In this video, I talk with author and economic analyst John Sneisen about the US national debt as it tops $20 trillion following a $318 billion jump in ONE DAY!
As the debt ceiling decision is put off once more until December 8th, 2017, much of this nonsense is blamed on Hurricane Harvey and Hurricane Irma despite only $15.3 billion being spent on relief. A drop in the bucket. That doesn't make up for the $318 billion in debt dumped in one day!!
Of course President Trump ran on a big government platform with a mutli-trillion dollar spending policy on infrastructure and military. But in the end this doesn't have much if anything to do with Trump, it simply shows that he is continuing the nonsense of every past president.
It's more about the creation of debt at the Federal Reserve as fiat currency is printed out of thin air, centrally planned into oblivion, devaluing by creation, creating vast amounts of debt and inflation at the same time. And as the US dollar inevitably crashes, the global economy goes down as it is the world reserve currency after all. As the US attempts to raise interest rates in order to be able to drop them out once the dollar goes down, they can't drop it out enough and interest rates will go negative. For this reason they will not be able to salvage the highly manipulated monetary system.
The IMF is pushing for a centrally planned cashless society to implement into the SDR (Special Drawing Rights) which is heavily being tested in China, India, Australia and Sweden, not to mention a major shift towards a centrally planned cashless system in Canada and the United States as well.
This is a reality we must face and stand up to. But moreover, we must prepare ourselves as individuals. We must be financially responsible and self sustainable. We must hold assets and sound, decentralized money. And we must do our own due diligence.
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Hi ,
Nice work sir
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Great video Josh as always. Keep up the great work. Shared on twitter. Stephen
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Thanks Stephen! I'll get back to you soon about the interview. Been dealing with more technical issues with the skype recorder, ever since I interviewed Ron Paul about a month or so ago.
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Nice to see you not blame the present President instead opting to point out that it is a continuing trend that goes back decades. Amazing how both parties raise spending at an outrageous rate yet so many still cling to the partisan bs of smaller government.
I have been getting more of my dollars into cryptos as a defense against the money manipulated games that are being played. That said, I have all the faith in the banksters to keep the USD propped up and the charade going for a long while. It simply is in their best interest to do so. Look for them to keep defying the odds and pushing the reserve currency on everyone.
They are resourceful if nothing else.
@originalworks
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lol I hear you, but they would have to drop interest rates into the negatives to prop it up this time and they simply can't prop it up much longer. They dropped it 5.5% after the recession and that would bring them far into negative territory now, not to mention it would take far more of a drop in interest rates this time around. I don't think they'll be able to do it.
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I agree but as I stated, my faith in them remains strong. I thought the Fed was cooked 5 years ago and somehow they managed to keep churning along. When the rest of the world went negative, they held to zero. Of course, Yellen questioned whether the Fed has the legal right to go negative. We know she is out the door soon. I bet the new Fed chair wont have the same question.
Another interesting aspect of what they are doing, they are presently raising rates. I dont see that stopping any time soon (until it is too late as always). There is still a lot of stimulus provided world wide which, since the US makes up just shy of 25% of the world economy, ends up in that economy.
I would bet on Janet's printing press being turned on in a big way before they go negative interest rates. Japan hasnt fared well with it and the Fed knows that. It will be a last resort in my opinion.
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Yes it's not going to end well, cheers mike
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This is REAL NEWS. Much of the alt media won't even touch this because they are too busy defending the Trump label. They have suspended the debt ceiling until Dec. 8 and with "extraordinary measures" will push it back even further. Prepare for a MASSIVE increase in the national debt and a larger slide in the dollar. Also, there is talk of eliminating the debt ceiling altogether.
https://steemit.com/government/@aferrell/if-the-debt-ceiling-goes-so-does-the-us-economy
The debt is what needs to be talked about because the US is on an unsustainable path. You know what this means ...
Keep up the great work Josh, your real news is vanquishing the MSM.
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The economy is so delusional about its insovenlcy its convinced itself its strong
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I like your post
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Good post !!
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Now the debt has surpassed $20 trillion, I think the next move will be S&P downgrading the US governments credit rating which is going to accelerate the decline of the dollar down to 0.
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I created this meme this morning and found it apropos several times already today !! (-:
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I kept looking at the usdebtclock website as it was approaching 20 trillion. I guess it's pointless to see it now as there is no limit.
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Way to go USA can we finally stop investing money in other countries now and start working on our own again seriously! Take care of your own crazy shit people.
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20 trillion is just the same as 2000 trillion (20 plus 0 plus 0). So just keep on printing till end of the world. I.e. no need to pay back !
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The dollar is being murdered! And to see economist say "crypto is a bubble" "you're going to lose your money" "BTC is a fraud" really? And paper with ink on it is worth how much without a government's backing?
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Thats a YUGE amount of debt!!!
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@joshsigurdson Excellent Tale. Awesome you ended up in the position to hustle your way out of your respective condition.
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