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(Schiff Gold)—With a stunning trillion dollars added to the national debt in only three months, projected to reach an incomprehensible $54 trillion within 10 years, and America’s interest payments on track to exceed defense spending next year, the question must be asked: How much longer can the debt bubble go?
It’s a curious situation when Jerome Powell, a man who oversaw the largest money-printing campaign in American history, is saying that the debt is unsustainable. While maintaining that the Fed “tries hard not to comment on fiscal policy,” Powell’s suggestion for handling the debt shifts blame and burden from money printing to fiscal irresponsibility on the part of policymakers.
While they have their part to play, and it’s a big one, it’s interesting to see that Federal Reserve monetary policy hasn’t been mentioned in any of Powell’s ‘urgent’ warnings about ballooning debt:
“In the long run, the U.S. is on an unsustainable fiscal path. The U.S. federal government’s on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy. So, it is unsustainable. I don’t think that’s at all controversial. And I think we know that we have to get back on a sustainable fiscal path.”
It’s a wonder how, even if the government suddenly adopted responsible spending and budgeting, we would be back on a path of true sustainability after Powell oversaw the printing of over 3 trillion dollars in 2020 alone. The Fed is an interesting source of criticism for unsustainable debt, to say the least:
More loans and more deposits will increase M1 in an already-frothy inflationary environment, adding pressure to a pot that’s already in danger of boiling over from money printing during Covid. Post-COVID rate hikes have not even come close to reversing this course, with interest still far lower than it would be in an actual free market, where a few dozen bureaucrats would no longer be pulling the levers. Excessive borrowing makes US Treasurys less attractive as doubts begin to mount that the US will be able to pay its obligations back, decreasing demand for our debt and fueling further challenges for funding the government.
All of this led Fitch and Moody’s to downgrade the US’s credit rating last year, from “AAA” to “AA+” in the case of Fitch, and for Moody’s, from “stable” to “negative.” Fed interest rate hikes without an accompanying plan to reduce spending or increase revenue leave no hope at all for meaningfully reducing fiscal deficits.
From this new sense of urgency, lawmakers in Idaho and Wyoming have called for a convention of states to address the problem, with Idaho’s resolutions calling for a possible constitutional amendment limiting the spending abilities and overall power of the federal government. Idaho’s Senate Concurrent Resolution 112, or SCR 112, calls for, in its words:
“(1) imposing fiscal restraints on the federal government; (2) limiting the power and jurisdiction of the federal government; and (3) limiting the terms in office for its officials and for members of Congress. Currently, identical applications have been sent to Congress by other state legislatures.”
The question remains if anything, at this point, would be enough to get the US back on a genuinely sustainable economic track other than an outright collapse of the US dollar leading to a total monetary reset. As long as the Fed exists, the likelihood of truly reigning in out-of-control debt is nothing but a pipe dream.
With recent new all-time highs for gold and bitcoin in response to the debasement of the debt and central banks locked in a buying spree that is likely to last years, the message is clear that the banking system agrees with Peter Schiff that inflation is far from over.
Mark Zuckerberg Claims Facebook Is Ditching “Fact-Checkers” and Going to Community Notes Similar to 𝕏
by JD Rucker
Meta CEO Mark Zuckerberg is a scoundrel, a billionaire snake who has backstabbed pretty much everyone he’s personally dealt with ever since rising to prominence. He spent over $400 million of his own money to prevent President Donald Trump from winning in 2020. His “platform” has been amongst the most…
Bill O’Reilly to Donald Trump: “The Press Hates You”
by Podcaster
There has been a very noticeable shift in the way legacy media is covering the transition for President Trump compared to his first victory in 2016. It seems that many in legacy media are toning down their rhetoric and preparing to treat President Trump more “fairly.” According to Bill O’Reilly,…
The Biggest Sale on Beef With 25-Year Shelf-Life EVER
by Sponsored Post
Let’s cut to the chase. Prepper All-Naturals is offering an unprecedented 40% off for its “Beef Steak” survival bags with promo code “steak40”. With a 25-year shelf life and a single ingredient (beef, of course), our most popular product is available for a very limited time with the biggest discount…
The Climate Agenda’s March Through the Institutions: Can It Be Stopped?
by Daily Signal
A spate of stories in the media recently provides a remarkable illustration of how the globalist policy agenda of the climate-industrial complex has captured key international institutions and perverted their original organizational aims. From initially serving broad, laudable objectives for the welfare of their constituents, these institutions have been subverted…
About That Video of Deb Fischer’s Husband and Kamala Harris That’s Circulating on Social Media
by Red State
Social media platforms can be bowls of dumb on any given day (that goes double for BlueSky), and Monday was no exception, with the certification of Donald Trump’s November election victory bringing out some fresh cray-cray from Democrats and their media allies. Though the President-Elect certainly does bring out the…
Trump Denies “Fake News” Report on Changes to Economic Plans
by Publius
President-elect Donald Trump has refuted a Washington Post report suggesting his aides were considering a more restrained tariff policy. The report claimed that Trump’s transition team was contemplating a tariff plan that would be less extensive than his campaign promises, targeting only imports deemed critical to national or economic security….
Radicalized Knife-Wielding Man Attempts to Storm Belgian Prime Minister’s Offices Shouting ‘Allah Akbar’
by RAIR Foundation
Brussels, Belgium — January 6, 2025: A potentially deadly attack was narrowly avoided this morning when a “radicalized” man in his twenties armed with a knife attempted to break into the offices of Belgian Prime Minister Alexander De Croo. The incident occurred at 16 rue de la Loi as the…
Gold Breaks Out With Central Bank Surge and Interest Rate Drops Expected
by Sponsored Post
Precious metals are seeing gains once again following the post-election dip, just as many economists had expected. Even China, which had been holding back for five months, returned to purchasing massive quantities of gold. “Falling U.S. interest rates and ongoing solid demand from central banks are supporting the gold price,”…
JPMorgan: “Debasement Trade” Into Bitcoin and Gold Is Here to Stay
by Tyler Durden, Zero Hedge
(Zero Hedge)—The so-called “debasement trade” into gold and Bitcoin is “here to stay” as investors brace for persistent geopolitical uncertainty, according to a Jan. 3 research note by JPMorgan shared with CoinTelegraph. Gold and BTC “appear to have become more important components of investors’ portfolios structurally” as they increasingly seek to…
Study of 9 Million Exposes ‘Devastating’ Neurological Damage Surge Among Covid-Vaxxed
by Slay News
An explosive new study involving almost 9 million participants has exposed a devasted surge in deadly neurological and psychiatric damage among those who received Covid mRNA “vaccines.” According to the peer-reviewed study, just one dose of an mRNA injection puts recipients at risk of suffering several severe neurological diseases. The…
More Details Emerge Regarding the Plan to Kill a Supreme Court Justice
by Zachary Stieber, The Epoch Times
(The Epoch Times)—A California man allegedly told authorities that he flew to the East Coast to kill Supreme Court Justice Brett Kavanaugh, according to newly filed court documents. Nicholas Roske flew across the country from California to Virginia on June 7, 2022, landing just before midnight. He got into a…
First US Death From H5N1 Bird Flu Reported in Louisiana
by Infowars
On the same day Congress certified Trump’s election victory – and with just 14 days before he takes office – the official confirmation of the nation’s first “H5N1-related human death” has been reported in Louisiana. Notably, authorities have made it clear that all we will know about the diseased patient…
Embracing Natural Foods: A Path to Better Health and Healing
by Local News
A diet high in natural foods has many benefits, from reducing the risk of disease and obesity to the vitamins and nutrients that natural foods contain that can aid in the healing of certain health conditions or diagnoses. Using natural foods in our diets is vital for Americans to become…
Dana White Has Joined Meta’s Board of Directors
by Cactus Williams, Discern Report
UFC CEO and long-time friend of Donald Trump, Dana White, has joined Meta’s board of directors alongside Charlie Songhurst and John Elkann. This is just the latest in a series of decisions Meta has made following Trump’s historic electoral victory which seemed to be aimed at cozying up to the…
