America’s Untenable Debt and How to Prepare

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“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”—Thomas Jefferson

The U.S. national debt eclipsed $30 trillionat the end of last month and is currently $30.02 trillion, according to usdebtclock.org. Keep in mind, that does not included unfunded liabilities, such as Social Security and Medicare. Taking that into account, the debt is $141.3 trillion, according to Truth in Accounting.

Also keep in mind, this is not solely a government problem. Americans are addicted to debt. It is the drug of choice in modern America. The U.S. debt clock shows $86.5 trillion in total debt combined between federal, state and local governments along with businesses, financial institutions and household debt. Personal debt is at $21.3 trillion while credit card debt is over $1 trillion.

Debt is also not a Democrat problem. Both political parties are addicted to spending, spending, spending.

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Demonocracy.info has provided a visual on what $30 trillion might look like. In the visualization, you will see the Statue of Liberty surrounded by towering buildings of cash

If you look carefully, you can see the Statue of Liberty. The Statue of Liberty no longer keeps her arm and torch up high and proud. Debt is slavery, and she knows it,” the website states. “Each floor of each pillar is worth $10 Billion. Each pillar is $1 Trillion. There’s an American Football field hiding inside Statue of Liberty’s prison cell made of debt.”

This, of course, is unsustainable. We’ve lived through unsustainable deficit budgets for decades and decades and decades, etc. We all know this.

What is the solution?

The Federal Reserve and central banks around the world want to create a digital currency. Of course, this has nothing to do with dealing with the debt crisis. Suddenly you’ve taken effectively worthless fiat currency into absolutely worthless digital fiat currency. At least with the paper dollars, you have paper to hold.

But the digital currency push is far more nefarious than stupid. It’s about control.

“Government digital currency is sold to the public as a safe and convenient alternative to physical cash,” wrote economist Peter Schiff. “We’re also told it will help stop dangerous criminals who like the intractability of cash. But at the root of the move toward government digital currency is ‘the war on cash.’ Fundamentally, it’s about control. The elimination of cash creates the potential for the government to track and even control consumer spending, and it would make it even easier for central banks to engage in manipulative monetary policy such as negative interest rates.”

The reality is there’s not much that can be done to stop this untenable debt crisis. We’re far beyond just cutting government spending. The government should massively cut spending and shut down every unconstitutional agency, which is most of them, but it’s hard to say that will take care of the crisis. Beyond that, a large swath of American should cut their personal spending habits, and that’s unlikely to occur.

Americans need to be prepared for unstable times. We’ve lived through unstable times over the last two years and, in fact, long before that. And it all starts with the power and control the government has taken through it’s massive spending for decades and its monopoly money printing machines at the Fed.

I’ve argued for a gold standard for a while, and it’s unlikely that will happen from Washington, D.C. But you can effectively bring back the gold standard on your own through a business called Goldback, created in 2019.

The company understands the historical view that gold is money. The problem is the functionality of gold with it now sitting a little over $1,800 an ounce. What Goldback does is uses a technology to basically infuse small amounts of gold into bills thus making it easier for people to hold the small amounts needed for everyday shopping, such as groceries.

“Gold is the best money, but it can’t buy a loaf of bread,” said Jeremy Cordon, Goldback’s president.

A $1 Goldback is currently worth $3.79, according to its website which provides new exchange rates daily.

This provides the functionality needed in the current system, and these bills will retain value even if, or more aptly when, the current fiat system comes tumbling down.

“You can barter with gold just about anywhere in the world,” Cordon said. “And that’s part of why people buy gold. If it’s the apocalypse, if our electrical grid goes down, you don’t want Bitcoin or dollars.”

Cordon added: “It’s really anybody that loves liberty. I think the reason why gold has been money for thousands of years is that it’s just really beautiful.”

Content syndicated from TheLibertyLoft.com with permission.

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