In 2009 Carmen Reinhart and Kenneth Rogoff wrote This Time Is Different. 12 years later and the US Debt to GDP rose from under 75% to 132.84%. And the US Senate and House are trying to raise the debt limit by a few trillion dollars. That would be 140% of GDP. But an even scarier figure is the total amount of unfunded entitlements we owe which is 8 times greater than next December’s $30 trillion debt.
Luke Gromen said that the true cost of our deficit is the cost of interest on the national debt plus entitlement payments which is already 111% of total tax receipts.
This is not sustainable. Gromen sees no easy exit from the very hard times ahead.
We have massive supply chain problems. A trucking company in Texas is willing to pay truckers $14,000 a week to help break up logjams. Of course those costs and the rising cots of natural gas, coal and electricity have to be passed on to consumers who are already reeling from spiking food prices. China is experiencing rolling blackouts due to a lack of coal. They have shut down manufacturing plants that supply parts to American manufacturers. That is not good.
The price of electricity went up 30% in one week in Italy. Natural gas prices are up 250% since last year in the UK and an astounding 50% since August. And just yesterday European natural gas prices went up another 40% over night. Putin cannot sell more because he has to stock enough gas so Russians can survive their winter.
In Holland innovative agronomists were able to raise 890,000 pounds of tomatoes per acre. That is 403,697 kilos per 4/10ths of a hectare to Europeans. They can no longer afford to heat their greenhouses. The Netherlands is or was the world’s second largest exporter of food. China has had back to back years of record floods. They already implemented food rationing and have been importing food from the US. Brazil and Argentina have stopped exporting food to China because they have had severe crop losses due to record breaking cold weather.
China has had a second property developer miss payments. Fantasia skipped a payment on a $206 million American loan. Chinese junk bonds are tanking.
The US trade deficit was $73.3 billion in August. The US exports $12 billion of food every month. Joe Biden and Kamala Harris have both made millions in deals with China so neither one has said a single word about cutting back on food exports to dampen spiking retail food prices to enable their voters buy food. If the US cut food exports in half our trade deficit would be $80 billion a month. And food riots in China could harm the DC Swamp Creatures’ benefactors.
In 2022 half of Americans will be lucky to buy food, pay their utilities, pay their rent and buy gas to get to work. With nothing left over, every business looking for people with spendable dollars will see hard times. That would be coming after lockdowns and masks had ruined more than a million small businesses .
All this portends a crashing stock market and declining tax receipts in 2022 which is an election year. The DC Swamp Creatures will try another $3 trillion stimulus raising the debt as percent of GDP beyond 150%, maybe closer to 160% by election day.
Luke Gromen did say in this video that if all the old people over 65 died that would be good for the economy. These old people have $14 trillion in assets that would be inherited by younger people. Young people could pay off their debts and spend money more freely. And all those pensions and Social Security and Medicare payments would be cancelled. In short, mass murder would be good for business.
We know that Dr Peter Daszak asked DARPA for $14 million to weaponize MERS which could kill 35% of the population but an even higher percentage of the elderly vaxxed ones with blood clots and a greatly reduced immune system.
My comment on the title of Gromen’s video “Death By Inflation Or Debt Defaults?” is that hyperinflation is a default. The Weimar Republic tried using hyperinflation to cancel debts in 1923. You can ask any German how well that worked for them.
America discharged debt in bankruptcy courts and in foreclosures in the Great Depression. The US M2 money supply fell from $65 billion in 1929 to $45 billion in 1933. That decline in money supply caused a 25% unemployment rate for heads of household. In 1933 unemployed married women were not counted as unemployed. In the 1930s 3 million Americans starved to death. The demographer Borisov gave us a range of 3 to 7 million Americans dying by starvation in the 1930s as American statistical record keeping was poor. There were only 123 million Americans in 1929.
There is an alternative to a 1923 Weimar hyperinflation or a 1933 contraction of the money supply that starved millions to death. It is worldwide Debt Cancellation. The kings of ancient Sumer and Babylon cancelled debts by decree which the Bible Writers called the Jubilee.
My solution is that we arrest those who have been stealing from us by the tens of trillions. We uses those seized assets to fund Debt Cancellation. And we replace Federal Reserve Notes with a non-interest bearing Treasury Note just like President Lincoln’s Greenbacks. And we should ban fractional reserve banking which in the past enabled Bankers to charge us interest on money they created out of thin air. And also caused speculative booms which were followed by deflationary busts.
This is essentially Dr Irving Fisher’s theory of 100% Money which was proposed to President Roosevelt in 1933 by 8 college professors from the University of Chicago. FDR preferred mass starvation followed by a war nobody needed. The Japanese Emperor had attempted to surrender in 1936. And in March of 1939 the German military offered to arrest Hitler if they could get a promise of peace. His Majesty’s Jewish Government said No to peace. And so 58 million people died after Britain and the US had rejected serious proposals to surrender.
No More! The only safe exit from our current condition is Debt Cancellation and currency reform.
I mentioned covid and the weaponization of MERS (Middle East Respiratory Syndrome.) Read this:Covid Truths https://vidrebel.wordpress.com/2021/09/07/covid-truths/
To stop the NWO we need to expose people the truth about 911. Please share this:911 Truths https://vidrebel.wordpress.com/2021/09/10/911-truths/
I mentioned cold weather crop losses. In the past volcanoes have sent so much ash into the sky that food prices spiked 600% higher. We just entered a period where we can expect more earthquakes and volcanoes and lots of weather related crop losses leading to mass starvation. 2020s: Surviving The Cold, The Quakes And Volcanoes https://vidrebel.wordpress.com/2019/12/30/2020s-surviving-the-cold-the-quakes-and-volcanoes/
Our adversaries declared unto themselves the right to steal tens of trillions from us.https://vidrebel.wordpress.com/2020/06/23/10-trillion-here-10-trillion-there/
I mentioned the weaponization of MERS. This is relevant: Deagel: 233 Million Americans To Die Before The End Of 2025. https://vidrebel.wordpress.com/2021/06/14/deagel-233-million-americans-to-die-before-the-end-of-2025/
Gromen concludes that the Federal Reserve will print, print and print until they can print no more. This is his interview. We are on an accelerated path to hyperinflation.