₦airaland Forum

Node911:
FG should open Opay account, so we can clear Nigerian debt too.


8 months later.... Snake swallowed FG Opay app

As if you can contribute anything.

Softmirror:
Hahaha hahaha hahaha hahaha no be scam be dis? Hahaha 🤣

America. Na person wey never travel go America dey hype that jungle. I prefer Japan.

If only you know how massive the Japanese debt is, you would delete your comment.

PythonPro001:
I need answers to these questions:
1. Who exactly is the US owing this humongous sum of money ?
2. When and why did the US, a supposedly wealthy nation, borrow this money ?
3. If it is so important to pay off the debt, why isn't printing new dollars an option ?

The truth is, the so-called US debt is only big on paper.

US debts are in US currencies, and the US Central Bank if they wish can print dollars tomorrow to settle those debts.

It is unlike Nigeria and other Africa countries debts, which are majorly held in US dollars and which Nigeria can't print but must earn.

Lastly 80% of US debts are owe to the Public, and two-third of this, which is about 53% of the overall debts is owe to US entities likes the US Federal Reserve, US Mutual Funds, US States & Local Governments, US Pension Funds, US Insurance Companies, etc...

Since the US dollar is not tied to gold Reserves, the Federal Reserve is capable of printing enough dollars to write off these debts but they would not, just to keep the scheme going on.

balingaonline:
All the countries in the world are owing. I just read about UK own debt. If all the countries pay their debt, whose account it's going?

Back to the discussion, US should reduce all the money they spending on war and war equipments and face their economy.

Military spending is nothing compared to entitlement programs. 60% of the national budget goes on these programs.

tctrills:
If only you know how massive the Japanese debt is, you would delete your comment.

How massive is it?! Have their citizens started paying too?

ufotunang:
..they will still have to spend huge money to print the dollars..buy materials, paper, ink, chemicals, printing machines and other things to print the dollars... and a country in debts still spending money to print the dollars.. that is piling more debts

They borrow this money to buy weapons military weapons for Ukraine Israel and other countries to fight war and also send their military men to fight war and also go on peace mission in countries that are in civil unrest, war and battles, also borrow money for financial aid to poor countries and support WHO..world health organization financially on HIV/AIDS , malaria treatment to some countries within the world ..all this costs a lot of money in trillions of dollars

This is not true, one; most of US debts are owe to entitles internal to the US, secondly; the US Federal Reserve Bank can mint a single coin and stamp a face value of $1 Trillion on it and that would be it's worth and because her debts are owe in dollars, they can use that single coin to pay it off. No need to print countless worthless papers money, because the legitimacy of the currency and it's value comes from the Federal Reserve and has nothing to do with the volume of papers printed.

CoronaVirusPro:
What problem has the US solved for its people with innovation? They even have a high speed train in that country. Old edifices you will find everywhere. It’s not growing and poverty keeps increasing.

Yes, the US innovates BUT for profit reasons. It’s not to improve the life’s of its citizens.

With the whole innovation you talking about, you did think healthcare and medications will be cheap, but it’s one of the most expensive in the world.

You are mostly right. The USA must stop policing the world on their own bill. Peace must be contributed to by every nation.

The problem of the high income world (I will not say rich world) is high cost of living occasioned by over valued real estate. A real estate that is valued 30,000 dollars in a second tier Nigerian city is 500,000 dollars in the high income world. The high cost of rent has driven wages up and jobs overseas. The problem has to be addressed at some point.
As for public debts I think everything should be added together and acquired by the UN which should be funded by member nations.
GDPs too have to be re based because if you check actual consumption outside rent and services, the US can't be even half of China's GDP. Many things have to change

PythonPro001:
I need answers to these questions:
1. Who exactly is the US owing this humongous sum of money ?
2. When and why did the US, a supposedly wealthy nation, borrow this money ?
3. If it is so important to pay off the debt, why isn't printing new dollars an option ?

Forget the big grammar
Its like taking money from your own piggy bank and promise to return you
Who you owing? Yourself 😂😂😂

musicwriter:
Give them money and they'll use it to build weapons of war and sponsor wars around the world, then consume more fat to eat themselves to death.

I once gave them a humongous amount of $25 of my hard earned money in about 2017 when Obama, Bush, Clinton and others came on TV literally begging for money for a charity cause. After giving them the money, the CIA began monitoring me!

Your support needs you to be studied for source of funds. Avoid meddling in political or social controversies or debates. Stay neutral.

BodePolScience:
I will be willing to send $5 just for record sake that I equally give to nations.

Yes, please help the begging poor nation with a big name. U.S. of Ants

smasherr1:
Your support needs you to be studied for source of funds. Avoid meddling in political or social controversies or debates. Stay neutral.

It wasn't political, rather at that time in 2017, I was writing a type of book that they don't want Africans to read. By the way, the book's name is: intellectual slavery, the worst legacy of colonialism

Softmirror:
How massive is it?! Have their citizens started paying too?

No they have not, I guess Americans are more patriotic. Japan is by far the most indebted nation when you measure debt to GDP. US is much much better.

From they want to weaken Russia to collecting Scrum from their masses

Pay off debt via Venmo ? Maybe new style scams from awon omo guys from Nigeria ?

Muslims have started again.

tctrills:
No they have not, I guess Americans are more patriotic. Japan is by far the most indebted nation when you measure debt to GDP. US is much much better.

You are running in circles. Tell us their debt.

PythonPro001:
I need answers to these questions:
1. Who exactly is the US owing this humongous sum of money ?
2. When and why did the US, a supposedly wealthy nation, borrow this money ?
3. If it is so important to pay off the debt, why isn't printing new dollars an option ?

These are brilliant questions. There's a long and short answer. Find the short answer below. Figures are approximated.

1. Who exactly is the US owing this humongous sum of money ?

US Debt is 34 T USD

Public Debt
The money owned to individuals, businesses, foreign governments, and investors

Intragovernment holdings
The money that govt owes itself. This is like ministry A lends money to ministry B, since the money is not with ministry A, it's recorded as debt until the money is repaid. The focus is on public debt

Public debt - 27 T
Intragovernment holdings - 7 T

Ownership of public debt.
Domestic Holders - 70 %
Foreign Holders - 30 %
Top foreign holders include Japan and China

2. When and why did the US, a supposedly wealthy nation, borrow this money ?
Debt is as a result of budget deficits. Government spends more than it collects. The high debt is proof that she's a rich nation. The debt keeps increasing as the deficit increases each year. Debt plays a positive role in an economy when used responsibly.

3. If it is so important to pay off the debt, why isn't printing new dollars an option

The govt can't print money to wipe off the debt for several reasons although, the government issues its own currency.

1. The debt won't go away but it will increase
2. No one will buy US treasuries
3. It would erode the value of the dollar and Inflation will set in.
4. The govt doesn't print money but the Federal reserve does and they're an independent institution.
5. Printing money is not the solution but will make matters worse.

linearity:
The truth is, the so-called US debt is only big on paper.

US debts are in US currencies, and the US Central Bank if they wish can print dollars tomorrow to settle those debts.

It is unlike Nigeria and other Africa countries debts, which are majorly held in US dollars and which Nigeria can't print but must earn.

Lastly 80% of US debts are owe to the Public, and two-third of this, which is about 53% of the overall debts is owe to US entities likes the US Federal Reserve, US Mutual Funds, US States & Local Governments, US Pension Funds, US Insurance Companies, etc...

Since the US dollar is not tied to gold Reserves, the Federal Reserve is capable of printing enough dollars to write off these debts but they would not, just to keep the scheme going on.

The Feds can technically print enough US dollars but printing enough dollars to write off these debts is NO. It's not the Feds responsibility to pay off national debt and the govt doesn't control the feds. Why it's impossible for the feds to do so is my post above.

BodePolScience:
I will be willing to send $5 just for record sake that I equally give to nations.

This is a good idea that those who wish to go America in future should buy. Who knows wether it will be added advantage in the future when details of that donation is attached to you or your child US visa application.

PythonPro001:
I need answers to these questions:
1. Who exactly is the US owing this humongous sum of money ?
2. When and why did the US, a supposedly wealthy nation, borrow this money ?
3. If it is so important to pay off the debt, why isn't printing new dollars an option ?

The U.S. government owes money to a variety of entities, both domestic and foreign. The largest holders of U.S. debt are the U.S. government itself, followed by foreign governments, particularly Japan and China, and then domestic investors, including individuals, banks, and other institutions.

Softmirror:
You are running in circles. Tell us their debt.

Oga I believe you went to school. I have already given you enough information for you to carry out your research.

Point is, learn to study before talking.

tctrills:
Oga I believe you went to school. I have already given you enough information for you to carry out your research.

Point is, learn to study before talking.

You are running in circles again. That article with respect to America has their debt written in black and white figures . Kindly tell us the debt by Japan since it was you who raised the issue. Please! Thank you.

linearity:
The truth is, the so-called US debt is only big on paper.

US debts are in US currencies, and the US Central Bank if they wish can print dollars tomorrow to settle those debts.

It is unlike Nigeria and other Africa countries debts, which are majorly held in US dollars and which Nigeria can't print but must earn.

Lastly 80% of US debts are owe to the Public, and two-third of this, which is about 53% of the overall debts is owe to US entities likes the US Federal Reserve, US Mutual Funds, US States & Local Governments, US Pension Funds, US Insurance Companies, etc...

Since the US dollar is not tied to gold Reserves, the Federal Reserve is capable of printing enough dollars to write off these debts but they would not, just to keep the scheme going on.

You really don't understand how money works. you are right about them owing the pension scheme, Federal Reserve, and others, they can also raise funds by selling government bonds and others. The truth is, all governments in this world are running a debt scheme. And secondly they cannot just print excess dollar without causing inflation, which in turn will cause the value of the dollar to reduce like we are experiencing with the naira currently. so this debt in question is a debt the US government is owing its own Federal Reserve, which is like its CBN.

kbzeeinyang:
So they use to come all acting like they don't borrow money. Omoh e don dey clear now!

You know nothing about money and how it works.

humberjade:
Trump nah renowned scammer.

After all the current inflation and taxes ordianary citizens pay to the govt, you still want them to cough out more. I am sure more than half of that debt was used to fund wars and coup that doesn't concern them.

You should have thought deeply about that before cutting tax for the billionaires.

You are very wrong, maybe Trump is dumb and doesn't know how to raise funds from the government, maybe he is so bad an economist he doesn't know how to run a country's economy. Otherwise, he would have known how to generate money to run his government by selling bonds and other government treasury bills.

PythonPro001:
I need answers to these questions:
1. Who exactly is the US owing this humongous sum of money ?
2. When and why did the US, a supposedly wealthy nation, borrow this money ?
3. If it is so important to pay off the debt, why isn't printing new dollars an option ?

They owe this money to banks, the Federal Reserve, and foreign investors. They never borrowed the money from anyone unlike Nigeria which goes to other countries to borrow money from. They borrowed this money by selling government bonds and treasury bills to investors. Upon maturity of the government bonds, the investors will have to collect their money. Hence, the reason Trump is crying he doesn't know how to run a government, so he is finding it difficult to pay back.

linearity:
This is not true, one; most of US debts are owe to entitles internal to the US, secondly; the US Federal Reserve Bank can mint a single coin and stamp a face value of $1 Trillion on it and that would be it's worth and because her debts are owe in dollars, they can use that single coin to pay it off. No need to print countless worthless papers money, because the legitimacy of the currency and it's value comes from the Federal Reserve and has nothing to do with the volume of papers printed.

You are damned wrong, I am sure it is people like you who advised Buhari and now look at the mess he has put us all in. Even if the US decides to print $1 trillion dollar bill or multiple paper bill, the value of the dollar wi go down, and inflation will rise which will in turn makes the dollar worthless against other currencies even the naira will move up against the dollar. it is just a simple law of supply and demand. when you have abundance of any currency even the dollar in circulation the value will eventually go down.

linearity:
This is not true, one; most of US debts are owe to entitles internal to the US, secondly; the US Federal Reserve Bank can mint a single coin and stamp a face value of $1 Trillion on it and that would be it's worth and because her debts are owe in dollars, they can use that single coin to pay it off. No need to print countless worthless papers money, because the legitimacy of the currency and it's value comes from the Federal Reserve and has nothing to do with the volume of papers printed.

Then why can't Donald trump tell the federal reserve bank to mint the single coin and stamp a face value of 1 trillion dollars and use it to pay the debts.
.,then why is Donald trump's begging the USA citizens to donate money to pay the debts through PayPal and Venmo

fxexperts:
They owe this money to banks, the Federal Reserve, and foreign investors. They never borrowed the money from anyone unlike Nigeria which goes to other countries to borrow money from. They borrowed this money by selling government bonds and treasury bills to investors. Upon maturity of the government bonds, the investors will have to collect their money. Hence, the reason Trump is crying he doesn't know how to run a government, so he is finding it difficult to pay back.

You are damned wrong, I am sure it is people like you who advised Buhari and now look at the mess he has put us all in. Even if the US decides to print $1 trillion dollar bill or multiple paper bill, the value of the dollar wi go down, and inflation will rise which will in turn makes the dollar worthless against other currencies even the naira will move up against the dollar. it is just a simple law of supply and demand. when you have abundance of any currency even the dollar in circulation the value will eventually go down.

I use the printing of the $1 trillion dollar coin as an illustration on a macro level.

On a micro level, the US Government sells treasury notes to finance her debts. Anybody in the public and foreign governments buy these notes, I have some Federal Reserve notes in my safe.

The US government pay interest on these notes, owners can sell these notes to other buyers or return them to the government to cash-in.

The US Government backs these notes and would not deny to redeem them when a possessor presents them for cashing.

Let’s assume everyone with US treasury notes presents for cashing at the same time, even if they all amount to $1 trillion dollars, the US Government will honor the notes.

What is the probability of everyone presenting their notes to be cashed at the same time? It is zero, which means the US would never print that $1 trillion dollar coin.

Let’s assume a scenario present itself that makes every US note holder to present their notes, that would be a worldwide economic breakdown that would ripe across the globe with hyperinflation and the US Government honoring them by printing more money would not worsen the situation.

American government didn't borrow to loot or spend it on themselves like we experience here in Nigeria. 99.9% of all politicians who are on different offices who have power to borrow money, divert those money for their personal use, so it will be wrong to start thinking this same debt repayment method deployed by American government should be copied by Nigerian government. If at all they want to do it, then they should start from all politicians, so many like my former governor made his money from politics in Rivers state.

studyless123:
These are brilliant questions. There's a long and short answer. Find the short answer below. Figures are approximated.

1. Who exactly is the US owing this humongous sum of money ?

US Debt is 34 T USD

Public Debt
The money owned to individuals, businesses, foreign governments, and investors

Intragovernment holdings
The money that govt owes itself. This is like ministry A lends money to ministry B, since the money is not with ministry A, it's recorded as debt until the money is repaid. The focus is on public debt

Public debt - 27 T
Intragovernment holdings - 7 T

Ownership of public debt.
Domestic Holders - 70 %
Foreign Holders - 30 %
Top foreign holders include Japan and China

2. When and why did the US, a supposedly wealthy nation, borrow this money ?
Debt is as a result of budget deficits. Government spends more than it collects. The high debt is proof that she's a rich nation. The debt keeps increasing as the deficit increases each year. Debt plays a positive role in an economy when used responsibly.

3. If it is so important to pay off the debt, why isn't printing new dollars an option

The govt can't print money to wipe off the debt for several reasons although, the government issues its own currency.

1. The debt won't go away but it will increase
2. No one will buy US treasuries
3. It would erode the value of the dollar and Inflation will set in.
4. The govt doesn't print money but the Federal reserve does and they're an independent institution.
5. Printing money is not the solution but will make matters worse.

Brilliant and well-detailed answers 👍. Thanks

Node911:
FG should open Opay account, so we can clear Nigerian debt too.


8 months later.... Snake swallowed FG Opay app

Chai,una dey worry for dis wee kon3..oooo!!!