Peter Thiel

How does that work? Well, it's to people who bought the bonds and it's – A lot of it's to Americans. Some of them are held by the Federal Reserve. A decent amount are held by foreigners at this point because in some ways it's the opposite of the trade current account deficits. The U.S.

How does that work? Well, it's to people who bought the bonds and it's – A lot of it's to Americans. Some of them are held by the Federal Reserve. A decent amount are held by foreigners at this point because in some ways it's the opposite of the trade current account deficits. The U.S.

How does that work? Well, it's to people who bought the bonds and it's – A lot of it's to Americans. Some of them are held by the Federal Reserve. A decent amount are held by foreigners at this point because in some ways it's the opposite of the trade current account deficits. The U.S.

has been running these big current account deficits, and then the foreigners end up with way more dollars than they want to spend on American goods or services. And so they have to reinvest them in the U.S. Some put it into houses or stocks, but a lot of it just goes into government debt. So in some ways it's a function of the chronic trade imbalances, chronic trade deficits.

has been running these big current account deficits, and then the foreigners end up with way more dollars than they want to spend on American goods or services. And so they have to reinvest them in the U.S. Some put it into houses or stocks, but a lot of it just goes into government debt. So in some ways it's a function of the chronic trade imbalances, chronic trade deficits.

has been running these big current account deficits, and then the foreigners end up with way more dollars than they want to spend on American goods or services. And so they have to reinvest them in the U.S. Some put it into houses or stocks, but a lot of it just goes into government debt. So in some ways it's a function of the chronic trade imbalances, chronic trade deficits.

Man, I always find that hypothetical. It's a ridiculous hypothetical. It is ridiculous. You ask ridiculous hypotheticals, you get ridiculous answers.

Man, I always find that hypothetical. It's a ridiculous hypothetical. It is ridiculous. You ask ridiculous hypotheticals, you get ridiculous answers.

Man, I always find that hypothetical. It's a ridiculous hypothetical. It is ridiculous. You ask ridiculous hypotheticals, you get ridiculous answers.

I think my answers are probably all in the very libertarian direction. So it would be sort of – Figure out ways to have smaller governments. Figure out ways to increase the age on Social Security. Means test Social Security so not everyone gets it. Just figure out ways to gradually dial back a lot of these government benefits. And then that's insanely unpopular.

I think my answers are probably all in the very libertarian direction. So it would be sort of – Figure out ways to have smaller governments. Figure out ways to increase the age on Social Security. Means test Social Security so not everyone gets it. Just figure out ways to gradually dial back a lot of these government benefits. And then that's insanely unpopular.

I think my answers are probably all in the very libertarian direction. So it would be sort of – Figure out ways to have smaller governments. Figure out ways to increase the age on Social Security. Means test Social Security so not everyone gets it. Just figure out ways to gradually dial back a lot of these government benefits. And then that's insanely unpopular.

So it's completely unrealistic on that level.

So it's completely unrealistic on that level.

So it's completely unrealistic on that level.

Yeah. Basically anyone who – pretty much everyone gets it because it was originally rationalized as a – as a as sort of a pension system, not as a welfare system. And so the fiction was you pay Social Security taxes and then you're entitled to get a pension out in the form of Social Security. Right.

Yeah. Basically anyone who – pretty much everyone gets it because it was originally rationalized as a – as a as sort of a pension system, not as a welfare system. And so the fiction was you pay Social Security taxes and then you're entitled to get a pension out in the form of Social Security. Right.

Yeah. Basically anyone who – pretty much everyone gets it because it was originally rationalized as a – as a as sort of a pension system, not as a welfare system. And so the fiction was you pay Social Security taxes and then you're entitled to get a pension out in the form of Social Security. Right.

And and because it was we told this fiction that it was a form of the pension system instead of an intergenerational Ponzi scheme or something, something like that. You know, the fiction means everybody gets paid Social Security because it's a pension system.

And and because it was we told this fiction that it was a form of the pension system instead of an intergenerational Ponzi scheme or something, something like that. You know, the fiction means everybody gets paid Social Security because it's a pension system.