The federal budget is 35% of GDP. To put that into perspective for over 50 years federal spending would be around 18.5% if GDP. We’re now 2X that. There’s no country anymore no business without borrowed money. Typically Fed budget deficit was between 3-5% of GDP for years.
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That would mean a budget deficit of $60-$100B we’re at 50X the lower range. The economy grew at 6% this year and all we were able to reduce the deficit was by $280B from 2020 in the depression year. I mean these numbers are just staggering.
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The economy is collapsing as tweet this. Both the supply of money and the velocity of money are crashing. Home sales are falling and auto sales are down 5 months in a row.
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There were 24 countries in the last 100 years with debt levels where the US is at all had to go through austerity to survive. Either we deflate and cleanse the system or they make the Fed’s debts legal tender in which case it’s even worse and we turn into the Weimar Republic.
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A big wake up call is coming once this market realizes the severity of what's happening
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Yep, when does the house of cards go Boom?
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When WTI finally tops. Thats where Im looking since its the life blood of the economy.
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He is never absent, but a master of patience.
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