Who do we actually owe our $36 trillion national debt to? What is the national debt? Why will it never be repaid? In this solo episode, Hans tackles this rarely asked but crucial question as he continues his "Know Your Enemies" series on understanding central banking.

Hans explores the counterintuitive reality that the national debt isn't meant to be repaid - it's an accounting system where government debt functions as an asset for dollar holders worldwide. By examining the perspectives of economist Michael Hudson, he reveals the strange mechanics behind modern monetary policy.

From the bizarre relationship between the Treasury and Federal Reserve to why interest rates should remain steady despite political pressure, Hans breaks down complex financial concepts to help listeners understand what's happening with America's financial system and its global implications.

The Illusion of National Debt: An exploration of the counterintuitive reality that national debt isn't meant to be repaid. Government debt functions as an asset for dollar and treasury holders, creating a system where debt must continue to exist and grow rather than be eliminated.

Three Pillars of American Debt: A breakdown of the three main holders of US debt: everyday people with paper currency, foreign central banks with treasury bills, and the Federal Reserve itself. This creates a bizarre accounting situation where part of the government is indebted to another part of itself.

Global Dollar Dominance: An examination of how military and financial systems work together to maintain dollar supremacy worldwide. Dollars flowing internationally benefit Americans, even while creating problematic dependencies in the global financial system.

Modern Monetary Theory Critique: A presentation of alternative perspectives on debt sustainability, acknowledging theoretical insights while questioning whether this system can continue indefinitely without major problems as interest payments grow.

➡️ Chapters:

00:00 - Introduction to Know Your Enemies Series

01:00 - Trump, Powell, and Interest Rate Debates

04:00 - Two Factors: Interest Rates vs. Congressional Spending 

08:00 - Why Lowering Interest Rates May Not Work 

12:00 - Key Questions About National Debt 

14:00 - Government Debt as an Asset for Others 

19:00 - The Federal Reserve's Unusual Relationship with Treasury 

23:00 - Michael Hudson's Perspective on National Debt 

27:00 - Paper Currency as Government Debt 

31:00 - How Dollars Circulate Globally 

35:00 - Foreign Central Bank Reserves 

39:00 - The Dollar Standard Replacing Gold

45:00 - The Federal Reserve Holding Treasury Bills 

49:00 - Why the Debt Can't Be Repaid 

53:00 - Financial Markets vs. Real Economy 

57:00 - National Security Risks of Debt

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