Posted on 02/01/2024 7:22:07 AM PST by Red Badger
Understood................
You can do this, you obviously have the intelligence. Please write a 1 month, 1 year, and 5 year plan that leads in the direction you want to go and get started today! It doesn’t matter where you start, as long as you start. Until you start nothing can happen except more stagnation. I’ve been at war with the govt since Carter and beating it requires planning and action. Leave the ‘woe is me’ crowd to their wailing, you’ve got better things to do.
For those who scream about “foreign aid” “Israel” and “Ukraine” let me remind the keyboard populists that foreign aid is but 1% of the federal budget.
We think having 2 trillion dollar deficits a year is insane, but we will hit a 5 trillion dollar deficit before we see a 1 trillion deficit. There's no going back. No politician has the willingness to take the pain it will take to make cuts.
My only hope is that I can protect my savings before it all comes tumbling down.
What happened when Liz Truss tried to cut taxes during a period of high deficit in the UK is what should happen here: bond vigilantes dump the debt sending up yields and the government has to make changes (in that case tossing the odious Liz Truss). Until we lose the “reserve currency” status that is unlikely to happen.
“Dimon is a snake. He’s also a liberal”
He’s also a very rich man who probably realizes if the politicians continue to do nothing, his money will eventually be worthless.
“No one is looking for solutions, most just look for excuses and who to blame.”
We already know all the possible solutions to a debt crisis. But politicians refuse to implement any of them, except to try to inflate the debt away, which is at best the second most horrible option they could pick.
“foreign aid is but 1% of the federal budget.”
It is a bit more complicated than that.
Much of the defense budget is in fact defending other countries who are not paying for most of their own defense—as just one example.
In addition there are dozens of loan programs out there.
That also does not include the cost of the illegal invaders which is de facto foreign aid as well.
Economic issues are accelerating beyond the norm, buckle up.
I wonder if Jamie still hates bitcoin. Whatever his opinion, I suspect he understands some of the point of it more now.
Raise taxes or make more by printing?
Re: government. We need to cut spending. But the citizens have no more stomach for that than the politicians. Growth will make more, of course, but the hill is too steep, IMHO.
I suppose. But as I've thought the issue through, I've come to the conclusion that the most moral thing to be done would be to default on the debt and stiff the creditors for that $34 trillion.
As I see it, it's a choice between stiffing the creditors - who for years have known and and exactly what is happening and are still enabling it, like a bartender plying the town drunk with alcohol right before he drives home past the grade school as it lets out. In this analogy the grade school are the generations yet unborn who will be saddled with a debt they are 100% innocent of.
The USD has been weaponized for a long time to rob productive and responsible people and pay off political elites and people on the dole with effectively purchased votes. The holders of government debt have been supporting and enabling that. So I see them as unpatriotic in the extreme, and stiffing them is preferable to paying them off and putting our children and grandchildren into debt slavery.
One could say this would destroy faith in government credit in the future. Fine. That's a feature, not a bug, in my book. Make the politicians fund their programs with concurrent taxes so voters can feel the cost without kicking the can down the road.
If the American Leadership Elite© hadn’t been asleep at the wheel for a couple of generations there would be no need for MAGA.
EVERY Roman general knew that if he took the nations treasury, armory and youth off to war....he’d better bring home the loot-something that has escaped the “American Leadership Elite©”
Basic fundamental rule of successful governing...from thousands of years ago...
Like the weatherman, Dimon knows the problem that is coming, he just doesn't know when it will arrive.
I see nothing particularly political in stating the obvious.
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