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Welcome to the $30 Trillion Club America!

According to the NYT, the US government surpassed $30 trillion in debt for the first time ever February 7th. Pop the champagne!

https://www.nytimes.com/2022/02/01/us/politics/national-debt-30-trillion.html

What a wonderful time to have this much debt! 🙂 Interest rates are clearly heading higher, perhaps significantly. What could possibly go wrong?

How did it get this way? Why did we let it happen? Does it even matter?

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Nature3 · 56-60, M

The US is an oligarchy laughed at by most of the developed world. Doesn't matter if you have Dem or Republican sociopaths running the country. it's a shitshow either way.

irishmolly72 · 56-60, F

@Nature3 So when does the music stop?

Nature3 · 56-60, M

@irishmolly72 When we turn into Rome.

NoGamesTolerated · F

@irishmolly72 SOON

GerOttman · 61-69, M

WOOOOOOO....!!! We're #1! We're #1! U-S-A U-S-A U-S-A!!!!

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GerOttman · 61-69, M

@irishmolly72 I have one word! Plastics...

irishmolly72 · 56-60, F

@GerOttman

How do you mean? 😳

NoGamesTolerated · F

@GerOttman I took that opportunity as much as possible. I worked more and saved more ever in my life! Stocking on can goods too,

therighttothink50 · 56-60, M

Do you know the debt is actually in the quadrillions when you take into account the unfunded/raided liabilities known as medicare, medicaid, social security, Obama care, financial derivatives, not too mention the personal debt of the population.

How did it get this way? A population of willfully ignorant drones addicted to vapidity.

irishmolly72 · 56-60, F

@therighttothink50 Add in the massive underfunded pensions from state and local governments. It's going to be a real party when all this explodes! 🤩🤑🥴😳😨😫

Pretzel · 61-69, M

I wonder if we'll be considered "too big to fail" and get bailout from the other countries.

there's an old proverb - if you owe the bank $100 that's your problem. If you owe the bank $100 million then THEY have a problem :)

NoGamesTolerated · F

@Pretzel hmmm I don’t put my faith there for sure.. 🙂

irishmolly72 · 56-60, F

What will be the tipping point where the burden of this debt suddenly collapses on our heads? Is there any way to prepare

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irishmolly72 · 56-60, F

@NoGamesTolerated Bitcoin? Gold? Canned food?

NoGamesTolerated · F

@irishmolly72 Gold for sure but we can’t eat gold… so best to prepare the best way you know how…

NoGamesTolerated · F

@irishmolly72 have that food put up nicely!

MURD3RM0NK3Y · 26-30, M

Doesn't matter. Can't we just print out more money ? Duh.

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Nature3 · 56-60, M

@GerOttman That is true. Too many ignorant Americans. Ask the Europeans about our stupidity level. They will tell you.

caesar7 · 61-69, M

@MURD3RM0NK3Y Exactly. I am sure it doesn't grow on trees..lol

irishmolly72 · 56-60, F

@MURD3RM0NK3Y After that huge 40+ year bull market in bonds, imagine how many investors are complacently long and beginning to get stung, and imagine how their behaviors could change to become sellers of bonds, and imagine the effects that would have. The total amount of bonds that would then have to be sold would equal the new bonds offered plus those being sold—a gigantic amount.

Will...

1) the interest rate go sharply higher and drastically curtail private sector borrowing or...

2) the central bank print yet more money and buy enough of the debt to bridge the gap, which cheapens the value of money and inflation skyrockets.

Pick your poison! 🤢

NoGamesTolerated · F

Warning! That bubble is about to burst. Beware!

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NoGamesTolerated · F

@irishmolly72 My dear person, I’m not trying to trigger anyone. But I am smart enough that when you only have x amount of money.. and you keep spending large sums of money like there is no tomorrow, you can well believe a crash is indeed coming! Yes I say to anyone that will listen , the bubble will indeed burst and be worse .. much worse than the Great Depression.. I don’t mean to sound so dark and dreary but people need to arouse out of their slumber… and realize it’s coming.

irishmolly72 · 56-60, F

@NoGamesTolerated Thank you sweetheart. I was paying you a compliment, Rodger Babson was incredibly prescient.

NoGamesTolerated · F

@irishmolly72 Thank you as well. 🤗

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