The only upside I can see in this story is that most governments in the world are in even worse financial shape than the U.S. federal government. But that will just delay the inevitable.
What should we call a government that must borrow $1T to pay interest on existing debt & another $1T to cover operating deficit?
(FYI – companies in such situation are called "Zombies") https://t.co/Iw3o7g63mO
— Simon Mikhailovich (@S_Mikhailovich) November 7, 2023
Result of decades of kicking the can down the road: entitled generation(s) having nothing to do besides entertainment. Media/news doing the same: clickbait/entertainment. UE is done, Canada is half-way, now US circling the drain too.
“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times.”
Don’t need to point where the West is in this cycle.
We’re wayyyyyyyyy beyond “if”.
Time to buy some (more) silver bullion.
Federal governments (not states nor provinces) can simply print more money (unlike Zombie companies), and that’s exactly what Biden’s U.S. government has been doing, thus causing significant inflation, just as Weimar Germany did after WW1.
Biden has not been printing dollars. He and Trump were doing that, now Powell is doing the opposite through Quantitative Tightening.
Biden has been printing mucho dollars.
Not since QE ended.
Time to review your investments.
What are the upsides and downsides of bonds, precious metals, real estate, and stocks in manufacturing, transportation, retail, or banking?
If nothing else, maybe it’s time to put away a few weeks of food and water, and renew your prescriptions.
Precious metals….you mean like lead?
gold silver lead – not necessarily in that order.
As a non-expert, wondering how this can go on, even up to now, and how far it will go on before the politicians single handedly destroy the economy of the planet.
Thinking that it will not affect Burkina Faso, though it certainly will destroy the white devil.
And yet our leaders still find billions to throw at foreign causes.
The upside is that the USG soon and to an even greater extent other governments now will bite the bullet and do something interesting ie boost growth, curtail spending. Lots of ways to enhance economic growth from upzoning to more immigration to freer trade. The risk is that the governments do something stupid in unison ex Smoot-Hawley.
“More immigration”
Canada doesn’t need anymore shitty Uber drivers, brown arrogant assholes manning cell phone booths in shitty malls, hair stylist-butchers, parasitic consultants or public servants paid to jerk off at home 3 days a week.
Yes it does. It needs all that and more to build the housing we need and replace people like you.
If that’s the case, meat, why aren’t any of them joining the trades?
Helping build housing doesn’t just mean trades. It can mean hauling stuff around the construction site. Lots of grunt work being carried out by FOBs at the construction sites I’ve visited, so the tradesmen can focus on trade work.
“Helping build housing doesn’t just mean trades. It can mean hauling stuff around the construction site. Lots of grunt work being carried out by FOBs at the construction sites I’ve visited, so the tradesmen can focus on trade work.”
Sure..
What would a Wet Lab Licker,be doing on a “Construction Site”?
“At the construction sites I’ve visited” is one smooth lie,if you have set foot on none.
Or is it the Other” who haunts a “Wet Lab”?
Are you insinuating that importing grunt workers,is this the new name for Coolies?, is going to enrich Canada?
The only site Undick has visited is a safe injection site.
And he bent over and supplied the lube.
“We will run modest short-term deficits of less than $10 billion in each of the next two fiscal years to fund historic investments in infrastructure and our middle class. After the next two fiscal years, the deficit will decline and our investment plan will return Canada to a balanced budget in 2019.”
Federal Liberal Government in 2019.
https://macleans.ca/politics/ottawa/then-and-now-justin-trudeau-on-deficit-politics/
Blackie and his minions are only following orders, by lying constantly to Canadians.
He will get his rewards from Davos when he is done crippling this country’s ability to function.
Klaus says hi.
Many would call this Treason.
He has proven, beyond all doubt, that he hates All Of Us.
“The commitment needs to be a commitment to grow the economy and the budget will balance itself.”
Justin Trudeau in 2014.
http://www.simonstlaurent.ca/2019/10/budget-will-balance-itself-partial-quote.html
Careful, because Simon St. Laurent is a mentally retarded Quebecer who thinks Trudeau’s quote makes sense.
“The economic statement for the 2020-21 fiscal year, tabled Monday, projects the largest single-year budgetary deficit since Canada began keeping track in 1966-67: $381.6 billion. That deficit is greater than total federal spending in the previous fiscal year, $375 billion, which included a $21.77 billion deficit.”
Liberal Government in 2020.
https://www.cbc.ca/news/opinion/opinion-deficit-debt-spending-pandemic-canada-1.5813479
In a flashback to the 1980s…
“The cumulative debt left Brian Mulroney’s government hamstrung. His Progressive Conservatives contained spending at 16 per cent of GDP, but interest continued to compound on the accrued debt.”
This is where Canada is heading with mounting interest payments on the debt and higher interest rates. Add to this a very different demographic than existed in the 1980s when the Baby Boomers were just entering the workforce in droves. In 2025 they will be leaving the workforce in droves – if they can afford to. Rather than more people paying into the system every year, we now have more people wanting something from the system. May we live in interesting times.
Most people and organizations and all too many businesses want the government to Do Something.
So they are.
What I can’t figure out is, if the entire world goes bankrupt, who wins?
Those who think they have the right to pick up the pieces.
It’s all … The Boomers fault. They wanted unlimited amounts of free shit, and now they’re all retiring and will want their social security and free medical care. So we need to import all those hard-working Muslim refugees … like those hard-working Palestinian refugees … whose hard work has built The Gaza Strip, West Bank, and Lebanon into the most beautiful and thriving garden spots on the planet. Right? Yeah, I would expect those Muzzie refugees to build the same beautiful countries here in the West.
Gold and silver bullion are useless because how do you exchange it for a cup of coffee. It can be done but how?
What to do? Live below your means. No debt except for a house and maybe a car but not a new one. Carefully examine what you pay in taxes. All!!! Taxes from gst/pst/carbo/fuel/property etc etc.
keep the parasites away as much as you can and the nibbles to a minimum.
Give generously of your time and be a citizen not a drone or mouth breather.