Yes, along with money in the bank. Cash on hand, obsolete, no good. New gov't upgraded (needs based) SNAP and ration card system coming soon.
Unable to pay mortgage to bank/gov't? Sorry, property now belongs to bank/gov't.
My fear as well.
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| Author of the book 'Black Swan' warned of a 'death spiral' of the US national debt | |
| 2024-01-31 | |
| Direct Translation via Google Translate. Edited. [Regnum] The budget deficit and rising national debt could lead the United States to a “death spiral,” said economist and trader, author of the best-selling book “Black Swan” Nassim Taleb, quoted by Bloomberg. In his opinion, the shortage of money in the federal treasury is growing at such a rate that it will take a miracle to reverse the damage. “As long as Congress continues to expand the debt limit because it is afraid of the consequences of doing the right thing—that is the structure of the political system—eventually a debt spiral will form. And a debt spiral is like a death spiral,” Taleb explained.
As Regnum reported, earlier the head of the American bank JPMorgan James Dimon said that the impressive national debt had pushed the US economy to the “cliff edge.” The banker agreed with the opinion of former Speaker of the House of Representatives Paul Ryan, who called the national debt an increasing snowball with the most predictable crisis in US history. In January, the US Treasury reported that the national debt exceeded $34 trillion, increasing by $4 trillion during 2023. The White House has repeatedly called on Congress in 2023 to increase the debt limit. US Treasury Secretary Janet Yellen noted that such an increase in public debt is frightening. At the same time, she noted that the country’s economy is huge in scale, and the US foreign debt is supposedly quite manageable. | |
| Posted by:badanov |
| #2 Yes, along with money in the bank. Cash on hand, obsolete, no good. New gov't upgraded (needs based) SNAP and ration card system coming soon. Unable to pay mortgage to bank/gov't? Sorry, property now belongs to bank/gov't. My fear as well. |
| Posted by: Besoeker 2024-01-31 08:07 |
| #1 ...We are going to literally wake up one morning and have hit the wall, with the President coming on a few hours later to tell us that 'difficult choices must be made." Social Security and 401ks - gone. Defense spending - cut by at least half. That will be just the start, and the inevitable inquiry afterwards will be full of people swearing that they had no idea what was coming. Mike |
| Posted by: MikeKozlowski 2024-01-31 08:00 |