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I Love Doomsday Material

By July 1, 2023Commentary

Let me be honest, I have a fascination with the suicidal tendencies of entire nations, including our own.  We have put ourselves in a financial mess that will be about impossible to recover from.  The consequences will be very reduced standards of living for most people.  For the last decade or more, we were able to constantly jack up the federal debt at a very low cost–interest rates on the newly issued debt were incredibly low.  No more, and I doubt we will ever get back to that low interest rate environment.  We have too much debt and people will start to worry about our ability to pay it off, or even pay the interest.  Here is the effect of the rising interest rates–a huge portion of the federal budget will be devoted just to paying interest on the debt.  Our current idiotic federal administration is adding trillions of new deficits and debt every year.

The last 12 month’s interest at the start of 2022 was about $350 billion.  In May 2023 the same number is $600 billion, and we are just at the start of an exponential rise, as the Treasury not only has to issue lots of new debt to cover Bidementia’s spending boom, but re-finance old debt that had very low rates attached to it.  The average cost of current debt is two to three times higher than that of the old debt.  The interest will soon be over $1 trillion a year, then two trillion.  And that assumes we can even find buyers for the debt.  The federal budget has to brought into balance now, immediately–end all the green subsidy bullshit, all the student loan forgiveness, all the wasted welfare spending–it all has to end now; before it literally is too late.  (ZH Post)

Join the discussion 2 Comments

  • ThatsNotAll says:

    “How did you go bankrupt?”
    Two ways. Gradually, then suddenly” ~ Hemingway

  • There is no cloud so dark or an economist so despicable that some light cannot be found. I am referring to the Nobel Prize winning economist, Paul Krugman. He suggested in 2013 that the United States should somehow create a Trillion-Dollar Coin. Instead of a Trillion-Dollar Coin, a better strategy would be for the mint to just start printing Genuine United States Dollars.

    The Genuine United States Dollars (GUSD’s) would look identical to Federal Reserve Notes except at the top they would no longer have the flag declaring the bill worthless paper of the Federal Reserve. The Federal Reserve Note being only backed up by the lies of corrupt and greedy banksters.

    The full faith and credit of the United States, along with it’s military, would back up the Genuine United States Dollars guaranteeing that they would be as good or better than gold.

    Actually how it would work is that the United States Government would pay its obligations with checks that would be redeemable for Genuine United States Dollars. They would be “cleared” by the Federal Reserve System and presented to the mint for Genuine United States Dollars at which time the mint would print up the necessary currency.

    But you ask, “What about inflation?” The point is that the only difference between printing a trillion dollars of GUSD’s or printing the equivalent of Federal Reserve Notes is the fact that the Banksters get $30 to $50 billion per year (interest for ever) for the Federal Reserve Notes while the Genuine United States Dollars cost us nothing. The amount of inflation would be exactly the same. The cost to the taxpayer would be a lot less.

    The Doomsday Material to be considered is the future of a people and their form of government; that they would rather trust evil greedy non-elected bankers with the management of the National Currency (and pay them $3 trillion per year in the bargain) than trust their democratically elected representatives. What sick puppies we are.

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