Thursday, November 12, 2020

👉Biden to add $11Tr to The National Debt --The Fed's Balance Sheet headed to $50Tr !!

👉Biden to add $11Tr to The National Debt --The Fed's Balance Sheet headed to $50Tr !! The national debt will increase dramatically no matter who is the next president. Both political parties will continue to spend money like drunken sailors. The only difference is the Democrats will raise taxes. Increasing Taxes Is Taking Money out of the Private Sector, which means Tanking the Economy! Trump promised to eliminate the deficit in 8 years. So far, he has increased it by over 70%. Just put the deficit spending on the nation's credit card. Whenever the banks make a bad investment, the taxpayer has bailed them out. Well, guess what. The banks have over 1.5 quadrillion in bad investments waiting to mature. It wasn't just this huge cost from the pandemic; what makes it different is the debt is already at frightening levels, and adding 10% pushed it over the edge. It's no different than managing your own household debt. Once you get close to your own debt ceiling that you can manage, any emergency pushes you over the edge. The huge difference between the government ceiling and a household is the Fed. The household can't print their money, but the federal government can. So they kick the can via the federal reserve. The Fed’s balance sheet may be headed to $40–$50 Trillion. Maybe they can juggle that balance sheet past a quadrillion, all the while scooping up real assets like taking in candy from a baby. Hard drives can keep this jalopy afloat for a lot longer than in times past. Under President Trump, the deficit has remained under $1 trillion each year. However, it is projected to jump to almost four times that in 2020 due to the pandemic spending. Biden would add $11 Trillion to national debt according to a study by The Manhattan Institute for Policy Research. Biden has proposed $2.4 trillion in stimulus spending, as well as $2 trillion for climate and infrastructure, and a $1.5 trillion healthcare expansion. It is estimated that education spending will amount to $750 billion under Biden, which includes a free college plan. The policies he’s proposing are going to add $4 trillion in new taxes, which is the biggest tax increase since the end of World War II, as well as $11 trillion in new spending, certainly more regulation, a higher minimum wage. All of that is going to weaken the economy. It’s absolutely unsustainable. The danger is that eventually, the interest costs will bury us. When you borrow that much money, all it takes is a small increase in interest rates to completely bury the federal budget. And this without counting the unfunded liability, which is also considered national debt. Conservative estimate of the Green New Deal would add 80 trillion in unfunded liability. Then there are the infrastructure programs. We're talking if we're lucky, a total cost of somewhere in the neighborhood of 150 trillion extra in debt, on top of what we have now. And Who has to gain from this huge debt? Of course, the banks that lend money to the government. Ultimately, we’re going to face a reckoning that requires either significant reforms to programs like Social Security and Medicare or a possible doubling of middle-class taxes. There’s really no third option. The worst-case scenario is that politicians continue to pour gasoline on the fire by enacting even more spending, which just accelerates a debt crisis. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. As many of you have asked me about where they can buy silver and gold bullion. You will find in the description box the links where I personally buy American Silver Eagle, Silver Bars, and Rounds. I highly recommend that you too, start stacking some Silver Bullion for the future. The federal deficit for the fiscal year 2019 that ended last Sept. 30 was $984 billion. It has nearly quadrupled this year to a staggering $3.7 trillion, and this will skyrocket even further if another round of pandemic aid gets passed. These sums — so vast as to be nearly incomprehensible — get added on to the national debt, which as of last week was $27.2 trillion, up 33.6% on Trump’s watch. U.S. debt to exceed the size of the economy The Congressional Budget Office projects a federal budget deficit of $3.3T in 2020, more than triple that of 2019's shortfall, mostly from the economic disruption caused by the pandemic and the ensuing legislative response. In the fiscal year that begins on Oct. 1, federal debt held by the American public is also projected to reach or exceed 100% of U.S. GDP for the first time since WWII. That would put the U.S. in an exclusive club of nations, including Japan, Greece, and Italy, which all have debt loads that exceed their economies. The US has been in severe debt for many years. Nearly two centuries, in fact. And it has been at its worst for the past two decades. The country has been financially destroyed beyond repair. Plunging the US into DEBT Crisis is the ultimate plan. Sure we can service debt at 200% of GDP if the weighted average interest rate is 0.7%; but what if inflation takes a jump and the market rate for ten-year treasuries goes back to 5% or higher. Is the FED gonna print unlimited money to be the exclusive buyer of US debt at yields a small fraction of what the market would demand? No matter who wins the election. If this debt bomb goes off, the end result is the same, third-world chaos leading to some kind of dictatorship and a monetary reset. The plan is to push through the digital currency and introduce negative interest rates. The questions we should all be asking ourselves at this point are: Are we ready for a digital currency? Does this mean this is going to be world money? Will the dollar become a local currency? And the answer to all these questions is yes. The International Monetary Fund has been using Special Drawing Right (SDR) as a form of world money since 1969; it is potentially a source of unlimited global liquidity. It is being speculated that this currency will become standard for international transactions such as the exportation and importation of goods, and it will assume its role as a protagonist on the financial market, leading to the devaluation of local currencies. Especially after the dollar had been overthrown, it is expected that the SDR take over the position of a global reserve currency at some point in the future. Digital money has been the establishment’s pet project for a while, and now they’re finally going to find a perfect gap to fill in with their agenda because it is likely that this currency never is actually printed but transformed into a worldwide virtual coin. Usually, monetary resets are planned to happen in the space of 30 to 40 years, but we’re going on our 50th, which means we’re falling behind, and we won’t be able to keep up. But don’t be mistaken: this currency will only be handled by leaders and big figures, which will leave us with worthless dollars if we don’t start to invest right now in our own wealth protection, such as the purchase of gold. It is only a matter of time before the devaluation of the dollar hits up to 80%, and this can be a dead-end for our life long savings. The only time the national debt was ever paid was 1835. Financial experts tell us that a country whose national debt to GDP ratio is above 77% is considered to be in default of payment. The USA has been over a 100% debt to GDP ratio since 2013! There is a good reason they want a digital currency; they can manipulate the numbers better to lie their backs off! The government is an ever consuming black hole that only takes and never gives! The FED is a fundamentally stupid idea; it can't be fixed, only ended. Here's a better idea: the Federal Reserve is the ONLY ENTITY that the Federal Government should be Taxing and no one else. We, the people, are not being represented. We are not being heard. We are not given any options except to watch in frustration as these criminals destroy our economy. If you believe this is true and you are in the stock market, then get the hell out and take no part in this shameful bubble the bankers have created. Why should asset managers on commission worry about the national debt. They only worry about their commission. The truth is they cannot continue QE, no matter what anybody thinks about it. Their only real remedy is the mass human death of anyone who is drawing or going to draw on a pension/retirement plan. That is where they will reduce the deficit by removing the unpaid liabilities and entitlements. Yes, you may say all debt is fiat money created out of thin air. Only one problem with that, and it has to do with when lending banks take broken defaulted bonds and submit them to the Fed, and have the ability to declare them up to 9 times their worth, or face value, and then, turn around, and offer you that credit card, where as you use it,it's creating that money at the point of sale, instead of you coming in and sitting down with a bank officer and signing on a loan that does it, allowing you to walk out with a check. Different delivery methods, same concept. Debts and deficits don't matter, until one fine day, they do. How did you go bankrupt? Two ways, Gradually, then suddenly. It's a Minefield; if you own rental properties, they will confiscate it for the masses; if you own physical gold or silver, the government may confiscate it for their new digital currency. Social security is likely to not be paid or more likely paid with a worthless currency, the same with pension plans. You may try to own stock in depression resistant companies, but is a minefield as well. In short, few commoners do well in a third world republic. But know, the last thing the elites give up is private property and business. Tie yourself into a local economy with needed business activity. Interest rate shall artificially depress for the next decade or two or even into infinity as the US is at no meant to pull itself out from the debt addiction. Everyone who read not from the mainstream media could figure out this is a bankrupt country. FED prints dollars and pass it on to the treasury. The only reason a hyperinflation is not happening like what we witness in Zimbabwe is because the US dollar has the reserve currency status. However, we also know that many countries are working to bypass this and eventually abandoning using the dollar for trade. The whole effects would surely make everyone who holds this currency nervous, and eventually, the trick of MMT will come to an end. There is a tipping point when our lies will push the US dollar off of its historical position as the world's currency. On the day that the last lie pushes the dollar off the top, our GDP will go down by 15%, and this will cause an uncontrollable spiral downwards. Words matter, the truth matters, we will never make a responsible budget until the lies and selfishness stop. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have donated. Stay safe and healthy friends! Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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