Individuals, businesses can go through a bankruptcy they can wipe away their debt. Small governments can do that. The problem with the US is the US can't do that because with that amount of debt, US treasury debt is the number one held instrument by all financial entities and pension funds in the world. So if we ever ended up going through a bankruptcy or debt restructuring would crater the whole global financial system. (03:46–03:53)
CLAIM
Asserts the global significance of US treasury debt holdings.
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