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every time we have a debate about fiscal spending it always comes out to we have you know 19 trillion dollars of debt how do we pay for it and stephanie actually you know addressed that really well but i want to show you the mechanics of that really quickly because the moment you start saying 19 trillion dollars the moment you start quoting deficits youve already lost the debate right youve already constrained yourself by rules that have been designed for your personal household or corporation but are not the type of rules that a sovereign government uses for its balance sheet so i have here a 20 because i almost never carry cash so its shocking it works better with a one dollar bill but like what is this right like i mean what what is this thing we have in our hand i have in my hand look this is zero coupon perpetual debt thats what this is this is a liability of the united states government and its a liability as stated in the federal reserve act of 1913 but it doesnt exchange
