johngaltshrugged
Diamond Member
- Oct 15, 2020
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For those who pay attention & aren't afraid to face reality, the coming crash is inevitable.
Over $31,000,000,000,000 in Federal IOU's with rising interest rates making debt service a crushing anchor.
Housing market falling, inflation roaring, real economic growth is negative.
Saudi's & others pivoting towards China & eliminating the hegemony of the petro dollar.
Monopoly fiat money value based on nothing but the good faith in the US that most countries don't trust anymore.
We have decimated our manufacturing & energy production.
They will roll out another phase of the DEMPANIC!!! soon & the most ignorant will go along.
Consumer demand down & supply chains still strained.
Green energy idiocy further crushing us.
This could theoretically be stopped with some common sense in DC but that's an oxymoron.
These elections will give us more Kabuki Theater distractions & division while the real plans keep rolling over us all.
You gotta break some eggs to make an omelet & you don't need to reset something that ain't broke yet.
Don't worry, they will crash the system, causing mass death & destruction, all in the name of the "greater good".
Objecting to any of it makes you a deplorable & an anti-democratic Ultra MAGA terrorist.
As the Fed hikes interest rates to contain the raging inflation of its making, the cost of servicing government debt increases. Total U.S. tax revenue is approximately $4.9 trillion. Total U.S. interest paid is over $3.4 trillion. Before long it will take 100 percent of tax revenue just to service the debt interest.
Then what?
The popular American myth is that the U.S. government has never defaulted on its debt. Quite frankly, that’s an unadulterated lie. The U.S. government has (unofficially) defaulted on its debt twice within the last hundred years.
Executive Order 6102 of 1933, which forced all American citizens to turn in gold coins and bars, was, in fact, a default. Gold ownership in the United States, with some small limitations, was illegal for the next 40 years.
Under EO 6102, Americans were compensated $20.67 per troy ounce of gold. They were paid with paper dollars. Immediately following the government’s gold confiscation, the price of gold was raised by the Gold Reserve Act of 1934 to $35 per ounce. Just like that, American citizens were robbed of over 40 percent of their wealth.
The second default occurred in 1971, when President Nixon “temporarily” suspended the convertibility of the dollar into gold.
Prior to 1971, as determined by the Bretton Woods international monetary system, which was agreed to in Bretton Woods, New Hampshire, in July 1944, a foreign bank could exchange $35 with the U.S. Treasury for one troy ounce of gold. After the U.S. reneged on this established exchange rate, when foreign banks handed the U.S. Treasury $35, they received $35 in exchange.
In both instances, the U.S. government didn’t overtly default on the debt. Instead, it changed the fundamentals – the terms and conditions – of the dollar. By all honest accounts, these are defaults.
www.zerohedge.com
Over $31,000,000,000,000 in Federal IOU's with rising interest rates making debt service a crushing anchor.
Housing market falling, inflation roaring, real economic growth is negative.
Saudi's & others pivoting towards China & eliminating the hegemony of the petro dollar.
Monopoly fiat money value based on nothing but the good faith in the US that most countries don't trust anymore.
We have decimated our manufacturing & energy production.
They will roll out another phase of the DEMPANIC!!! soon & the most ignorant will go along.
Consumer demand down & supply chains still strained.
Green energy idiocy further crushing us.
This could theoretically be stopped with some common sense in DC but that's an oxymoron.
These elections will give us more Kabuki Theater distractions & division while the real plans keep rolling over us all.
You gotta break some eggs to make an omelet & you don't need to reset something that ain't broke yet.
Don't worry, they will crash the system, causing mass death & destruction, all in the name of the "greater good".
Objecting to any of it makes you a deplorable & an anti-democratic Ultra MAGA terrorist.
As the Fed hikes interest rates to contain the raging inflation of its making, the cost of servicing government debt increases. Total U.S. tax revenue is approximately $4.9 trillion. Total U.S. interest paid is over $3.4 trillion. Before long it will take 100 percent of tax revenue just to service the debt interest.
Then what?
The popular American myth is that the U.S. government has never defaulted on its debt. Quite frankly, that’s an unadulterated lie. The U.S. government has (unofficially) defaulted on its debt twice within the last hundred years.
Executive Order 6102 of 1933, which forced all American citizens to turn in gold coins and bars, was, in fact, a default. Gold ownership in the United States, with some small limitations, was illegal for the next 40 years.
Under EO 6102, Americans were compensated $20.67 per troy ounce of gold. They were paid with paper dollars. Immediately following the government’s gold confiscation, the price of gold was raised by the Gold Reserve Act of 1934 to $35 per ounce. Just like that, American citizens were robbed of over 40 percent of their wealth.
The second default occurred in 1971, when President Nixon “temporarily” suspended the convertibility of the dollar into gold.
Prior to 1971, as determined by the Bretton Woods international monetary system, which was agreed to in Bretton Woods, New Hampshire, in July 1944, a foreign bank could exchange $35 with the U.S. Treasury for one troy ounce of gold. After the U.S. reneged on this established exchange rate, when foreign banks handed the U.S. Treasury $35, they received $35 in exchange.
In both instances, the U.S. government didn’t overtly default on the debt. Instead, it changed the fundamentals – the terms and conditions – of the dollar. By all honest accounts, these are defaults.
Are You Ready For The Coming US Government Default? | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
