It's always annoying to listen to official or semi-official economists talking about the deficit or as it's sometimes known as the National Debt. It's similar to listening to official historians talk about the origin and purpose of World War I. They're obfuscating the issue and trotting out cover stories.
The National Debt is an inevitable consequence of the method of money creation utilized by the central bank (Federal Reserve, controlled by the Bank of England). It creates money as an interest-bearing debt. Therefore, the only thing the resulting debt can do is grow exponentially. The more money is created like this in a given period of time, the faster the debt grows. The thing a government spends the most money on is a major war; so it's in the interest of the Bank to have a lot of major wars, or even instigate them in the first place.
I once saw Henry Kissinger lamenting it wasn't feasible, in the age of nuclear weapons, to fight a major war. So the bank put its thinking cap on to find alternatives. It makes you wonder about the space race, the arms race, and the great society, don't it?
Interest rates, and the like, have nothing to do with it.
Treasury, which lost the right to print our currency due to the Federal Reserve Act of 1913, has since borrowed money from the Federal Reserve and pays (tax-payer) interest on money the Fed creates out of thin air. The federal government is estimated to pay approximately $1.38 trillion in interest to the Fed each year on average over the next decade on money Treasury is supposed to be printing. Were the Federal Reserve Act to be repealed, the Fed abolished, creation of funds returned to the Treasury, and the Fed's collection agency - the IRS -abolished, government revenues derived from a National Retail Sales Tax (collected at every point of sale) and fair tariffs, the government could save at least the $1.38T in unnecessary interest payments (the bulk of the $2T savings target), plus the cost of those two bureaucracies, and people would be able to keep much more of their paychecks for circulation into the economy. Isn't that a good enough reason to scrutinize what's happening in Treasury?
You’re right about how bad things are with the federal reserve, the treasury, and the IRS, but I completely disagree with a national sales tax. That forces everyone who sells anything to be a tax collector. Not a stellar reputation. I live in New Hampshire. No sales tax. No income tax. Please don’t promote this abhorrent scheme. Something needs to be done, but not a national sales tax.
The Constitution Party platform may have something to consider.
Many states in the US have a state sales tax which is already collected at every point of sale. For them, also collecting a National Retail Sales Tax (on everything but basics) would be easy. For states with no sales tax, a Federal VAT prior to point of sale would do it, easily covered by the much more money people would get without Federal Income Tax deducted from their paychecks A flat tax would still require filing a 1040 and thus an IRS.
Dr. Wolf, have you ever spoken to Catherine Austin Fitts? She would be GREAT to have on as a highly skeptical adjunct to chats like this (which was great. I love people who can admit when they don’t know, when clearly they know a shedload). I just read her latest Substack, and she would send the Trump diehards and DOGE worshippers into Fitts of frenzy (see what I did there?).
But,,,but... Naomi doesn't want Elon to go in and discover logical cuts. People like Valerie Jarrett was appointed not elected, but I don't recall her acting paranoid about that.
Sorry, like Naomi, she's great on Vaxx damage and identifying leftist loons in particular. But this was 50 minutes wasted. He said many times he didn't know, and I'll agree with that.
He should just stick to gold talks. Anyone questioning Musk is to be met with skepticism. This is eyeopening. There is so much corruption, not waste, corruption that has been costing us tax payers Trillions. Corruption. USAID is doing nothing constructive. It is a big money laundering scheem. And this is just the tip of the iceberg. Anyone that questions the process or those exposing this are in on it or a special kind of stupid. Just wake up and open your eyes. It's gonna get way worse. We have been getting raped for years.
Ed Dowd thinks a recession is inevitable this year.
Zero Hedge has done a good job covering the DOGE work; I'm all for transparency and rooting out fraud.
As for foreign affairs, a MAGA effort should be diplomatically ending the Russia-Ukraine war, welcome the Israel-Gaza peace deal not ruining it as Trump seems intend on doing. His bullying will not work with people in the Mid-East who'd rather suffer for what they believe in, their religion, their autonomy and their people than knuckle under to the Western imperialists.
While I'm for many of Trump's better ideas, I also believe he should be impeached, like Vance would be better. People's psyches are going to be hurting with years of Trump's insane dramas. He cares so little for other people, is egomaniacal.
As a real solution that worked before, People should also take a look at the National Infrastructure Bank (NIB) bill filed in Congress, H.B. 4052, co-sponsored by 42 members of the House. It would put $5 trillion into our economy over the next ten years. It would prevent another serious recession. It is similar to the Reconstruction Finance Corporation that played the most significant role in pulling us out of the Great Depression by injecting $40 billion into our economy through loans and investments. It also played a major role in funding World War II.
How about cut out spending billions and billions on genocide (funding the zionist regime) and the huge costs spent by the Pentagon on the overly expensive waste on the prices of the military-industrial products. Then of course have we yet spent (wasted) 100 billion on the Ukraine-Russia war where we are mostly to blame? Let's ELIMINATE all spending on gain of function research. Look at what that has cost us as a nation.
Ugh. If I want to watch videos I’ll go to YouTube or Rumble.
It's always annoying to listen to official or semi-official economists talking about the deficit or as it's sometimes known as the National Debt. It's similar to listening to official historians talk about the origin and purpose of World War I. They're obfuscating the issue and trotting out cover stories.
The National Debt is an inevitable consequence of the method of money creation utilized by the central bank (Federal Reserve, controlled by the Bank of England). It creates money as an interest-bearing debt. Therefore, the only thing the resulting debt can do is grow exponentially. The more money is created like this in a given period of time, the faster the debt grows. The thing a government spends the most money on is a major war; so it's in the interest of the Bank to have a lot of major wars, or even instigate them in the first place.
I once saw Henry Kissinger lamenting it wasn't feasible, in the age of nuclear weapons, to fight a major war. So the bank put its thinking cap on to find alternatives. It makes you wonder about the space race, the arms race, and the great society, don't it?
Interest rates, and the like, have nothing to do with it.
Someone relevant could revaluate physical Gold from actual price of X$/troy ounce to X$/gram. Would enlarge gold reserves by the factor 31.1x.
Treasury, which lost the right to print our currency due to the Federal Reserve Act of 1913, has since borrowed money from the Federal Reserve and pays (tax-payer) interest on money the Fed creates out of thin air. The federal government is estimated to pay approximately $1.38 trillion in interest to the Fed each year on average over the next decade on money Treasury is supposed to be printing. Were the Federal Reserve Act to be repealed, the Fed abolished, creation of funds returned to the Treasury, and the Fed's collection agency - the IRS -abolished, government revenues derived from a National Retail Sales Tax (collected at every point of sale) and fair tariffs, the government could save at least the $1.38T in unnecessary interest payments (the bulk of the $2T savings target), plus the cost of those two bureaucracies, and people would be able to keep much more of their paychecks for circulation into the economy. Isn't that a good enough reason to scrutinize what's happening in Treasury?
You’re right about how bad things are with the federal reserve, the treasury, and the IRS, but I completely disagree with a national sales tax. That forces everyone who sells anything to be a tax collector. Not a stellar reputation. I live in New Hampshire. No sales tax. No income tax. Please don’t promote this abhorrent scheme. Something needs to be done, but not a national sales tax.
The Constitution Party platform may have something to consider.
Many states in the US have a state sales tax which is already collected at every point of sale. For them, also collecting a National Retail Sales Tax (on everything but basics) would be easy. For states with no sales tax, a Federal VAT prior to point of sale would do it, easily covered by the much more money people would get without Federal Income Tax deducted from their paychecks A flat tax would still require filing a 1040 and thus an IRS.
Dr. Wolf, have you ever spoken to Catherine Austin Fitts? She would be GREAT to have on as a highly skeptical adjunct to chats like this (which was great. I love people who can admit when they don’t know, when clearly they know a shedload). I just read her latest Substack, and she would send the Trump diehards and DOGE worshippers into Fitts of frenzy (see what I did there?).
As Phillip has said many times....no empire has survived this level of debt.
Bring you own Jubilee, our Messiah.
Ask yourself to what obvious group of people or entities is the debt owed?
How is that debt acquired, structured and implemented?
Usury.
Extortion.
Flesh peddling.
Drug and Disease marketing
Taxation theft
Secret theft of public monies and assets
Lying
Immorality
Destruction of governments
REPUDIATE THE FUCKING DEBT.
Foul language instead of intelligence is an evidence of what is wrong in America.
But,,,but... Naomi doesn't want Elon to go in and discover logical cuts. People like Valerie Jarrett was appointed not elected, but I don't recall her acting paranoid about that.
Sorry, like Naomi, she's great on Vaxx damage and identifying leftist loons in particular. But this was 50 minutes wasted. He said many times he didn't know, and I'll agree with that.
He should just stick to gold talks. Anyone questioning Musk is to be met with skepticism. This is eyeopening. There is so much corruption, not waste, corruption that has been costing us tax payers Trillions. Corruption. USAID is doing nothing constructive. It is a big money laundering scheem. And this is just the tip of the iceberg. Anyone that questions the process or those exposing this are in on it or a special kind of stupid. Just wake up and open your eyes. It's gonna get way worse. We have been getting raped for years.
Ed Dowd thinks a recession is inevitable this year.
Zero Hedge has done a good job covering the DOGE work; I'm all for transparency and rooting out fraud.
As for foreign affairs, a MAGA effort should be diplomatically ending the Russia-Ukraine war, welcome the Israel-Gaza peace deal not ruining it as Trump seems intend on doing. His bullying will not work with people in the Mid-East who'd rather suffer for what they believe in, their religion, their autonomy and their people than knuckle under to the Western imperialists.
While I'm for many of Trump's better ideas, I also believe he should be impeached, like Vance would be better. People's psyches are going to be hurting with years of Trump's insane dramas. He cares so little for other people, is egomaniacal.
As a real solution that worked before, People should also take a look at the National Infrastructure Bank (NIB) bill filed in Congress, H.B. 4052, co-sponsored by 42 members of the House. It would put $5 trillion into our economy over the next ten years. It would prevent another serious recession. It is similar to the Reconstruction Finance Corporation that played the most significant role in pulling us out of the Great Depression by injecting $40 billion into our economy through loans and investments. It also played a major role in funding World War II.
How about cut out spending billions and billions on genocide (funding the zionist regime) and the huge costs spent by the Pentagon on the overly expensive waste on the prices of the military-industrial products. Then of course have we yet spent (wasted) 100 billion on the Ukraine-Russia war where we are mostly to blame? Let's ELIMINATE all spending on gain of function research. Look at what that has cost us as a nation.
Gold sellers have been beating this drum ever since I first bought gold 20 years ago. The collapse is always imminent.