Funding the Future What is it about national debt?
Dec 12, 2025
The discussion reveals the national debt as the backbone of our money supply, challenging the common belief that it's a financial danger. It’s highlighted that over 80% of this debt is privately owned, predominantly by wealthy households and institutions like pension funds. The conversation addresses how this concentration of wealth is fueled by interest from government debt. Proposed reforms include lowering interest rates, fair taxation on unearned income, and enhancing democratic control over the money supply.
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Republishing While Under The Weather
- Richard Murphy republished this video because he felt ill and wanted to share an important archived explanation.
- He frames the episode as essential for understanding why politicians misrepresent national debt.
National Debt As The Money Supply
- National debt is effectively the currency a government puts into circulation and thus forms the money supply.
- Richard Murphy argues this makes national debt essential for an economy to function rather than an inherent burden.
Scale Of Global Government Debt
- About $100 trillion of government debt exists globally, with the US holding roughly one third of it.
- Murphy frames this large stock as the basis of global currencies, especially the dollar as a reserve currency.