Pragmatic Capitalism

Practical Views on Money & Finance


By Cullen Roche

There’s a viral video going around by Tony Robbins on the national debt.  Unfortunately, he makes the dreaded error of confusing a currency issuer with a currency user.  Of course, the two can never be compared since a currency issuer has no solvency constraint meaning that they can never “run out of” currency like currency users can.  So the national debt and having to “pay it back” is never a concern.  Rather, the concern is always inflation which is a very very different phenomenon than being unable to make payments.   See the following video for more and if you’d like to review inflation and the true constraint for a currency issuer then please see the other video attached below. And if your interest is really piqued or you’re really confused you might want to spend a few hours on my paper about the monetary system which can be found here and contains much more detail.

Oh, and if you know Tony Robbins get this to him….

Video on inflation and explaining the true constraint:


Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC.Orcam is a financial services firm offering asset management, private advisory, institutional consulting and educational services.He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.
Cullen Roche

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