For the first time on the 1st February 2022 ,America’s gross national debt passed over $30 trillion, an apocalyptic fiscal milestone that highlights the fragile nature of the country’s long-term economic health as it grapples with ascending prices and the prospect of higher interest rates. Wow,$30 trillion! Who could’ve seen this coming? And who is going to pay it back in taxes, debt, and inflation? Hint: they aren’t rich and they aren’t poor. It is the middle class.
IF every person in the United States paid an equal part of the national debt it would cost each person about $86,000. How would that go over? $30 trillion in debt with manufacturing now controlled almost entirely by our greatest 21st century rival, and a level of political corruption that makes this almost impossible to slow, let alone stop.
Meanwhile 500 families own a majority of the country’s assets, which are held offshore. The future is bright indeed. If we don’t have the supply side working IE taxes we will indeed have a deficit. Think of the billions that were made during this pandemic . Maybe we need to raise taxes on the U.S. billionaires whose wealth went up 70% during the pandemic. It does feel like high time our tax policy stops doing the exact opposite of what common sense, economic data, and compassion would dictate. But how can we raise taxes on U.S. billionaires when they bought Congress a long time ago? $30Trillion is a million dollars a day for over 82,000 years.
Such a figure could never be repaid. And Biden now wants to increase the deficit by giving Democrats trillions of dollars in additional welfare benefits through Build Back Better. No problem. Biden will inflate us out of anything. If we use federal funding to put money in the pockets of the working class, it is spent on essentials; and that fuels economic growth and growth in tax revenue. If we spend federal money by giving tax cuts to the rich — as the GOP did in 2017 — it barely moves the needle.
The rich simply hoard the money, or spend it on bubbles that do next to nothing to promote a healthy economy or grow tax revenues. Both sides of the aisle are culpable for seeding this $30Trillion debt…. Republicans and Democrats for massive corporate tax relief. A needless and wasteful Middle East war, only enriching the defense contractors. Failure of corporations and government to stem the migration of middle class jobs to the Far East. Corporations eyeing higher profits with minimal investment in offshoring manufacturing and not willing to invest in modernizing their manufacturing plants in the USA.
All these have contributed to a higher national debt. How is this not a central concern for the younger generations who will inevitably foot this bill? Are we so utterly distracted and financially illiterate that we can’t see the brick wall we’re barreling toward? The top 10 Americans own nearly one trillion dollars in wealth and the rest of us owe 30 trillion! It would be interesting to know how much each person in the United States would have to pay to pay off the national debt. This would include every man, woman and child.
This would tell us what we are doing to our children and their future. If you look up the National Debt Clock, you’ll see that we’re currently at $90,000 per citizen, or $239,000 per taxpayer. And the clock keeps on rolling … $136 Trillion is the net household private wealth of the USA To put a number on it. That is more than $30 Trillion. That wealth number increased about $20 Trillion in the past 12 months of the report period to 30 September. The top 1% holds about $43 Trillion, the top 10% holds about $95 Trillion. Most of us, 90% and up, pay ‘wealth’ tax on our principal asset, our house, in our mortgage payment or our rent.
Most of us pay most of that tax on somebody else’s asset — the bank’s or the landlord’s. How much of this increased debt is due to tax breaks for the very wealthy 1% that will not go away when breaks for ordinary Americans do? And they were telling us not to worry about debt because: “Interest rates are much lower than they were in the past, and all indications are that they’ll stay low for years to come” (thereby keeping the cost of servicing the debt low). And the politicians (in both parties), the Treasury Secretary and the Federal Reserve Board continue to prime the pump and echo George Maynard Keynes that ‘debt doesn’t matter as we will all be dead anyway’.
Even republican adherents to the Milton Friedman school of economics are now Keynesians. For months every liberal economist has promised us the right was exaggerating the possibility of inflation. That if the U.S. economy overheats, we will know in plenty of time to make corrections. Ok, we made a mistake. We trusted them. Again. We’re discovering we won’t know in time as it is with every other nation that has to wrestle with this beast. We can’t run a hot economy, large budget deficits, without runaway inflation at some point. The laws of gravity exist. Perhaps these same economists can explain why throughout history when countries run deeply into debt, inflation eventually spirals out of control.
We don’t have to look far to find good examples. Venezuela found that spending more than you take in is no panacea. The inflation rate in this socialist utopia reached 9,586% in 2019. The highest in the world. Imagine that. You do really run out of other people’s money, who knew? Ditto for Argentina. It has had a median inflation rate of 220% annually since 1980. The price increases in Argentina are fueled by the rapid expansion of the money supply. You have to wonder if the U.S. is about to follow the same flawed policies of Latin America.
This kind of irresponsible government policy — printing money like it’s linked sausages—has been tried before. The results are always the same: complete economic collapse. If the new administration’s policies need to last as long as there’s an emergency I suspect the crisis will never end. The chickens are coming home to roost. Welcome back to the Atlantis Report, Please Like , and Subscribe. When are we going to discuss Government mismanagement and wastage.
The Democrats always talk about increasing taxes but never about spending within our limits. Governments have been agents for the rich for a long time while proclaiming that they work for the poor. I guess the government’s fiscal mismanagement is intentional to fill the pockets of a lot of people who work for it.
They don’t want to prevent war. What would happen to all their military contractor stock values? War is big business to evil profiteers. Cue the Fed to argue why national debt does not matter. (They were completely wrong about inflation) Cue woke democrats asking for more dole citing Omicron.
Cue Wall Street Meme stocks that will fly even higher (remind you of Icarus?) with excess money in the system. Cue up more inflation. Cue the Squad to “Cancel the Debt” (But alas this is owed to foreign countries.) And then get ready for your children, grandchildren, and generations down the line to work for the Chinese Communist Party and the Oil fiefdoms. Enough! Let’s try to live within our means.
Let’s raise taxes for ALL (not just the token “Tax the rich” slogan) if we want to spend domestically.
Let’s cut the defense budget if we want to invest in our social priorities.
We need to get rid of the tax cuts for the ultra rich. Cut military spending. We are paying millions of dollars for people to sit around on military bases playing Xbox. We should “means test” the military. Since WW2 we succeeded in defending Kuwait and toppling Noriega. Hardly worth the trillions and trillions we’ve spent. We could halve our defense budget and we would still outspend every other country on the planet… Nothing a tax on US big tech and its billionaires can’t solve… The seeds of the downfall of our nation were sown by excesses of government deficits and debt.
Our government looted the most powerful country on earth with insane fiscal policy for decades and the chickens are now coming home to roost. The temptation to borrow extravagantly was too much to withstand for our political leadership. This was an inevitable effect of low borrowing costs associated with the dollar’s status as the reserve currency of the world. The only question now is when will the run on the US dollar begin.
Likely secondary effects of losing reserve currency status will be far ranging but will include: -Substantially lower real living standards for Americans after the inevitable currency devaluation -Loss of international power and US hegemony due to lack of direct control of the world’s currency. -A global return to some form(s) of hard currency (likely gold, possibly bitcoin). The federal financing is like a Ponzi scheme. As long as wealthy people and nations believe our future is better than our past, we can issue debt to pay for our current desires. But God forbid the time when those people and nations have someplace better to store their wealth and want their money back. Goodbye America.
‘Listen Up! The Financial Elite Will Soon Prevent You Accessing Your Own Money!’
I have warned for a long time that the Federal Reserve is planning to destroy the U.S. economy by: printing the U.S. dollar in exponentially riskier quantities until it blows off the charts and crashes, and by easing credit and rates until the average individual and corporate debt loads are so enormous that the resulting massive distortions in the economy suddenly bring on an economic heart attack, leaving no possibility of a short or even medium-term recovery. That day is here!
That time has arrived. Evidence Indicates The USA’s Plug Has Been Recently Been Pulled Suddenly, in only the last two weeks, the warnings are flooding out of high finance like a burst dam. The message is clear for those who have ears to hear, for these warnings are all from the same inner circle: it can only mean someone has given the order to release the hordes of hell and go in for the kill. Some of these items listed below are reactions from the elite to save themselves and warn their friends.
Other items are legal and political actions to remove any hindrance or safeguard which heretofore inhibited a sudden and massive implosion. Keeping in mind that this overwhelming avalanche of dire events occurred over mere days, here is the list: Russia announces anti-dollar war. Last week Russia announced it is now anti-dollar, Russia & socialist partner Germany discussed switching out of dollars and into euros for financing and, more importantly, conduct their huge oil transactions in euros, not dollars. No less than Duisenberg, head of the socialist European Central Bank (partner of the anti-American Federal Reserve) agreed, as did Communist Russia’s partner, German Chancellor Gerhard Schroeder, in a recent meeting.
We are living in the greatest debt bubble in the history of the world, the global banking system has been transformed into a high-risk pyramid scheme of debt, risk and leverage that could cause an economic collapse at any time, and wealthy countries such as the United States have been living way above their means for decades.
Fortunately, I have found that an increasing number of Americans are becoming convinced that we are heading for a horrific economic collapse. Once they come to that realization, they want to know what they should do before the next stock market crash and financial collapse. In addition, it is important to distinguish between the “short-term” and the “long-term” when talking about economic collapse.
As I have written about previously, our economic collapse is not going to happen all at once. It is going to unfold over time. In the “short-term”, many are moving money around and are building up “emergency funds” to prepare for the next major stock market crash and recession. For the “long-term”, many are storing up food and huge stockpiles of survival supplies in order to be prepared for the total collapse of society.
Self-Reliance Is Key
The biggest hurdle of the Great Depression was a simple one: lives changed drastically – and they changed fast. Americans went from the lavish roaring twenties, where elegance and jazzy splendor perfused the nation, to scrubbing out a meager existence.
Those who survived it were never the same. They stockpiled more. They reused more and shopped for bargains, not luxuries. They fully understood that a trip to the grocery store may be the last for a very long time.
That’s the biggest lesson learned from surviving the Great Depression: Self-Reliance skills are essential to get you through the harsh times. The survival skills that our modern world has since lost.
It’s time we discover them again.
So, what do you do?
Here is the scenario. “Government agencies are having difficulty making their payments. State governments are issuing vouchers to pay their bills. US Social Security is late in issuing its payments to retirees and the disabled. Many banks are issuing warnings about liquidity. The prices of food are escalating by the hour. Instead of talking about the latest inane reality TV show, everyone is talking about inflation, money, mass layoffs, etc. It is 5 days before the economic collapse.” So, what do you do?
Our current recession/depression is slow creeping at this point towards a bad outcome. Although I believe US and Canada are still 3 to 5 years away from an economic collapse, I woefully believe that the collapse is coming. Euro will collapse first. Greece,Italy, China and Spain have already collapsed. Italy and Portugal are soon to collapse next. Having this insight, I have been preparing vigorously for the past 2 years.
During these past 2 years, I have often thought about what the last 5 days would look like before a collapse. Because governments will do everything and anything to delay the onset of an economic collapse, as they should, I believe the problem will build to a dramatic point, where the economy will fall off a ledge very quickly. With the US Federal Government running $1 trillion dollar deficits for the past 3 years, how long can that continue? As some point in time, no foreign government or domestic entity will want to buy US Federal debt.
Then the only option is for the US Federal Reserve to generate artificial money, not backed by tax revenues nor by any tangible assets, in order for the Fed to buy US Federal debt. At some point in time, the continual injection of fiat currencies will trigger a hyper-inflation period. At that point in time, the spiral towards economic collapse will accelerate.
There are 5 key foods that should be part of every long-term food storage plan.
1# Wheat — Properly stored, wheat has the best long-term storage potential for common foods. Hard Red Wheat berries have a 30+ storage life. Be store to store the pre-ground wheat, which are called wheat berries. Once ground into flour, it last only about one year. Soft red wheat berries stores up to 20 years. The white soft and hard wheat berries stores for 10 or less years. For your critical long-term preps, stick with hard red wheat. Be sure to have a wheat grind on hand, so that may flour from the stored wheat berries. If you allergic to wheat, consider oats or quinoa instead.
2# Salt — This is not so much a food, but rather an essential mineral needed by your body. If kept dry and sealed, salt has an endless storage life. I store two types of salt. Pure salt, or often called canning salt, has no iodine. I reserve the canning salt for food preservation. Before refrigeration, meat, fish and cheese were storable due to salt preservation. And I store several pounds of salt with iodine added for cooking and table usage. Salt is an item that is often overlooked in food storage. Yet is has so many usage and is vital to good health. Both too much and too little salt is bad for your health.
3# Sugar (or honey) — Pure white sugar and honey, if properly stored, never expires. Keep sugar in a sealed container, and it never goes bad. For more preps, I storeDomino’s sugar that is already pre-sealed in 4 pound plastic canisters. Honey is best stored in glass jars in a cool, dark place. If honey crystallizes over time, just warm it a bit to become fluid again. Honey has a lot of micro-nutrients, and is my preferred way to store sugar for the long-term. Occasionally, my local drug store, CVS, has the Dominos 4 pound canisters on sale or I might buy with CVS extra-bucks.
4# Rice — White rice, if sealed in cans with oxygen absorbers, can have a 20 year storage life. Brown rice has a storage life of around 5 years. White rice is simply brown rice with the husk removed. Brown rice has more flavor and more nutrition. But white rice stores longer, since the husk of brown rice has small amounts of oil within that go bad much quicker. What I like about storing rice is the amount of dense calories it provides. Rice is easier to prepare versus grinding wheat berries. A cups of white rice plus of vegetables from your garden makes a filling meal. Many people don’t realize the rice has some protein. Rice combined with beans provides all the protein your body needs.
5# Powdered milk — If you have children, this is a key food to store. Regular powdered milk has a shelf life of 2 years. If packed in meal cans by a reliable vendor, powdered milk can be stored for 5 or more years. Fat free powdered milk stores a bit long. Most baking recipes call for milk, of which powdered milk is an adequate substitute. My favorite powdered milk for long-term storage is Future Essentials Canned Powdered Homestyle Creamery Milk Substitute and Honeyville’s powdered milk.
Books can be your best pre-collapse investment.
Carnivore’s Bible (is a wellknown meat processor providing custom meat processing services locally andacross the state of Montana and more. Whether your needs are for domestic meator wild game meat processing)
The Lost Book of Remedies PDF ( contains a series of medicinal andherbal recipes to make home made remedies from medicinal plants and herbs.Chromic diseases and maladies can be overcome by taking the remediesoutlined in this book. The writer claims that his grandfather was taughtherbalism and healing whilst in active service during world war twoand that he has treated many soldiers with his home made cures. )
Easy Cellar(Info about building and managing your root cellar, plus printable plans. The book on building and using root cellars – The Complete Root Cellar Book.)
The Lost Ways (Learn the long forgotten secrets that helped our forefathers survive famines,wars,economic crisis and anything else life threw at them)
LOST WAYS 2 ( Wordof the day: Prepare! And do it the old fashion way, like our fore-fathers did it and succeed longbefore us,because what lies ahead of us will require all the help we can get. Watch this video and learn the 3 skills that ensured our ancestors survival in hard times offamine and war.)