Financial crisis is unavoidable My Comment: This cannot continue much longer. A financial crisis that cannot be prevented. It's too late and it's just a question of whether it blows up before or immediately after the presidential election.
Excerpts:
Swagel is admitting that there is nothing that can be done to reverse the growth of US debt and to make what is already an exponential chart less exponential. Quite the opposite, in fact.
And while Swagel said the U.S. is “not there yet,” he raised concerns of how bond markets could fare as interest rates have climbed. Specifically, he warned that as higher interest rates raise the cost of paying its creditors, on track to reach $1 trillion per year in 2026, bond markets could “snap back."
Well, we have some bad news, because if one calculates total US interest on an actual, annualized basis... we don't have to wait until 2026, we are there already and then some.
Well, hold on to your hats, because as of this month, total US interest is now $1.1 trillion, and rising by $100 billion every 4 months
Said otherwise, the US deficit will - with 100% certainty - hit 8.5% of GDP during the next recession which will likely be triggered as soon as Trump wins the November election.
...gold is at a record $2,200 also on its way to... pick some nice round number.... in fact the number doesn't matter if it is denominated in US dollars because very soon, the greenback will go the way of the reichsmark.