You can call everyone for dinner, because our goose is cooked. We are so deep in debt that the only way we can keep the entire system from collapsing is to keep borrowing even more money. Perhaps you have been through a similar scenario with your own personal finances. When you simply do not have enough money to pay your bills, borrowing more money can seem like a really easy short-term solution. Unfortunately, the U.S. government has been doing this for decades, and now our national debt spiral has reached a terminal stage.
Even if we gathered up all of the money that exists in every bank account in America, we could not pay off the national debt. The debt level is exploding upwards at an exponential rate, and the only way that the federal government can continue to pay the bills is to keep borrowing and spending colossal mountains of money that we must borrow from someone else.
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As I write this article, the U.S. national debt is sitting at 31.4 trillion dollars.
But the total value of all goods and services produced in the United States last year was only about 25 trillion dollars.
Our leaders in Washington could try to reverse course by balancing the budget, but that would lead to a short-term economic disaster.
Just think about it. What do you think would happen if a couple trillion dollars of government spending was suddenly sucked out of the economy?
We would immediately plunge into a horrifying economic depression. Sadly, the truth is that we have been borrowing from the future to make the present a lot more pleasant. We are enjoying an artificially-inflated standard of living that we do not deserve, and we have been using debt to fund that artificially-inflated standard of living.
But now a day of reckoning is here. Of course it isn’t just the federal government that has gone completely insane. Our state and local governments are collectively more than 3 trillion dollars in debt. Corporate debt in the United States has now surpassed the 12 trillion dollar mark.
And total U.S. household debt is now over 18 trillion dollars.
As the U.S. economy has slowed down in recent months, an increasing number of Americans have turned to credit card debt. So now credit card debt is rising at an exponential rate while the savings rate has dropped to a historic low. And at this point the average rate of interest on credit card balances is the highest ever.
I don’t even have the words to describe how self-destructive we are being. On every level of society, debt levels are absolutely skyrocketing.
We are literally committing national financial suicide, but many people don’t seem to care. And many people don’t seem to care because they don’t even understand what is happening.
At this point, our “system of education” has produced hordes of completely clueless individuals that can barely even function in a modern society.
If we had a population that was properly educated and properly informed, they would be absolutely horrified by what our leaders have been doing to us.
But instead, our leaders have been free to systematically destroy our financial future for a very long time, and very few of us have even cared enough to object.
Unfortunately, we have reached a point where there is no turning back. We have already destroyed the reserve currency of the planet. We have already created rampant inflation.
The Federal Reserve has been feverishly hiking interest rates, but that is dramatically raising debt service costs at every level of our society, and it is also causing economic activity to slow down all around us.
Companies all over America are now laying off workers, and that even includes Google…
On Friday, Alphabet-owned Google announced it was cutting 12,000 employees, roughly 6% of the full-time workforce. While employees had been bracing for a potential layoff, they are questioning leadership about the criteria for layoffs which surprised some employees, who woke up to find their access to company properties cut off. Some of the laid-off employees had been long-tenured or recently promoted, raising questions about the criteria used to decide whose jobs were cut.
Shortly after CEO Sundar Pichai’s initial email to employees Friday morning, Google’s search boss Prabhakar Raghavan sent an email to employees saying he “also feels the responsibility to reach out” and asking for them to save questions for next week’s town hall. There will be “bumps in the road” as the organization moves forward with the layoffs, Raghavan noted.
Why is Google doing this?
No corporation in the entire country is stronger than they are.
If there is one company in America that should not be laying off workers, it is Google.
Of course just about every large tech company is laying off workers these days.
Microsoft is laying off workers. Amazon is laying off workers. Facebook is laying off workers. Twitter is laying off workers.
We haven’t seen anything like this since 2008, and that is because we haven’t had an economic crisis like this since 2008.
So many people are going to lose their jobs in the months ahead.
And the economic pain that we will experience in 2023 will be just the beginning, because the entire system is starting to come down all around us.
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Did you actually think that we could go on the greatest debt binge in all of human history and that everything would work out just fine somehow?
That is not how the real world works.
We sat by and did nothing while our leaders made disastrous decisions for decades, and now we will be forced to watch in horror as the consequences of those decisions play out right in front of our eyes.
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Article cross-posted from The Economic Collapse Blog.
Important Article: Why Everyone, Prepper or Not, Should Build Up Their Food Supply Immediately
The united states has been BANKRUPT since 1933!?! Where have you all been?
And talking about the “national debt”, lmao! Are you guys kiddin? The “national debt” COMES FROM OUR MONEY. This is what you get when you have a foreign-owned private bank that issues your money to your “govt” at interest. Notice that your money says “NOTE” on it. WHAT IS A NOTE? A NOTE is a PROMISE TO PAY A DEBT!
So your “money” isn’t really “money” AT ALL. Those are little IOU’S you’re carrying around in your pocket.
And the one and ONLY thing we can do to put things right is to ABOLISH the Federal Reserve and OUTLAW CHARGING INTERST. And then, go back to METAL-BACKED CURRENCY.
GOLD AND SILVER STANARDS!!! It’s called SOUND MONEY.
Man, how little they think we know of finance…
Letmepicyou, your post is exactly correct, but you are an exception. Most Americans have no flippin idea how economics work in America, let alone the world. I also keep telling people this adage: “If you don’t have it in your possession, you don’t own it”, as some believe they do with Gold and/or Silver IRAs.
YOU MUST HAVE IT IN YOUR POSSESSION OTHERWISE YOUR VALUE-SAVING ATTEMPT WILL BE DRIVEN BY THE VICISSITUDES OF THE FED AND THE CAPRICIOUS CONGRESSIONAL SPENDING !!!
People say the US is bankrupt. If this is what bankrupt looks like… everyone having phones, eating well, nice cars, vacations, designer clothes, great welfare, free stuff for millions coming across the border, etc. then we definitely need more of the same. What’s 30 trillion but a big number? This is America, we can handle 10 times that and then some. Life is good but gloom and doom sells.
“At this point, our “system of education” has produced hordes of completely clueless individuals that can barely even function in a modern society.”
Sounds like he was describing you to a T.
You’re kidding I’m sure. But, you have identified the problems. Your “everyone” includes people who didn’t earn the things that you list. This is why the United States is insolvent.
It’s going exactly as planned
To bad this generation of America is to feeble and weak to do anything about it..
Great column. Do you consider the value of all the Federal land and property in the asset column?
Definitely agree with the delayed adulthood in the younger generations. I’d throw in marriage and birth rates as evidence of delayed adulthood too.
Let’s not blame this entirely on politicians. You and I and everyone else are to blame. BUY LOW. SELL HIGH. This is the mantra of our entire perverted and unethical economic system that even Adam Smith would be ashamed of.
We buy a house for $250,000 and we flip that exact same house for $500,000. If you want to blame someone for the value of the dollar declining and the American people going broke — LOOK IN THE MIRROR!.
You have no idea what you’re talking about.
Civil war or start cutting out waste like department of education, cut back any raises to pre-covid time. Stop illegal immigration, put out a notice any illegals found after 60 days will be considered criminal. Any country that does not take their citizens back will loose all financial aide. All elected officials will submit their own and their families financials. ALL federal employees pensions will be rolled over to social security. Social security will no longer have it’s funds used for anything else. That is just off of the top of my head. It is the federal government that put us here, and I hope war can be avoided. We can’t sustain the current direction.
To go into debt on credit cards in an inflationary environment is a completely sensible thing to do, since the money you pay back in the future is worth less than today’s money.
The United Sates Government owns 1/2 of the land in the USA. That is an asset worth hundreds of Trillions of dollars, so they are not bankrupt.
Are the policies of the Democrats dangerous and ignorant to economic growth and the long term worth of the average family? Yes. absolutely. But this simplistic rant is nonsense
The United States Government owns nothing. It belongs to US citizens.
Are you serious? Do you really think you own anything they cannot take away from you?
Whoever has the greatest firepower owns everything.
Think you own your house? Don’t pay the municipal real estate tax for two years and see what happens. You just rent property from the government.
Not my problem. Washington DC’s problem. Natinal debt repudiation will happen. It always does. The Student Loan thing is a warmup. Life goes on. Unfortunately most of the criminals who perpetrated this monstrous crime will already be dead.
You have essentially a bunch of political whore in washington dc who are blowing everybody else’s money and they could care less.
So what will be the singularity? Will it be when the annual interest payment on the national debt exceeds GDP? That would mean we can’t make the payment on the interest we owe, much less reduce the debt. Can you borrow more when unable to fund the interest on what you have? Is it Weimar time, then?
Michael, I’d love the opportunity to sit down and live stream a debate on the contents of this “article”.
You speak on several things. You speak on education, stating “At this point, our “system of education” has produced hordes of completely clueless individuals that can barely even function in a modern society.” Well, no schitt, Sherlock. That’s nice to say. But what you for SOME REASON don’t even touch upon, is how in 1979-1980, the “Department Of Education” was turned into a CABINET-APPOINTED POSITION. And how in 1980, a JEW named Shirley Hufstedler was appointed the Secretary of the D.O.E..
When you speak of the decline of education, how do you not speak of how a Jew was placed in a position to oversee the education of a primarily white Christian nation? How does this happen? Who can justify this? Nobody today understands communism, they don’t know what it IS, they don’t know where it comes from, or from whom. No mention that the beginning of the depreciation of our education system came when it was subverted by Jewry? When the Jew Shirley Hufstedler took NOBEL PRIZE WINNER Aleksandr Solzhenitsyn’s “The Gulag Archipelago” out of the schools and replaced it with “The Diary of Anne Frank”, a work of DISCREDITED FICTION!?!
Education declines by the nature of its being when you start to exclude knowledge from the people. This is the ONLY POSSIBLE STATE IT CAN ACHIEVE when you remove knowledge purposefully. Solzhenitsyn’s works make it clear to the reader that the people responsible for COMMUNISM happen to be OVERWHELMINGLY JEWISH.
Because this knowledge has been DENIED to people, NOBODY UNDERSTANDS THAT COMMUNISM COMES FROM JUDAISM. They will ARGUE with you, but when you say “Well, where does communism COME from then?” They’ll make some silly nonsense reply like “Russia! Duh!” Like, as in, the geographical location causes it. Or now many will say “China! Duh!” Without having ANY idea that Mao was controlled by Jews, or that China is controlled by a Rothschild (Ashkenazi Jew) central bank. Jews in fact were directly responsible for the opium epidemic in China and the orient.
But “articles” like this never point the finger at Jewry, do they?
I’d love to go over some things besides just the education system, as well. You also speak on the federal reserve, but never mention that Jew bankers schemed to get the Federal Reserve act passed in SECRET in 1913 at a place called “Jekyll Island”…of course, it wasn’t senators that hashed out the Federal Reserve act, it was the Jew bankers themselves that wrote their OWN RULES.
How convenient.
And you speak of the “national debt”, whilst never mentioning where it ACTUALLY COMES FROM. The national debt COMES FROM OUR MONEY SUPPLY, FOLKS. It’s what you get when JEWS lend your “government” THEIR OWN MONEY AT INTEREST and with NO BACKING. You never mention that every single dollar in print IS DEBT. Never touch on how “silver certificates” DO NOT CONTAIN THE WORD “NOTE” ANYWHERE ON THEM, because they are not “instruments of debt” but rather “CERTIFICATES OF COMMODITY”. Which is why fiat money ALWAYS DEVALUES (Jews call it “inflation” but it’s not “inflation” it’s “DEVALUATION”…they call it “inflation” so you all don’t riot) and why METAL-BACKED MONEY MAINTAINS VALUE.
It’s almost like you’re hoping none of us understands all this. So you can just program them with their little Jew-controlled Frankfurt school education bullet points of things you want them to know. But there’s no REAL understanding here. No REAL revelation of fact or truth to the masses. YOU don’t tell them their economy is schitt because of Jew baker fiduciary manipulation. But I SURE DO.
Why, ahh, don’t you get on board with some real, hard facts?
Our money IS debt.
This debt comes from JEW BANKING.
We can NUKE the federal reserve with the STROKE OF A PEN and congress can issue it’s OWN MONEY.
And we can reclaim our gold from the Rothschilds with MILITARY ACTION.
Our education is in the outhouse because of JEWISH MANIPULATION.
These things are FACTS.
Instead of CENSORING THEM…Lets DISCUSS THEM.
Imagine how many mouths would pop open if americafirstreport put out a headline “Jewish Banking Destroying America”. The ADL’s response would be swift and brutal. But for once in your lives, you would be stating something that the world needs to hear and is absolutely true. And your voice would resound across the land like a great iron bell sounding for the people to get off their knees, to stand up and say NO MORE! No more Jewish influence on our BANKING. No more Jewish influence on our GOVERNMENT. And no more Jewish influence on our EDUCATION SYSTEM.
And by the way, if you think it’s a coincidence that the Federal Reserve act was “passed” in 1913, and the GREAT DEPRESSION started by 1929, YOU ARE DELUSIONAL. It took 20 years for the Federal Reserve to BANKRUPT the united states, and has been so SINCE 1933.
It’s just too bad you don’t know any of this. Or won’t say it.