Newsflash, suckers: Jew S A is in FATAL debt crisis--happening NOW, as we speak, morons--many will die, everyone is going to be a lot poorer, fools

[Apollonian]

Americans Are Absolutely Drowning In Debt, And This Really Is The Worst Debt Crisis In All Of U.S. History​

November 7, 2023 10:57 pm by CWR
by Michael

Link: https://citizenwatchreport.com/amer...-the-worst-debt-crisis-in-all-of-u-s-history/

I truly wish that headline was an exaggeration. Unfortunately, for decades Americans have been extremely irresponsible with their finances. As a result, credit card debt is at an all-time high, auto loan debt is at an all-time high, mortgage debt is at an all-time high, corporate debt is at an all-time high, state and local governments all over the nation continue to get into absurd amounts of debt, and the federal government has piled up the single largest mountain of debt in the history of the world. Our whole society is absolutely drowning in debt at this stage, and the only way out is for the entire system to collapse.
On Tuesday, we learned that the total amount of credit card debt in the U.S. has now reached a new record high of 1.08 trillion dollars…

Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found.
“Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” said Donghoon Lee, the New York Fed’s economic research advisor.

Credit card debt has always been one of the most insidious forms of debt, but now the banks are pushing credit card interest rates to unprecedented heights…

The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.72% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.
If people are carrying debt to compensate for steeper prices, they could end up paying more for items in the long run. For instance, if you owe $5,000 in debt — which the average American does — current APR levels would mean it would take about 279 months and $8,124 in interest to pay off the debt making the minimum payments.

It should be illegal to issue a credit card that has an interest rate higher than 20 percent.
See also The largest US Banks are facing their worst Bad loan write-offs in 3 years
But banks are going to keep doing it because our politicians will not stop them.
So don’t fall into their trap.
Other forms of debt are rapidly growing as well…

Auto loan balances also contributed to the uptick, climbing by $13 billion over the course of the third quarter to $1.6 trillion. Student loan debt, meanwhile, increased by $30 billion while mortgage balances jumped by $126 billion to $12.14 trillion.

Overall, U.S. households are now more than 17 trillion dollars in debt.
I can’t even begin to describe how foolish we have been.
The only way to keep the party going is to borrow even more money, but thanks to higher interest rates we are not going to be able to purchase as much.
This is something that Kevin O’Leary pointed out in a recent interview…

“We’re looking at a downsized America. I tell it like it is,” O’Leary said on “The Big Money Show.” “Three years ago, even 24 months ago, you get a mortgage at 4.5%. You’re lucky to get one at eight today. So that means the size of the house you’re going to buy is 20 to 25% smaller. That’s a downsize.”
“You want to borrow for a car? Sorry, that’s 8 to 9%. Used to be five,” the O’Leary Ventures chairman added. “So, smaller, less expensive car. That’s happening at the same time.”

He is right.
But we just can’t help ourselves, and so we are going to continue to borrow more money.
The same thing is true for our corporations.
Today, corporate debt is at the highest level ever recorded.
And state and local governments continue to borrow money as if tomorrow will never come.
But the biggest offender of all is the federal government.

The national debt is currently sitting at 33.6 trillion dollars, and it is constantly going higher.
You can watch the national debt clock race upwards right here. To me, that debt clock is actually a countdown to the financial destruction of America.
Once upon a time, I warned that the U.S. would be paying a trillion dollars in interest on the national debt by the year 2030.
Well, guess what?
See also Economic Warning: Yield Curve Steepens Rapidly, Americans Spend at Fastest Rate in Two Years, Russell 2000 Hits 2020 Lows
We got there early.
According to Bloomberg, we have already crossed that ominous threshold…

Estimated annualized interest payments on the US government debt pile climbed past $1 trillion at the end of last month, Bloomberg analysis shows. That projected amount has doubled in the past 19 months from the equivalent figure forecast around the time.
The estimated interest expense is calculated using US Treasury data which state the government’s monthly outstanding debt balances and the average interest it pays.

Wow.
As usual, things are even worse than many of us were originally projecting.
Before I end this article, there is one more thing that I wanted to mention.
The “glitch” that affected the direct deposit of so many paychecks all over the nation still has not been resolved five days later…

Federal Reserve officials are urging banks to work with customers hurt by ongoing deposit delays that have prevented some people from accessing their paychecks and other funds.
A number of customers still haven’t received their direct deposit paychecks following a “human error” that damaged the plumbing of America’s banking system. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers.
“The Federal Reserve encourages banks to work quickly to resolve issues for customers experiencing delays in receiving direct deposit payments as a result of operational issues at a private sector payments provider,” a Fed spokesman told CNN in a statement.

Was it really a “human error” that caused this?
If someone just hit a wrong button, you would think that would be relatively easy to fix.
Keep a close eye on the banks. As I discuss in my new book entitled “Chaos”, the banks are the beating heart of our economy and enormous trouble is brewing.
Without healthy banks, our entire system will go haywire very rapidly.

We need to borrow money for just about every major purchase that we make, and it is the banks that make the vast majority of those loans.
If the flow of credit starts to dry up, so will our standard of living.
Unfortunately, a credit crunch has now begun, and that is going to have very serious implications for all of us.

 

[Apollonian]

Americans MUST face-up to the absolutely HORRIBLE debt trap they're in--TRILLIONS in debt already, several trillion just THIS YEAR alone, suckers. Thus US TRIED to sell more bonds (for more debt), but NO ONE wanted to buy. Only thing Jew S A can do now to spend is gross inflation (fiat-currency printing), suckers. THIS IS THE END-OF-THE-LINE FOR JEW S A EMPIRE, suckers

Chicoms selling the US Treasury bonds they used to hold--they KNOW these treasuries will only be paid back in inflated (hence worthless) dollars, suckers

 

[Apollonian]

The Fed Has No Plan, and Is Just Hoping for the Best​

by Ryan McMaken | Mises Institute
November 10th 2023, 1:12 pm

Link: https://www.infowars.com/posts/the-fed-has-no-plan-and-is-just-hoping-for-the-best/

The Fed has no idea what the "correct" federal funds rate is to achieve the goals that the Fed has set for itself.
Nor does the Fed know what the "neutral" interest rate is at any given time. As even chairman Jerome Powell admitted at this month's press conference.
The Federal Reserve’s Federal Open Market Committee (FOMC) last week left the target policy interest rate (the federal funds rate) unchanged at 5.5 percent. This “pause” in the target rate suggests the FOMC believes it has raised the target rate high enough to rein in price inflation which has run well above the Fed’s arbitrary two-percent inflation target since mid-2021. I say “believe,” but perhaps the more appropriate word here is “hope.”
That is: the Fed hopes it has raised the target interest rate high enough. Moreover, the Fed hopes this will both reign in price inflation and also avoid raising unemployment too high. (See below for what is meant by “enough” and “too high.”)
After all, the Fed has no idea what the “correct” federal funds rate is to achieve the goals that the Fed has set for itself. Nor does the Fed know what the “neutral” interest rate is at any given time. As even chairman Jerome Powell admitted at this month’s press conference, “you can’t identify [the neutral rate] with any precision in real time and we know that.”
Nonetheless, we can see here that the target federal funds rate has been held steady by the FOMC since July of this year. The length of the pause is significant because once the target rate has been flat for more than two months in a tightening period, the Fed’s next step is nearly always to begin lowering the target rate.
Whether or not the Fed does that this time is not a sure thing, and it has become increasingly obvious the voting members of the FOMC have no idea—or are unwilling to reveal—what they’ll do next, either.
https://www.infowarsstore.com/down-...&utm_medium=banner&utm_content=downnoutbanned
Gone are the days when the Fed repeatedly suggested that it had a long-term plan or any sort of clear strategy for manipulating economic conditions. Over the past several months, Powell has made it increasingly clear in his post-FOMC press conferences that the Fed is—if we believe what they say—playing it all by ear on a meeting-by-meeting basis. Its “strategy” consists of tinkering with its monetary policy and then crossing its fingers and waiting.
This month, the first hint at this came in the form of the FOMC’s official press release which states:

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

This is just a fancy way of saying “we have no idea what will happen next.” This may seem like just an admission of the obvious reality to many people, but this all contradicts the decades of propaganda we’ve been told about the Fed and its technocrats. We’re supposed to believe the Fed has the nation’s “best” economists and the “best” economic models and pursues policies based on apolitical economic science. Yet it all turns out that the Fed has nothing in its tool box other than tinkering each month with a few knobs and levers, and hoping price inflation goes down.
This was further revealed during this month’s press conference’s Q and A where Powell repeatedly emphasized the tenuous nature of the Fed’s current policy. Here’s a smattering of phrases Powell used to answer questions about whether or not the Fed has plans to raise or lower the target rate: “we’re monitoring. … you know, things are fluctuating back and forth. … we haven’t made any decisions about future meetings. … We have not made a determination.”
Some reporters tried to nail the Fed down on some sort of criteria for how the Fed determines policy. For example Nick Timiraos of The Wall Street Journal asked Powell “what makes you confident the tighter financial conditions will slow above trend growth when 500 basis points, the rate hikes, QT, and a minor banking crisis have not thus far?” Powell’s sagacious response was “Well, I just—that’s—you know, the way our policy works is and sometimes it works with lags, of course, which can be long and variable.”
Oh.
There are reasons for this utter lack of precision and planning. Some are economic and others are political.
The first reason is that the Fed is terrible at forecasting. FOMC members and chairmen are consistently behind the curve when it comes to understanding trends in price inflation and economic growth. For example, Chairman Bernanke was still insisting there was no recession coming as late as mid-2008. Months later, the nation was in a full-blown financial crisis. In mid 2021, Minneapolis Fed president Neel Kashkari claimed there was no price inflation in store and the Fed would keep the target rate near zero until 2023. Powell, of course, famously insisted throughout 2021 that price inflation was “transitory” and that there was no need to curb the Fed’s relentless easy-money policies to rein in price inflation. In other words, there is no correlation between the Fed’s economic forecasts and what actually happens in the economy.
Other reasons for the Fed’s evasiveness are political. Contrary to the longstanding myth of Fed independence and political neutrality, the Fed is a deeply political organization committed to kicking the can down the road to get the regime through just one more election without a fiscal or monetary disaster. The Fed is also expected to ensure that the federal government has easy access to liquidity and deficit funding while also ensuring that price inflation and unemployment remain at levels politically palatable to the voters.
If the Fed allows price inflation to surge, this will undermine the regime’s credibility and damage the administration. This is what the Fed is worried about when it is concerned that it has raised the target rate “enough.” “Enough” is a political definition. On the other hand, the Fed doesn’t want unemployment to rise to politically problematic levels. That would also be bad for both the Fed and the administration. This is what the Fed worries about in terms of raising the target rate “too much.” What constitutes “too much” is a political question.
Meanwhile, the regime wants the Fed to help keep interest rates on government debt low so the costs of deficit spending don’t get out of hand. That means pushing down the federal funds rate and other interest rates through its open market operations (but risking more price inflation).
Debt costs, unemployment, and price inflation are all political problems the Fed must manage at once. But the time horizon is strictly short-term. There is no long-term thinking here about building a sound economy, fostering investment, or helping the working man save for retirement. The Fed’s concern is keeping up appearances, and this requires constant open-ended tinkering with policy rates (and the Fed portfolio) and hoping for the best.

---

Ebola is in the COVID Vaccines! Respected Research Scientist Judy Mikovits Drops Massive Bombshells!

 

[Apollonian]

$2.3 Trillion added to the US National Debt in less than 6 months since the debt ceiling was suspended in June.​

November 28, 2023 6:29 am by CWR
by Virtual_Crow

Link: https://citizenwatchreport.com/2-3-...since-the-debt-ceiling-was-suspended-in-june/

So a few months back, this was causing bond yields to rise high enough that the market started a downtrend again from the summer until October. Too many bonds being sold. Then the Treasury did Yellen’s Yolo, selling more bills instead of bonds, driving yields down. This contributed greatly to the November rally along with future expectations of lower Fed fund rates.

Yellen’s Yolo will be coming due over the next several months. The Treasury has to finance most of that $2.3 trillion again, because they spent the money they borrowed for a few months and now they have to pay it back. They could keep doing this forever and just pay 5.4% interest forever, except they’re extra special regarded and will spend another trillion or two additional of deficit that they need to raise money to borrow.

On top of this several trillion dollars of low interest debt from the QE years is also due, and money has to be borrowed again at higher rates. This is a debt snowball. The holders of the bonds receiving the payments are likely to buy more more bonds with the money, but will demand a higher yield because they’re also being asked to buy all the other debt rolling over and all the new debt too.

See also Credit card debt in the US has hit an all-time high of $1.08 Trillion (The average interest rate on credit cards is now over 20%, also an all-time high) [Balances have increased $154 Billion year over year, the largest increase since 1999]; U.S. Household debt reaches $17.29 Trillion

All this money is being diverted out of equity markets, into bonds, and the bonds are being spent on the poors, govt employees (poors with benefits), and defense contractors. It’s the reverse of QE where the money supply went nuts but it was almost entirely into equity assets and inflation was near zero. Now equity assets are seeing a drying of money supply and all the poors that drive inflation are getting a govt spending boom.

See also Verizon on 2008 crisis levels, but dividends up by 50% since that time. If FED is done with rates, then it is time for dividend stocks

Also Papa Powell is pissed and is burning tens of billions of dollars a week to fight this inflation. The Fed owns trillions of dollars of treasuries, but when they mature the Fed is taking the money and deleting it instead of buying new treasuries like most others typically do.

 

[Apollonian]

The Neocon Rot in the GOP Empowered the Warfare State​

by David Stockman Posted onDecember 27, 2023

Link: https://original.antiwar.com/David_...n-rot-in-the-gop-empowered-the-warfare-state/

The graph below embodies a shit-ton of modern political, policy and financial history, even if on the surface its seems prosaic enough. Literally, it tracks in 2023 dollars of purchasing power the rise of the public debt since 1966.
To be sure, 1966 did have some claim to being an inflection point in modern fiscal history. That was the year in which LBJ’s “guns and butter” policies went into high gear, fueled by a spending surge for both the Great Society and the dramatic escalation of Johnson’s genocidal war on the peasants of Vietnam. And it was also the year in which LBJ famously manhandled the Chairman of the Federal Reserve down on his ranch in Texas, demanding that the Fed print the money to support his boys “bleeding and dying in the jungles of Southeast Asia”, as he put it.
But an inspection of the graph makes clear that the actual inflection point in terms of the explosion of the nation’s public debt incepted 15 years later after 1980. Thus, in 2023 dollars of purchasing power the public debt went from $2.36 trillion in 1966 to $2.76 trillion in 1980, representing a pretty modest 1.4% annual growth in real terms.
So even with a moderately more accommodative Fed after William McChesney Martin got the LBJ “treatment” and surging bills for the domestic Welfare State that Nixon and Ford did little to reverse, there was simply no sign circa 1980 that America’s politicians were about to uncork a runaway public debt.
Alas, the next 43-years proved otherwise, as what had been the flat part of the chart below virtually went vertical.
Again, in today’s dollars of purchasing power the theretofore contained public debt rose 14-fold, from $2.7 trillion in 1980 to nearly $33 trillion today. That surge embodied a dramatically higher 6.0% per annum rate of growth.
Needless to say, over any considerable period of time, the law of compound arithmetic is a monster. Had the public debt stayed on the 1966 to 1980 path of 1.4% growth, instead, the public debt today would be $5.0 trillion, not $33 trillion, And annual interest expense on the Federal debt at a standardized 4% rate would be $200 billion, not $1.3 trillion.
US Public Debt In Constant 2023 Dollars, 1966 to 2023

As we said, there is a shit-ton of significance in the upward climb of the chart after the 1981 bend-point. Something epochal happened to cause an extra $28 trillion of debt to be loaded upon the main street economy and to squeeze the daylights out of a federal budget that a decade or two down the road will be groaning under the entitlement costs owed to 100 million retired Americans.
So let us cut to the chase. The epochal turn of events we are referencing involves the defenestration of the old-time GOP and the consequent nullification of its dedication to the verities of fiscal rectitude, sound money, free market liberty and prosperity at home and peaceful commerce abroad.
In their stead came first and foremost the neocon enterprise of global empire and Washington hegemony – supplemented by the anti-abortion culture warriors, free-lunch tax-cutters, anti-immigrant border warriors and Greenspanian easy money brigade. Together, all of these digressions left the GOP compromised, distracted and ultimately impotent when it came to its essential mission in the struggle of American politics. That is, to function as the watchdog of the Treasury and the sturdy guardian of the nation’s taxpayers and producers.
Sometimes great historical developments can be book-ended, and the unfolding fiscal bankruptcy of the nation is one such case. It started when a cadre of neocon fanatics took over Ronald Reagan’s transition team and committed him needlessly to 7% real growth of the defense budget and it has now reached its apogee as the GOP desperately turns to Nikki Haley as it’s 11th hour alternative to the return of Donald Trump to the top of the ticket.
Quite simply, with the possible exception of the demented and bloody-thirsty Lindsay Graham, Nikki Haley is the most interventionist, pro-war Republican on today’s political scene. Yet a GOP that would even consider Haley as its presidential candidate under current circumstances has surely passed its “sell by” date when it comes to claiming the mantle of the conservative party in the two-party tango of democratic governance in America.
The first bookend that illuminates this baleful state needs only brief elaboration. The Reagan Administration inherited a $400 billion national defense budget from Jimmy Carter, when measured in current (2023) dollars of purchasing power. That was all America’s national security needed in the face of a rapidly decaying Soviet Empire and was only a tad less than the great Dwight Eisenhower had said was sufficient in 1961 when he warned against the military-industrial complex in his farewell address.
But owing to the capture of policy in the Reagan Administration by neocon hawks peddling the false claim that the Soviet Union was on the verge of a nuclear first strike capability, the mantra of “7% real growth” for the defense topline became the dominating force driving fiscal policy inside the GOP on both ends of Pennsylvania Avenue.
In Part 2 we will amplify the spillover effect of this defense spending obsession on efforts to shrink the Welfare State but suffice it here to note that by the time the Gipper left office, the Warfare State had taken on massive new girth. By 1988, the national security budget in 2023 dollars had reached $650 billion, representing a utterly needless 65% expansion of an already bloated defense establishment.
Worse still, this mushrooming level of defense spending killed whatever residual willingness to tackle domestic spending that remained among the increasingly defense-spending obsessed GOP rank-and-file on Capitol Hill. So when Reagan left office, the domestic budget stood at 15.4% of GDP, virtually the same claim on GDP that the “Carter big spenders” had left on Ronald Reagan’s doorstep.
So with no domestic spending cuts of material proportion, the soaring defense budgets and the deep 1981 tax cuts, it was off to the races in terms of annual deficits and a ballooning public debt. And it left Ronald Reagan sputtering that if deficits were due to defense spending, it was no matter: “you don’t budget for defense, you spend what you need”.
In a future column, we will elaborate on that fateful error and demonstrate that the dreadfully unfortunate potential choice of Nikki Haley to lead the GOP ticket is its lamentable end game.

 

[Apollonian]

Global Debt Circus: Let’s Get Clear About The Danger America is Facing​

Link: https://www.zerohedge.com/news/2024...s-lets-get-clear-about-danger-america-facing/

BY CAPITALIST EXPLOITS
WEDNESDAY, JAN 03, 2024 - 5:06

SOVEREIGN DEBT​

Here’s some sobering numbers from the US:​

• Interest payments on the debt increased by $177 billion or 33%.
• Medicare spending increased by $126 billion or 18%.
• Medicaid spending increased by $24 billion or 4%.
• Pension Benefit Guaranty Corporation spending increased by $38 billion.
• FDIC spending amounted to $92 billion as the agency dealt with bank failures—an increase of $101 billion.

What This Means:​

Let’s be clear about the danger America is facing. The US has an unprecedented, almost incomprehensible, $33.5 trillion national debt that has eclipsed the size of the economy.
Every person in America today owes more than $100,000. They are forced to borrow over $75,000 every second just to cover expenses. The budget deficit of $1.7 trillion shows how this burden grows yearly.
Families will be decimated by record-high inflation and access to capital.
Today, the average family of four is paying $14,700 yearly or $1,224 more per month to purchase the same goods and services compared to the day sleepy Joe took office.
But it’s not just the US.
Global sovereign debt is the world’s most glamorous pyramid scheme.
Move over, Amway; there’s a new player in town, and it’s got countries across the globe wrapped around its debt-laden finger.
We live in a world where countries engage in a high-stakes game of financial Jenga, each one desperately trying to avoid being the next to topple over. It’s a spectacular sight, really, like a global circus where the acrobats juggle debt instead of flaming torches.
Now, let’s talk about the architects of this financial circus – the political class themselves. These financial virtuosos have mastered the art of spending money they don’t have, all while smiling for the cameras and assuring their citizens that everything is under control. It’s the ultimate magic trick: turning debt into the illusion of prosperity.
Now, let’s talk about the debt enthusiasts — the bondholders. These financial daredevils willingly lend money to countries, fully aware that repayment is a distant dream. It’s a game of financial chicken, with both parties hurtling towards a collision course, but who cares when it’s someone else’s money right? Pension funds I’m looking at you.

Credit Agencies​

Let’s not forget the credit rating agencies, those purveyors of financial wisdom who assign grades like teachers handing out gold stars. Somehow, they manage to maintain a straight face while giving top marks to countries drowning in debt. It’s as if they believe that, with enough positive reinforcement, the debt will magically disappear.
In the grand scheme of things, global sovereign debt is the ultimate soap opera, with each country playing its role in the never-ending drama of fiscal irresponsibility.
It’s a thrilling spectacle of financial acrobatics, where countries balance on the precipice of economic disaster, hoping that the safety net of international goodwill will catch them if they fall.
So, there you have it — the state of global sovereign debt, a glittering, high-wire act that defies the laws of financial gravity. As the world continues to teeter on the edge of fiscal insanity, one can’t help but marvel at the audacity of it all.
Our belief as you know is that the bond markets have reached their zenith and now will continue on a long term downward trend. Our job is to ensure that we’re nowhere near the carnage to come.

Source: Insider 287 newsletter | For more fun, follow Capitalist Exploits on X

Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.

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[Apollonian]

U.S. national debt hits $34.5 trillion, increasing by $1 trillion every 100 days, raising sustainability concerns.​

March 2, 2024 9:24 pm by CWR

Link: https://citizenwatchreport.com/u-s-...ery-100-days-raising-sustainability-concerns/

As the United States hurtles into an era of unprecedented national debt, concerns are mounting over the implications of the staggering financial trajectory. The national debt, surging by an alarming $1 trillion approximately every 100 days, paints a concerning picture for the nation’s fiscal health. Starting the year at $34 trillion, the debt catapulted to $34.5 trillion by the close of February, reflecting an alarming addition of $470 billion in just two months.
This surge in national debt, occurring even during a period marked as a “non-recession,” raises serious questions about the sustainability of the government’s spending practices. If the current spending spree persists, projections indicate a potential eye-watering increase of $2.8 trillion in the national debt. However, the ominous reality is that this projection does not encompass the additional strain often imposed during economic recessions, which typically leads to further federal deficits.

See also China's Stock Market Tumbles: The Hong Kong Crisis Deepens - $6 trillion Market Wipe Out
The looming debt bubble poses a critical challenge, as people may not fully grasp the implications of debt growing at a rate exceeding 10% annually. Such growth demands a corresponding inflation rate to monetize the escalating debt, and the consequences of this interplay between debt and inflation could be profound for the economy.

Despite seemingly positive economic indicators, such as a reported 3.2% increase in the economy’s fourth-quarter output, a closer look reveals a complex reality. Government spending, totaling a substantial $560 billion in the same period, raises concerns about the sustainability of the current fiscal path.

Sources:

See also Whoopi Goldberg: “You know what Joe Biden could do since he is presently President?! He could throw every Republican in jail!

www.msn.com/en-us/money/markets/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days/ar-BB1jbawl

 

[Apollonian]

We're already heavily, hopelessly in grievous debt, suckers, paying over a TRILLION dollars just for int. charge. So now creepy Joe increases spending, including borrowing even more--an on-going, absolute disaster, suckers

 

[Apollonian]

Peter Schiff: Biden Ignores Fiscal Time Bomb​

by Schiff Gold
March 13th 2024, 3:41 pm

Link: https://www.infowars.com/posts/peter-schiff-biden-ignores-fiscal-time-bomb/

[see vid at site link, above]

The economy is in the hands of incapable and woefully mistaken politicians. If they have their way, the economy will only get worse, and the common man will suffer.

On Sunday, Peter recapped a stellar week for gold. He also provided an analysis of President Biden’s State of the Union Address and criticized Fed Chair Jerome Powell’s perspective on the economy.
Both gold and bitcoin hit records last week, with gold nearly topping $2200/oz and bitcoin trading above $70,000. Gold’s surge is driven by central bank demand abroad, but Bitcoin’s spike is driven mainly by ETF hype in the retail sector, which is less likely to last:

“For my money that’s the contrarian indicator: what the retail public is buying is generally what you want to sell, and what the retail public is selling is what you want to buy. The smart money is buying gold. The dumb money is selling gold and buying bitcoin.”

Gold continued to rise even as last week’s highly-anticipated government jobs report exceeded the most optimistic expectations. The report, of course, is suspect and should be accepted cautiously. Last month’s figures were revised downward by over 30%, and this month’s figures could be revised similarly:

“That number is highly likely to be revised much lower next month, which is exactly what happened to the January number, which was reported last month at 353,000 jobs. That was revised down to 229,000. About 120,000 jobs were erased. … That was a huge downward revision, and so given that and given the tendency to revise down just about every number that we’ve had, why does anybody even care what the original number is? Why celebrate a ‘beat’ that could be revised to a ‘miss’ next month?”
https://www.infowarsstore.com/healt...anner&utm_content=DJNFoundationalEnergybanned

Even if the numbers are correct, the fact that this report deals with public sector jobs raises the question, does the economy need more government jobs?

“These are all related to government spending and the deficit, and they’re not goods-producing. But if you take healthcare, education, and government, that’s 71% of the jobs. We don’t need more government jobs. In fact, we have too many government jobs! We need to eliminate government jobs. We can’t afford them because we don’t have the money to pay for them.”

Peter pivots to address the second half of Jerome Powell’s congressional testimony last week, in which he denied that the Fed is facilitating government debt:

“That’s just a bold-faced lie. I mean how can he even say something like that, unless Powell doesn’t believe that buying treasuries is the same thing as loaning the U.S. government money? … When you buy U.S. treasuries you are loaning the U.S. government money. I mean, that’s exactly what you’re doing. … The Fed has loaned the US government seven and a half trillion dollars. The U.S. government owes the Fed seven and a half trillion dollars. I mean if that’s not a loan, what the hell is it?”

Powell also fundamentally misunderstands the purpose of the Fed’s political independence:

“I don’t like the fact that Powell refuses to answer any questions on the grounds that he can’t comment on something political—which is a complete distortion of the concept of an independent Fed. An independent Fed is not supposed to refrain from criticizing the government. That’s not why it’s independent. It’s independent precisely so it can criticize the government!”

In his address last week, President Biden chose to highlight issues abroad, like the war in Ukraine, rather than confront the true crisis America faces:

“[Biden] doesn’t really talk about the fiscal time bomb, the exploding national debt, the fact that interest costs now exceed the defense budget. This is a fiscal time bomb! We are very close to a major economic crisis. Biden needs to talk about what he’s going to do to defuse this bomb!”

Peter dismantles Biden’s claim that his administration has improved the economy and, most notably, created many new jobs:

“He wants to say that he’s created all these jobs. He didn’t create anything! These jobs were the jobs that were put on hold. At the same time, Biden says, ‘Trump lost all these jobs. More jobs were lost by Trump than any other president.’ Those are the same jobs that he claims he created! They weren’t lost. They were put on hold, and then when he comes into office, they’re taken off hold. But he’s distorting all this COVID stuff to try to make him look good.”

Biden’s plan to tax wealthier Americans is also misguided at best and destructive at worst:

“These tax hikes, even if they happen, would not produce any significant quantity of revenue to the government, and they may even backfire, which happens a lot when you raise the marginal tax rate. When you raise the corporate tax rate, corporations and high-income earners often rearrange their affairs in such a way to avoid those extra taxes, and it ends up backfiring, because one of the ways they may avoid those extra taxes is they don’t hire as many people. They’re not as productive as they otherwise would’ve been.”

Both Powell’s testimony and Biden’s speech reveal a startling fact: the economy is in the hands of incapable and woefully mistaken politicians. If they have their way, the economy will only get worse, and the common man will suffer.

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