Posted on 06/10/2023 7:14:50 AM PDT by Kaiser8408a
Nicolas Maduro of Venezuela must be envious of Joe Biden. I don’t think even Maduro has the stones to have his politiical opponent charged with espionage in the run-up to a Presidential election. Particularly when the US President has been bribed by China and Ukraine and has similiar sensitive document hoarding issues (at least Trump didn’t leave boxes of sensitive documents in a garage like Biden did when he keeps his Chevy Corvette).
So where do we sit today after Biden has signed the debt ceiling increase and massive spending splurge?
First, look at the crashing bank deposit problem. Well, the solution is for The Fed to fire up the money printing press! Keep on printing!
My former colleague at Deutsche Bank, Joe Carson, has a nice writeup entitled “Long-Run Effects of Budget/Debt Deal Are Not Investor-Friendly: Higher Rates and Taxes Are Coming.” Carsons shows that taxes will indeed be going up. And the tax burden is being shifted towards individuals.
And away from corporations.
This not surprising if you have read Nobel Laureate George Stigler’s treastise on regulatory capture. Essentially, big corporations (big media, big tech, big banking, big pharma, big defense, big agriculture, etc.) essentially own Congress, the Biden Administration and Federal regulators. After all, Biden has been bribed with millions of dollars by China and Ukraine and, like a Banana Republic, has is avoiding prosecution and instead prosecuting his political opponent, Trump. Don’t worry, if they get Trump that will indict DeSantis for something.
US debt stands at $31.8 TRILLION with $188 TRILLION in unfunded liabilities (which means higher personal taxes and much more debt).
Babylon Bee: ‘The U.S. Is Not A Banana Republic,’ Says Biden While Showing Off Cool New Uniform
(Excerpt) Read more at confoundedinterest.net ...
America is bankrupt. There is no way out. The GOP participated in that, but the Dems are worse.
Relax. Sosha Security will be just fine.
Biden Biden Biden…….
Joe Biden can barely walk and talk.
This is all about 97 or so Senators. And about 375 Hous emembers that do not give a flying F**K about you and me.
STOP ELECTING THESE PEOPLE. STOP ELECTING LINDSEY GRAHAM AND THOSE LIKE HIM.
If you haven’t figured out by now, it’s all for show. There’s a reason for the term UNIPARTY.
But if I don’t vote for ?????? the Democrat will win. How’s that working out?
When a hole is dug so deep you can’t climb out, it becomes a grave.
They’re all worse.
Votes in Congress are for show.
If Dems in the senate need 5 republicans they get 5 Republicans. If they need 10, they get 10.
Republicans dominate state governments in about 30 states, yet the Democrats control the senate. Republicans should dominate the House under the same information. But somehow that isn’t the case.
https://ballotpedia.org/Partisan_composition_of_state_legislatures
Keep voting for the Do-Nothing, greedy, corrupt incumbents. They’ll do better next time.
Stupid voters vote in even more stupid politicians to create the dumbest laws...and bankrupt us.
We will be alright. As the blonde housewife once said. “I can’t be broke, I still have checks left in my checkbook...”
Its completely unsustainable. It will never be repaid. That’s 100% certain.
Don’t ask me though if it will be a total debt collapse/abrogation, or bouts of hyper-inflation which turns that old debt (and lots of new debt) into worthless paper
I suspect it will be the later, defined by cycles of debt collapse, and then hurried money printing to re-inflate.
That, unfortunately, will cement tyranny in place in the USA as “central planners” go from pillar-to-post claiming to solve the problem while centralizing their power.
An outright collapse, ala the Soviet Union, would be much better
Eventually the banks will be raided.
The Jubilee in some form will be the way out. I read an IMF White Paper history of government abrogation through the 20th century. I wish I could find the URL, alas.
It was an eye-opener. So many abrogations of government debt at the national level, in many nations. The US can simply disband the Fed and abrogate the national debt in one simple action. There would be disruptions aplenty, and the supervwealthy would be eviscerated.
After a few days or weeks and a new currency was issued, things would right themselves, and only the corrupt would continue to rage.
A look at how Iceland reused to "accept" the debt from the failure of IceBank. Mostly British and Dutch big money investors raged and tried to use political leverage against the government of Iceland to "repay" investors who had accepted the risk but refused the idea that they would lose. Iceland won. The wealthy NOT from Iceland lost.
Closing the Fed and a one-time abrogation of the national debt would be an enormous event, but I think it will come in time. Period. Sooner? Later? No idea. But it will come. Why?
As you so clearly wrote in the first sentence, "America is bankrupt."
Best wishes.
Debt can be renegotiated to a certain degree, but you’ll most likely get some form of money & wealth “evaporation.” Which will lead to tough times” for many people.
We could be entering an economic cycle more like the 1921-1938 time period as the post WW2 inflationary business cycle loses steam.
Hard to tell, history can’t repeat itself, it’s physically impossible, but there can be similarities.
The U.S. debt, and every other National debt will all be forgiven. The catch is that a global currency will need to be adopted and sovereignty surrendered.
Welcome To The United Banana Republics Of America! US Debt At $31.8 TRILLION And Growing Fast, Unfunded Liabilities At $188 TRILLION, Personal Taxes Will Be Rising To Pay For This Outrageous Spending Splurge
https://confoundedinterest.net/2023/06/10/welcome-to-the-united-banana-republics-of-america-us-debt-at-31-8-trillion-and-growing-fast-unfunded-liabiliities-at-188-trillion-personal-taxes-will-be-rising-to-pay-for-this-outrageous-spending/
https://freerepublic.com/focus/f-bloggers/4159838/posts
Inflation in the United States
https://imprimis.hillsdale.edu/wp-content/uploads/2022/01/Imprimis_Jan_12-21_8pgWEB.pdf
U.S. Debt Clock
http://usdebtclock.org/
The OMB table puts into perspective where I and many of us were when we probably first began to pay attention to our world, and where we are now. In midst of the Cold War, just after JFK took office in 1961 the federal government spent $98 billion dollars with 51% going for defense and 27% for payments to individuals. The estimates for 2022 are a total of over $5 trillion expended with 15.6% going for defense and 73% for payments to individuals.
Federal Budget Historical Tables (OMB) Table 6.1
https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Ftrumpwhitehouse.archives.gov%2Fwp-content%2Fuploads%2F2020%2F02%2Fhist06z1_fy21.xlsx&wdOrigin=BROWSELINK
In 2021 the guy heading World Magazine wrote an editorial complaining about Biden’s proposed spending and I just had to respond to this and a previous editorial.
“You advocated equivalency between a guy suffering from dementia and strange sexual proclivities, and one of the few in Washington who took actions for the judicial branch that demonstrated he seriously regarded his oath to support and defend the Constitution. He also didn’t start any wars, but instead brokered the Abraham Accords bringing peace to Middle East countries.
Now you complain of the victor behaving according to type and offering unlimited free stuff.”
When considering how both parties in Congress raised the debt ceiling without any apparent change in course, this latest Babylon Bee did not seem so trivial after all. Something really unpleasant could happen soon.
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