Scotty Rants

Here's Why America Just Went Bankrupt and All Our Savings are Gone!!!

Scotty Kilmere's been an auto mechanic for 50 years and his car videos can be quite entertaining, informative, and humorous. Apparently, he found out about the National Debt. It's 34 Trillion dollars, which is 34,000 Billion dollars (trillion is just another word for "many"). He says it's unsustainable, on account of how they keep running it up by a couple trillion every year. He's not too fond of electric cars, either.

Foreign nations sell us cars (and steel and lots of other stuff) and buy US government debt. They call this an "industrial policy." DC politicians like this because they can dish out money and not raise taxes. Wall Street likes this because they can sell foreigners our assets. Banks like this because the dollar is the world trade currency backed by American Real Estate -- which foreigners can buy as a safe haven when things go bad. It's good for everyone but American workers.

He's down on Capitalism, which he confuses with stupidity, and calls Communist China a Capitalist nation. Maybe, but it is not a free-market economy. They practice Crony Capitalism or, if you prefer, State Capitalism (Fascism).