👉Debt Bomb Ready to Blow , We're So Screwed !!

The national debt is not just growing. It is exploding. This bubble is being created since 2008 by central banks globally to be popped very soon . The United States national debt ticked above US$23 trillion for the first time, an amount equivalent to $67,000 per US citizen . The US federal budget deficit for fiscal year 2020 is $1.10 trillion. Fiscal Year 2020 covers October 1st, 2019, through September 30th, 2020. The deficit happens because the US government spending of $4.75 trillion is higher than its revenue of $3.65 trillion. The deficit is 1% greater than last year. The Fiscal Year 2019 budget created a $1.09 trillion deficit. The US government's public debt is now more than $23 trillion. It is the highest it has ever been. The Treasury Department data comes as tax revenue has fallen, and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017. Toss in the debt accumulated by counties, cities, school districts, transportation districts, and another special districts and the debt burden per taxpayer will skyrocket. Plus federal debt plus unaccounted unfunded liabilities. The whole ball of wax is over $200 Trillion in debt. America produces few things, but we excel at guns, military spending, and debt. The dollar itself is a debt instrument. Debt service is the fastest-growing major item in the federal budget, evaluated at $390 billion this year, and projected to close in on the $1 trillion mark within a decade. Our payments don't cover the cost of our promised benefits. For example, social security was a Ponzi scheme at the outset. Shall we just raise taxes on the RICH? No, It's far worse than that. Forget the 1%. Let's take 100% of all income and assets from every household earning over ~$100,000. That's the top 20%. Even if we did such a ridiculous thing, even that is NOT enough to cover the cost of the benefits already signed into law. Even The multi-trillion endless war and military budget is tiny in comparison to the entitlements. And military is something we in theory could just stop paying for. But the entitlements are legally promised forever. The US exports prosperity and imports poverty. Go to any big city and count the tents on the sidewalk. The median savings account in the US is under $ 5000.00 . Add the individual state debt burden to the per-person federal debt burden. And every newborn American arrives with a debt burden of over $70,000. Trillions of dollars in new never to be repaid debt every year. Trillions of dollars in offshore non-taxed cash. Politicians don't even read the budgets that impose inter generational debt for a hundred years or more. We all know there is something seriously off the rails . Modern slaves are not in chains. They are in debt. Welcome to The Atlantis Report. The US Government's Taxpayer Burden is $693,000. US Government is a Sinkhole without enough assets to cover its debt. Elected officials have created a Taxpayer overload, which is each taxpayer's share of the government's bills after its accessible assets have been tapped. Tax Information Authorization's Taxpayer Burden evaluation incorporates both assets and liabilities, comprising unfunded Social Security and Medicare commitments. The US Government only has $3.8 trillion of assets accessible to pay bills amounting to $108.9 trillion. Because the US Government doesn't have enough money to pay its bills, it has a $105.1 trillion financial hole. To fill it, each taxpayer would have to transfer $693,000 to the federal government. Despite the fact that the Treasury Department does not integrate unfunded Social Security and Medicare promises on the federal balance sheet. American consumers are still bolstering the economy spending money they don’t have. But how long can it last. That's the question Peter Schiff asks in his latest blog. After a downturn last month, consumer borrowing bounced again and set another new record in October, as stated in the latest data published by the Federal Reserve. Consumer debt rose by $18.9 billion in October. That represents an annual increase rate of 5.5%. Total consumer debt outstanding now established a record of $ 4.165 trillion. Seasonally modified, The Federal Reserve consumer debt figures integrate credit card debt, student loans, and auto loans, but do not factor in mortgage debt. After dropping in August and holding stable in September, revolving credit – primarily credit card debt – increased by $7.9 billion in October, an 8.8% increase. Americans now owe $1.09 trillion on their credit cards alone. Non-revolving credit, primarily made up of student loan and auto loan debt, rose by 4.3% to a total of $3.08 trillion. Mainstream pundits generally view rising levels of consumer debt as good news. After all, the economy depends on Americans buying things. A MarketWatch report on October’s debt report noted that “consumers remain the key to the economic outlook given the sluggish business spending.” The thinking is that consumer confidence leads to higher levels of borrowing, and that’s good for the country’s economic prospects. But Peter Schiff has a different opinion. He has said rising levels of debt could be a sign the economy isn’t as strong as pundits keep telling us. If an economy is actually robust, you would think consumers would be taking on less credit card debt because they wouldn’t need it. They would be able to buy more stuff that they could, as a matter of fact, afford. They wouldn’t have to go into debt. Because credit card debt is the worst possible debt, knowing how high the interest rate on credit card debt is. If you can afford to pay off your credit card, you’re going to pay it off.” Given the cost of carrying a high credit card balance, most people who do so do it for the reason that they don’t have a choice. They don’t have the money. They can’t afford to pay the credit card bills when they come. And so all they do is pay the absolute minimum that you’re authorized to pay, and that means the balance never goes down. And so given that you see this surge in credit card debt, I don’t believe that indicates the economy is good. I mean, some people think, ‘Oh yeah, when the economy is booming, people are more apt to go buy stuff.’ Yes. But not on credit. They’re more apt to buy stuff with their higher income, buy things that they can afford. If credit card debt is spiking, it’s generally a sign that the economy is weak. People are hopeless. They’re trying to make ends meet. The cost of living is going up more rapidly than people’s paychecks. So, they are briding the difference using the only lifeline available to the – credit cards.” The question is how much money can The American consumers borrow before the bubble pops. Effectively, consumers are borrowing from the future to spend in the present. Whether driven by confidence or desperation, debt-fueled spending can’t go on eternally. Credit cards have this disadvantageous thing called a limit. What happens when the future arrives? Every dime borrowed ultimately has to be paid off. During a recent appearance on RT Boom Bust, Peter Schiff took on this notion that the US consumer has never been in better shape. The consumer is totally levered up. He has record quantities of debt. And the only justification he can spend is because the Fed is keeping rates low enough so that credit continues to flow regardless of the lack of proper savings to finance it. So, this whole house of cards is going to come tumbling down, and the consumer is going to be right in the center of that.” While prices for the debt has increased (and rates fell), for every dollar borrowed, two dollars in wealth came into existence: ONE cascaded through the GDP economy when it was spent. A SECOND came into being as an asset, a "receivable" on the bondholder's balance sheet. Two for one! What a brilliant thought of it! It was an artifact of a bond bull market, one that by all appearances ended in 2016. While it ran, the quantity of debt issued had no limit. And an OCEAN of bonds was filled. As bonds were issued, they expanded economic activity in one industry after another. The new jobs in those industries yielded income and savings. The savings mainly found its way back into DEMAND for BONDS! What an enormous Ponzi scheme. Each dime of all that debt is someone's asset. Pensions are a form of debt. Committed entitlement spending is a form of debt. Altogether, the amount of future cash flows promised truly unimaginable. No group of men can control the most significant market on Planet Earth, the Debt Market. If the rates continue higher. Ultimately we'll hit our Minsky Moment when debt-holders stop worrying about return ON their money and begin to worry about the return OF their money. If it sets off a stampede, bond values will breakdown, along with all the pensions, wealth, and entitlements committed. Ironically, surviving claims on dollars should rise in purchasing power during that period, same as a dollar bought nine times more Dow Jones Industrial Average in 1932 than it did in April 1930. Unfortunately, what is seen by many as "a good economy" is simply an illusion build of massive deficit spending. While we fixate on an improving GDP, the national debt is not just growing, but it is exploding. An under-reported and unnoticed report was issued recently by the Office of Management and Budget, which is required from time to time to review and update the US federal budget. The report titled “Mid-Session Review” paints a far bleaker forecast of the deficit going forward than initially anticipated. James Grant and Jim Chanos a little while ago participated in a talk at the New-York Historical Society. Both men make it perfectly clear they see what is being cast upon us is a massive fraud. We should be suspicious of those making promises this will end well. Charismatic psychopaths run the show. The rest of us are along for the ride. Understanding that reality will cause many to fall into despair. The fact is that there are a million little things that each of us can do to mitigate the inevitable unraveling of this whole charade. Get a Sawyer water filter. Buy an extra can of beans when you go to the store. Buy some five-gallon buckets and fill them with rice and beans. Build a library of books on eatable plants, gardening, animal husbandry, and blacksmithing. Put together a first aid kit. And learn self-defense. This was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.















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