There’s too much debt for the government ever to repay it, so the Federal Reserve wants to debase the currency and inflate it away. However, it was dollar debasement that got us here in the first place—federal debt has skyrocketed since Nixon finished taking the US off the gold standard. From MN Gordon at economic prism.com:
If you’re a wage earner, retiree, or a lowly saver, your wealth is in imminent danger.
A lifetime of schlepping and saving could be rapidly vaporized over the next several years. In fact, the forces towards this end have already been set in motion.
Indeed, there are many forces at work. But at the moment, the force above all forces is the extreme levels of money printing being jointly carried out by the Federal Reserve and the U.S. Treasury.
Fed Chairman Jay Powell and Treasury Secretary Janet Yellen have linked arms to crank up the printing presses in tandem.
This is what’s driving markets to price things – from copper to digital NFT art – in strange and shocking ways. But what’s behind the money printing?
Surely it’s more than progressive politics – under the guise of virus recovery – run amok.
Where to begin?
The U.S. national debt is a good place to start. And the U.S. national debt is now over $28 trillion. Is that a big number?
As far as we can tell, $28 trillion is a really big number…even in the year 2021. How do we know it’s a big number, aside from counting the twelve zeros that fall after the 28?
We know $28 trillion is a big number based on our everyday experience using dollars to buy goods and services. You can still buy a lot of stuff with $28 trillion. In truth, $28 trillion is so big it’s hard to comprehend.
Nonetheless, $28 trillion is not as big a number today as it was in 1950. Back then, the relative bigness of $28 trillion was much larger. It was unfathomable.