🇺🇸US Now Has:
1. Involvement in multiple wars around the world 🌎
2. New trade war with 🇨🇳 China
3. Record low oil inventories with $90 oil prices 📈
4. CPI inflation back up to a 5-month high📈
5. Least affordable housing market ever😐
6. US deficit spending is now at… pic.twitter.com/5z9www0Nj4
— Ajay Kashyap (@EverythingAjay) October 21, 2023
She actually said this, while we are running deficits over $2 trillion per year.
Janet Yellen: US Treasury secretary says
‘We can certainly afford two wars’ pic.twitter.com/6IdSbzCZga
— Wall Street Silver (@WallStreetSilv) October 16, 2023
The US is going to have to default, and the only obvious way to default is to print the money.
There is no reason you can’t do that. In Vietnam, the bills are denominated in the millions. You can just inflate your currency to pay your debts. It’s very easy.
The problem of course is that the US dollar is the backbone of the global economy. But that’s over anyway.
Just print the money and finish this. Drop the interest rates back to zero, and then we can figure out how to allocate our wealth.
The US government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. It marks a major return to ballooning deficits after back-to-back declines during President Biden’s first two years in office.
The US is now effectively running a deficit at $2 trillion+ in a time where the Fed is calling for a “soft landing.”
Deficit spending is at the same levels observed during World War 2.
This is unsustainble.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) October 14, 2023
The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for US border security and the Indo-Pacific region.
The big deficit, which exceeded all pre-COVID deficits, including those brought about by Republican tax cuts passed under Donald Trump and from the financial crisis years, is likely to enflame Biden’s fiscal battles with Republicans in the House of Representatives, whose demands for spending cuts pushed the US to the brink of default in early June over the debt ceiling.
The fiscal year 2022 deficit was $1.375 trillion.
I’m sick of hearing about it.
It’s not a real issue because there is no solution. These trillions are irrelevant. There’s only one solution, and that is to default, and the easiest, most painless way to do that is to drop the interest rates to zero and print the money.
The US is on the cusp of entering a regional war with a senile president, no speaker in the House, no official policy, no planning, ballooning deficits, and a massive military crisis.
People are seriously still discussing “the woke campus left” as the disaster unfolds. pic.twitter.com/KqkECtSttp
— Nemesis Respecter 40K 🇰🇵🤝🇵🇸🇨🇺 (@SwordMercury) October 14, 2023