There are many of my friends who do not really the situation of the US debt crisis and how a country like US had accumulated about USD 14 trillion in debt! Here's a Youtube video that explains the concept in a simple manner that can be understood. The video explains how one situation had led to another, from the failure to repay bonds to Federal Reserve issuing more money, leading to inflation. With the higher prices, US corporations had moved their manufacturing out of the country, thereby leading to unemployment and recession, and finally causing a unique situation called stagflation which is currently being faced.
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