This week has been a definite confirmation of what I’ve been saying for a couple of years: the U.S. government is coming to grips with its inability to control their spending addiction, mounting debt, and dollar deterioration. They’re fighting the inevitable to the bitter end, and you can expect the shouting to only get louder as the house of cards collapses.
The vicious cycle of debt continued unabated in the second quarter; rock-bottom interest rates only encouraged more borrowing and spending globally. The world’s debt increased by $1.6 trillion in the first quarter to $177 trillion, but the U.S. is the worst offender as they’re responsible for $69 trillion of that global debt.
To put that in perspective, the total U.S. debt is now the same as the debt across all of the emerging markets in the world. But really the worst offender of all is the government, which is responsible for snowballing debt more than households or businesses in the developed world:
Once again, America is leading the downward spiral – the U.S. debt-to-GDP ratio was 105% in the first quarter of 2019. In this regard, America’s only real competition is Chinese corporations, which owed the equivalent of more than 155% of China’s GDP in March, or nearly $21 trillion.
Something’s clearly brewing and the government is having a panic attack: they’re not even bothering to hide or moderate their emotions anymore. Politicians are freaking out and it’s an all-out war of words, with the President releasing a firestorm of rage in a series of eye-popping tweets.
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Trump has touted the low unemployment numbers during his administration, as well as the stock market’s attainment of all-time highs. As I’ve already reported, Trump has recently doubled down on his support of the U.S. economy and the dollar, which he claims is stronger than ever and is by far the most dominant currency anywhere in the world and will always stay that way.
This echoes Federal Reserve Chairman Jerome Powell’s statement that he has serious concerns about Facebook’s planned Libra stablecoin, which poses a major threat to the hegemony of the U.S. dollar. But even the Fed’s concerns and the President’s most heated tweets can’t compare to Treasury Secretary Steven Mnuchin’s attempt at scaring investors away from cryptocurrency.
The government is truly unleashing the big dogs here: calling cryptocurrency an issue of national security is exactly the kind of scare tactic that you’d expect from a nervous Treasury that can’t control the full-scale central bank dollar-dumping that’s happening in multiple countries around the world.
In other words, they’ve lost control and they know it. They couldn’t hold the Bitcoin price down, they can’t stop Libra, and they’ll never stop the alternative media from reporting the truth to those who are ready to hear it.
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