Posted on 09/16/2023 9:02:22 PM PDT by lasereye
A seemingly unrelenting wave of debt is piling onto America’s balance sheet.
New data from the U.S. Treasury Department show the federal debt increased by over $296.524 billion from August 8th to September 8th, reaching a total of $32.940 trillion.
The new numbers come as JPMorgan Chase CEO Jamie Dimon issues a warning on America’s fiscal trajectory.
At a conference hosted by Barclays, Dimon told reporters that America’s rapid rate of spending is bound to have a significant impact on households.
“I just think people make a mistake to look at real-time numbers and not look at the future. And the future has quantitative tightening.
We’ve been spending money like drunken sailors around the world, this war in Ukraine is still going on. Those are really big buts. To say the consumer is strong today, meaning you got to have a booming environment for years, is a huge mistake.”
Meanwhile, Congress is facing pressure to pass a new budget before funding for the US government runs out on September 30th.
If a deal is not reached on time, about three of out five federal civilian workers are expected to be furloughed as portions of the government shut down.
Goldman Sachs says a shutdown would likely lower America’s economic growth by 0.2% per week until a deal is reached.
“Over the years, there have been many near misses and more false alarms than actual shutdowns.
That said, the ingredients for a shutdown — a thin House majority, a dispute on spending levels, and potential complications from various political issues — are present.”
At some point the “Globalist Forces” will implement austerity that’s probably why they are so desperate to use Police State tactics on any groups seen as a threat. The Right is strong in the US in Europe there is a stronger Left Greta Thunberg and what not.
France has a Left that can get 25-30 percent of the vote.
Macron now signals himself and his government to the Right banning Islamic robes in schools as a means to gathering strength to suppress the Left so financial austerity will not be opposed when its imposed.
Capitalism has not failed.
Government subsidized crony Capitalism (aka Socialism light) has failed.
Wealth redistribution plans have failed.
The “Gimme Dat” approach to government has failed.
Capitalism, left alone without government interference, was doing just fine.
No, people. Capitalism failed.
Without Bernanke’s QE when mortgages stopped being paid 2008, the banks would have stopped providing cash to ATMs.
Banks could not borrow or lend to other banks because of counterparty solvency risk. Credit was being shut down. Not reduced. Shut down. That means no paying for food.
People would have died. Think about that. If banks cannot lend, your credit cards stop at the grocery store. Before that, the truckers bringing food to the shelves can’t pay for fuel.
Capitalism had failed. When your Central Bank has to create trillions just to keep food in your mouth, how can you imagine capitalism success?
The true horror is Bernanke exposed the reality of money as a substance. It is a substance created from nothingness, on a whim. How can any ideology or philosophy . . . how can communism or socialism or capitalism mean anything at all when they are thoughts derived from a substance that comes from nothingness?
Think of all the post Apocalypse scenarios you have heard of. Zombies or meteor strike or global plague or whatever. Any talk of money in those?
It was a very different country when Carter was prez. We still had reasonably fair elections. The population was far more homogeneous and generally patriotic. The media was generally more balanced, and so on. Dems are not going to be punished for anything these days.
But wait. There's more!
They did it again in 2020. Remember COVID and the billions spent AND GIVEN AWAY?
You are mistaken.
The mortgage sector collapsed because social engineers forced lending institutions to give mortgages to unqualified people because of “racism.” You can thank Janet Reno and Bill Clinton for that.
To “secure” this crazy debt, they put the American taxpayer on the hook in case of default (that’s Socialism, my friend). Under capitalism, banks would make voluntary transactions.
When Andrew Cuomo was head of HUD, he put the program on overdrive.
When you have 300 million people on the hook as co-signers, any garbage debt can be classified as secure, guaranteed. This laid the foundation for the massive house of cards that collapsed in 2007, 2008.
Wall Street got used to all the “free” money being doled out and used their influence to keep it going.
Facts prove my original point. Capitalism is not a failed system. Crony Capitalism and Socialism tanked the country.
One way to end government spending eliminate redundant and useless departments in D.C. it would save trillions.
Ax from the top down Dept. of Education would be a huge leap forward alone.
Big Business and Banks see unified government and bureaucracies as something they can manipulate.
Universal laws across state and national boundaries create a good business environment in the minds of the big folks but of course this system crushes the little folks and prevents them from being competitors.
“...The Right is strong in the US in Europe there is a stronger Left Greta Thunberg and what not...”
The ‘right’ is Europe is functioning at a real disadvantage. Just one inch toward the right over there, and you get branded a Nazi ... so no one wants to take those measures or promote those conservative ideas
Lying troll.
The states would be better competitors while not under the gun of universal laws that’s how Marxism operates.
So much of government and bureaucracies create a money loop by you get fed money if you go by the rules exchange for votes.
The department of education in the poster child of that deal.
You are a leftist troll, as evidenced by your preposterous claim that Congress is not behind the massive debt.
Not nearly enough ruination to suite the “progressives.” They revel in the harm they do.
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