who was an aide to former Ohio Republican senator Rob Portman; #Michael #Strain, an economist at the American Enterprise Institute; and #Douglas #Holtz-#Eakin, a former director of the nonpartisan Congressional Budget Office — have tried to counter the growing argument on the right that the debt ceiling can be breached with only minimal economic impact
https://www.washingtonpost.com/business/2023/04/27/debt-limit-gop-policy-wonks/
The Washington PostThe GOP wonks trying to get their party not to detonate the debt limit bomb
The exact fallout that the U.S. — and the world — would see from a #default is uncertain, since we’ve never meaningfully experienced one before. But analysts have tried to game it out.
A 2021 Moody’s Analytics report projected that a prolonged default would mean nearly 6 million lost jobs and an #unemployment rate of 9 percent.
A 2021 report from the The White House Council of Economic Advisers (CEA) found that the increased unemployment levels could persist for two to four years.
“The fear is that there would be an economic contagion effect,” Rachel Snyderman, senior associate director of business and economic policy for the Bipartisan Policy Center, told TPM. “We’d see #borrowing costs increase, then impacts to the #stock market, which therefore impacts individual #savings accounts — and we have economic contraction.”
And the economic pain would likely not be confined to the United States.
https://talkingpointsmemo.com/news/debt-default-house-republican
TPM – Talking Points MemoWhat Defaulting On Our Debt Would Actually Look LikeThe default that Republicans have been teasing since before the 2022 midterms looms all the larger on this side of the debt ceiling, as the Treasury Department shuffles money around to keep paying our bills.