The debt deal has passed Congress, but it solves nothing. Is there really a difference between defaulting on your debt or paying it back with devalued currency?
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The latest debt deal in the United States has been hailed by some as a last-minute effort to avoid a catastrophic default. But the reality is that this deal solves nothing, and the US is still on track to default by inflation.
First, let’s examine what the debt deal actually accomplishes. The agreement raises the debt ceiling by $2.5 trillion and includes some spending cuts. However, these cuts are far from sufficient to address the long-term debt problem.
In fact, the Congressional Budget Office estimates that the deal will only reduce the deficit by $2.1 trillion over the next decade – a drop in the bucket when compared to the $14.8 trillion national debt.
Moreover, the spending cuts are not likely to take effect until 2013, which means that the US will continue to rack up debt in the meantime.
But even if the spending cuts were more substantial, they wouldn’t be enough to prevent a default. That’s because the US is facing a more fundamental problem: inflation.
Inflation occurs when there is too much money chasing too few goods. And that’s exactly what is happening in the US right now. The Federal Reserve has been printing money at an unprecedented rate to fund the government’s borrowing binge. As a result, the value of the dollar has been steadily declining.
This decline in the value of the dollar is an insidious form of default. It erodes the purchasing power of American citizens and savers who rely on fixed incomes. And it undermines the confidence of foreign investors who hold US debt.
Inflation is a form of default that is often overlooked, but it is no less damaging than an outright default on debt payments. It leads to higher interest rates, which further exacerbate the debt problem. And it can trigger a vicious cycle of inflation, as prices rise in response to the devaluation of the currency.
The debt deal may have bought the US a little time, but it has not solved the underlying problem. Inflation is going to continue to eat away at the value of the dollar, and the US will eventually default on its obligations – either through outright default or through erosion of the value of the currency.
To avoid this fate, the US needs to rein in its spending and balance its budget. This will require tough choices and painful sacrifices. But it is the only way to restore confidence in the US economy and prevent a default by inflation.
Unless this crazy spending stops. An stop giving away money to other countries. An enforce the border laws.
Start up the drilling An open the pipe lines. Thats a good place to start. Support american small business. Bring back manifactiring to USA.
NEED.I SAY MORE
If you think things are gonna get real bad, make sure you stack the other precious metals brass & lead. Prices are high “due to pandemic lockdowns, supply shortages, Ukraine war yada yada”.
Would NOT own that QE round if you gave it to me! That pyramid with eye is telling…
One more buying opportunity and I will be completely broke.
China could destroy America with giving up bonds and stopping exports to America.
They've chose instead to work with Russia to slowly destroy the dollar.
The Government brings in more than enough money every month to cover the interest payment and the military, social security. They used the default excuse to scare the dumbed down electorate. The Government defaulted in 1971 when they took us off the Gold standard. If America pays its debt, it wouldn't need to keep raising the debt ceiling.
After decades of irresponsible spending and unconstitutional growth of the Federal tyranny, this Nation's fiscal state is, in a word, hopeless. Projections now of $50 trillion in Federal debt, so the big question is "when is it all going to come crashing down?". If past history is any indication, those responsible (and that includes those who never stop demanding "more" from the Federal Government) will never be held accountable. I can see the day when the Feds just take (steal is a better word) a big chunk of the savings of citizens who have tried to live responsible lives and replace those funds with even more empty promises. It would not surprise me if the Feds mandated that all retirement funds invest a percentage in U.S. Bonds with about as much assurance of safety and reasonable return as Bernie Madoff gave.
They will try to confiscate silver. Which silver would they go after is really key here. Legally anything from the U.S. Mint would be least likely. I think 90% pre-1965 is safest then peace and Morgan silver $1 coins. ASE would be second safest. Please think about this before purchasing because it's very likely a coming storm will be in our future!
The debt can never be paid back though…. every dollar created is owed back with interest….. the very first dollar created was loaned and another dollar had to be created to pay the interest on the first dollar. Slavery is the only way to pay it back…. debt slavery. We are the asset backing the debt because they know we're good for it.
For months we heard Biden pushing the ‘raise the debt ceiling’ but it does nothing but add more debt. Then the RINO reps caved. Insane. Stack on.
No country going to loan us money. We cant print money. Our gov will be paßing this off on us, the Ppl..we will be paying for their bs
I agree with the premise of an Inflationary decade.
US poverty is $12k annually
US Median is $25k annually
I'm a 7%'er based on my census dataset, and I've increased my silver purchases to once a month. I order between 6-8 ounces.
Expenses at 62%, savings/investments at 37%
They (government) has no right to your property and possession if obtained legally
If that happens then the government should fall
No, I prefer the shorter produced videos. The live-streams are always super long. A.I. will bring about an age of delusion and deception that is almost impossible to comprehend. If you don't already know the truth and have physical books, you will be totally deceived in the future by the level of sophisticated and utterly convincing lies that will be purveyed to the public by way of A.I.
every month like clockwork, the NFP has big surprise numbers and gold and silver prices tank and stock market rally. This might go on for another 2, 3 months until the unemployment actually gets really bad.
A Professor said in the 1960s about AI, we will be lucky if the 'robots' keep us as pets!
With the advent of AI and workforce losing out because jobs taken away. This niw najes the sustained human population no lobger required. Perhaps this is how the elites intend to reduce environmental 'abuse' by human reduction as their goal?
No live chat available just fyi. Personally, I am so thankful for the pull back it's my opportunity to buy!!!
Didnt tge Government, Biden & Yellan, steal the pensions of us military, post office, teachers, to bame a few, then give it to Ukraine for THEIR returements funding & the military? This has added to tge massive unfunded debt liability , increasing inflation and therefore pushing up the prices by devaluing the USD again (& again & again)
If the central Banksters are able to stabilize the US economy for a few more years, I will not be surprised.
I started stacking PMs in 1979.
My advice to "newish" stackers ==PMs are a good idea, but, do not put all of your eggs in one basket.
Seize metals? Thats Tyranny and Lead will be handed over first.
The way I'm reading what they passed for the debt deal,it that's time limit not a dollar limit. LOL want to guess what Joe and buddy's are going do to when the time starts running out?
I like your comment…"or you could lose your precious metals in a boating accident'. Makes sense to me!
yield curve control on deck… welcome to japan
The masses love being lied to. At this point most society doesn't want to fact check reality,they want someone to do the work while they cruise in life
The “debt deal” is definitely a HUGE disappointment! It’s not “Just kicking the problem down the road”, it’s actually making the problem worse.
ALWAYS..PUMPING SD!!! NOT the best place to buy!! Sometimes, yes. Not regular. I like my LCS guys…PAY CASH!!!!! Then THEY wont know WHAT you have!!!!! =No paper trail !!
Just bought a few Tubes of Maples today and some small bars. RARE ..BLUENOSE coins also. They have a $20 face value on them! Quality is VERY good!! Prices on everything also.
I'm from Canada, I wouldn't worry about doing any Canada themed anything. We are insignificant really. Keep doing what your doing. There are other channels that talk about canadian issues.
The format of the livestreams are good, but you definitely need a better camera that doesn’t continue to auto-focus so often.
Yes sir, I lost all my precious metals in a tragic boating accident, along with my guns and servers.
BS – Wall Street, Corporations, Dark Money, and Oligarchs control our economy. Tax them at the same rates the working pay.
The debt ceiling was raised 3 times and the debt was increased by 8 trillion in just 4 years under the GQP and Trump.
Nixon started the fiat currency.
Repeal Citizens United and vote in Public Campaign Financing and watch the cockroaches scatter.
Stop using SS contributions in the General Fund, that's why the SS balance is low.
Why i cant see the live chat no more? You use to be able to follow the chat even doe you missed the live stream.
Both ways are great. Both give a wealth of information to the community. Thank you for the priceless content.
Climate change obviouslyyy
Hi from Sechelt BC