[theluckycountry]

Wont be long now

The Incredibly Ballooning US Government Debt Spikes by $1 Trillion in 15 Weeks to $34 Trillion
by Wolf Richter • Jan 2, 2024

Interest payments threatening to eat up half the tax receipts may be the only disciplinary force left to deal with Congress.

In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.

These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress. Congratulations, America! We made it, $34 trillion! Since the beginning of 2016, the total debt has spiked by $15 trillion, or by 80%! This stuff is just breathtaking.

Marketable securities: $26.9 trillion, up by $2.24 trillion in the seven months since the debt ceiling. They’re held and traded by the global public, from regular folks diving into T-bills to money market funds, bond funds, banks – oh lordy – insurance companies, other financial and nonfinancial outfits, including Apple and central banks.

https://wolfstreet.com/2024/01/02/the-i ... -trillion/

[yellowcanoe]

Wont be long now

The Incredibly Ballooning US Government Debt Spikes by $1 Trillion in 15 Weeks to $34 Trillion
by Wolf Richter • Jan 2, 2024

Interest payments threatening to eat up half the tax receipts may be the only disciplinary force left to deal with Congress.

In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.

These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress. Congratulations, America! We made it, $34 trillion! Since the beginning of 2016, the total debt has spiked by $15 trillion, or by 80%! This stuff is just breathtaking.

Marketable securities: $26.9 trillion, up by $2.24 trillion in the seven months since the debt ceiling. They’re held and traded by the global public, from regular folks diving into T-bills to money market funds, bond funds, banks – oh lordy – insurance companies, other financial and nonfinancial outfits, including Apple and central banks.

https://wolfstreet.com/2024/01/02/the-i ... -trillion/

I used to have a book published at least 20 years ago which talked about the difficult financial future the US was going to have due to unfunded social security and medicare liabilities. It's truly amazing just how much further down the road the politicians have been able to kick the can. The $34 trillion debt doesn't include these liabilities.

[theluckycountry]

No it doesn't. And all that current debt, in the hands of corporations, (pensions?), the Fed? Imagine it if was monetized and started chasing real assets. Imagine the inflation.

[theluckycountry]

Speaker Johnson Announces $1.66 Trillion Bipartisan Package To Avert Shutdown https://www.zerohedge.com/political/spe ... t-shutdown

Of course they reached a bipartisan deal, they'll all be out of a job if they don't. These people are just parasites ensuring their own bellies are full at the expense of the people they represent. Democracy is such a sham.

They have harry Potter running the show now

[theluckycountry]

Hartnett: US Interest To Hit $1.6 Trillion By Year End, Making It The Largest US Government Outlay

[jato0072]

So the USA is issuing the same amount of debt as the 2020 lockdowns? WTF? Specifically 2022 where it started to rise again. Where is all the pork going? Yes, yes; A few 10s of billions to Ukraine, Israel, etc. but come on!

At this rate, I expect more inflation in the future.

Source - Wallstreet Journal with a paywall

Also the Brownstone Institute

[theluckycountry]

So the USA is issuing the same amount of debt as the 2020 lockdowns? WTF? Where is all the pork going?

Well a Trillion is borrowed now just to pay the interest on the old Trillions borrowed, there is a good start. And you don't even have to search up any data, the Federal debt is $34T and rising and the interest rate on Bonds is over 4%. 4% of 34T = 1.36T annualized. It's only 1T now because some of the old debt is at lower rates but the borrowing this year is like a NASA launch. There is your inflation my friends, food, houses, every basic of life as all this newly created money floods the system and bids up prices.

This is truly the end game, Trump will preside over the greatest financial collapse in human history probably.

The federal debt has been recently increasing by $1 trillion every 100 days. That’s $10 billion per day, $416 million per hour.

In fact, Uncle Sam’s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and is on pace to surpass $35 trillion in a little over a month, $37 trillion well before year’s end, and $40 trillion some time in 2025. That’s about two years ahead of the current CBO (Congressional Budget Office) forecast.

https://internationalman.com/articles/d ... parabolic/

US Debt Goes Exponential – and It May Cost You Everything https://www.newsmax.com/finance/phillip ... d/1157707/


Alternatives to the $US?




If you don't understand the meaning of the $100 stamped on the coin, you're not alone. Probably one in ten thousand people understand anything about gold, so just go back to sleep.

[theluckycountry]

Shifting away from dollar dependency

Central banks worldwide are increasingly turning to gold as a means to diversify their reserve portfolios, aiming to reduce dependency on the dominance of the US dollar, which is enjoying the status of the 'reserve currency'.

Incorporating gold alongside foreign currencies and other assets helps mitigate risks linked to currency devaluation and geopolitical instability. Gold serves as a stable asset for central banks, offering a safeguard during financial crises to stabilise economies. Its inherent liquidity and value make it a sought-after asset in times of currency volatility or market turbulence.

https://www.livemint.com/market/stock-m ... 80948.html

It's an old old story, Leading governments switching back to a Gold standard when the wheels fall off. And even before that Gold rises to maintain purchasing power. Modern keynesian economists will talk about the The invisible hand, the unseen forces that move the free market economy. But this is a lie because markets are not free, they are totally manipulated. Gold though does act as an invisible hand, rising with inflation, in the 1970's, in the 2000's, and again today. It's not a get rich quick scheme as many assume, it's a savings vehicle free of government and market manipulation.

[theluckycountry]

The US Drops Out Of Global Competitiveness Top 10 For First Time Ever

Singapore, Switzerland and Denmark have been named the world’s most competitive economies in the 2024 World Competitiveness Ranking published by the (IMD) on Tuesday. While Denmark dropped two spots after topping the list in 2022 and 2023, Singapore leapt from 4th place to number 1 thanks to very high scores in government and business efficiency.

Having held the top position uninterrupted from 1997 to 2009 and not fallen out of the top 3 until 2017, the world’s largest economy dropped out of the top 10 for the first time this year, slipping from 9th to 12th place.

While that may sound bad considering the United States’ status in the world, it still makes the U.S. the highest-ranked among the world’s largest economies with China and Canada the only other top 10 economies (in terms of nominal GDP) to make the top 20 in the 2024 Competitiveness Ranking.

With six economies in the top 10, Europe once again excelled in the 2024 ranking, even though the region’s economic powerhouses Germany, France and the UK are nowhere to be found in the top 20 of this year's ranking.

[mousepad]

The US Drops Out Of Global Competitiveness Top 10 For First Time Ever

what you expect with the DEI craze of hiring incompetent afrikans etc. Of course competitiveness will drop.

[theluckycountry]

DEI, was that the reason Britain fell out 80 years ago? Why Japan fell? Look a little deeper

[Shaved Monkey]

A 25 year-old girl I know who has a good paying job bought her mother a lawn mower on a buy now pay later plan. She didn't even have $400 in the bank, pathetic.

Indeed.

A) Stop importing expensive lawn mowers for daughters to buy for mothers when she can ask you to bring some of your riding kangaroos over for grazing

B) Build cheaper domestic lawn mowers...oops...sorry...your country might not be able to, lawnmowers are hard

The Victa rotary lawn mower was developed in August 1952 by Richardson, in his backyard at Concord, New South Wales. Although not the first of its type, it was cheaper, lighter, and easier to use than earlier models....A one man mower
The Victa company was founded by Mervyn Victor Richardson in 1952.

In 1953 Richardson gave up his job and became full-time manager of Victa Mowers Pty Ltd.
In 1958, the company had moved to a new factory at Milperra, New South Wales, and its 3,000 employees were building 143,000 mowers a year for export to 28 countries.


In 1996, the company was sold to GUD Holdings Limited,[16] who sold the Victa Lawn Care business to American-based Briggs & Stratton for A$23 million in 2008.

Today
While most design and manufacturing capability has remained in Australia, such as assembly, research and development, and parts manufacture, all engine products are sourced from Briggs & Stratton's Facilities in Milwaukee, Wisconsin.

https://en.wikipedia.org/wiki/Victa

A bigger richer country can do what they like as long as the $ value holds up and they can keep printing it.

What happens when that stops
You just buy a cheaper model from China or get someone to mow your lawn

[theluckycountry]

B) Build cheaper domestic lawn mowers...oops...sorry...your country might not be able to, lawnmowers are hard

The Victa rotary lawn mower was developed in August 1952 by Richardson, in his backyard at Concord, New South Wales. Although not the first of its type, it was cheaper, lighter, and easier to use than earlier models....A one man mower

A bigger richer country can do what they like as long as the $ value holds up and they can keep printing it.

Back in the day we used Victa mowers but I have a Honda Mower now, self propelled. They are the best in the world, like Japanese motorcycles and cars and anything mechanical or electronic. No one has been able to compete with them on quality and reliability for over 50 years yet the memo got lost on most people.

In America they continue to make shitty motorcycles and shitty cars and the patriots lap them up putting corporate profits before their own driving pleasure and financial interests. Adam bought two Tesla, why? Because they were Made in the USA of course. Now they are worthless but he probably parks them on his front lawn to try an impress the neighbors. Soon the neighbors will be laughing at him, just another numpty EV beta tester, beta boi. The Japanese leader Toyota looked into them and simply rejected them. They knew they were BS. Nissan toyed with them after Toyota brought out it's hybrid but fucked it up by going all electric.

I see the $US Gold price broke it's all time high today. The $US is going down down down and Gold Up up up. That's another memo that got lost by the masses. They bought WeWork shares and Tesla shares and all the other casino stocks. People today just have no concept of value, they want to be a millionaire in a week but many will end up an 80-year old living in a squat or on the street. I've done some analysis of the Great depression, there was a lot of homelessness back then, a lot of starvation too. Many people though had relatives still living on farms and were able to go back there and ride it out. Not this time though, and no cheap oil to pull them out of the manure in the decades to come.


...more than 11 million Americans worked on farms in 1930, of which 8.3 million were family workers. Compare that to the fewer than 1.5 million workers employed in agriculture during the peak harvest months of 2011 https://www.usda.gov/media/blog/2013/07 ... now-online

[theluckycountry]

BRICS Alternative Currency Near Realization, American Empire Death Imminent?

It's a bold headline, the first part is a given of course and the second part, well that depends on which media news you like to follow. The US Empire guards the world's oceans and ensures free trade in $US but it seems to be struggling at the moment to control the Houthis who are attacking shipping in the gulf of Aden with their home made drones. Time will tell.

“Russian Foreign Minister Sergey Lavrov said BRICS countries are developing a payments platform that will allow them to bypass the US dollar, per TASS, a state news agency.

The initiative came from a summit of the BRICS countries in Johannesburg last year where the group — which includes the key members of Brazil, Russia, India, China, and South Africa — called for more trade and lending in their national currencies. Lavrov said on Monday that the platform will improve the international monetary system and allow payment in national currencies for mutual trade. Russia is keen to move its trading partners away from the dollar because it faces significant sanctions from the US and its allies.”

The U.S. government cannot print its way out of this mess because the only value that it derives from the dollar, it being based on nothing, is based on global demand. When no one wants its trash anymore, it becomes just that.

https://www.businessinsider.com/dedolla ... 024-6?IR=T

[AdamB]

Adam bought two Tesla, why? Because they were Made in the USA of course.

I realize that you are at a severe disadvantage, not having graduated high school and even if you had it being in a country that can't build a ferris wheel properly, let alone aircraft, nuclear submarines or launch a satellite into orbit, but Jesus does that mean your memory is incompetent as well?

I've never owned a Tesla in my life. The wife would like one, but I find them too...."iPhone on wheels" like.

[theluckycountry]

Oh look! Adam is following me around all the threads. I wonder what he's saying? Probably something about bananas or kangaroos, we'll never know though, and we couldn't care less. I must have really gotten under his skin, he's in a total frenzy

What is the origin of the phrase "the lucky country" and why is Australia called that? Do Australians think they are lucky?

The Lucky Country is a 1964 book by Donald Horne. The title has become a nickname for Australia and is generally used favourably, although the origin of the phrase was negative in the context of the book. Horne's intent in writing the book was to portray Australia's climb to power and wealth based almost entirely on luck rather than the strength of its political or economy system.

He may well have been correct, but that didn't stop Australians going “Yeah mate, we`re bloody lucky to live here.” And I for one agree. What was once viewed as “The tyranny of distance.” Meaning being so far away from North America and Europe and the UK was problematical is no longer as big an issue, as transport options and electronic communication have grown exponentially. It also means that we are close to Asia in what has been called “The Asian Century.”

We are blessed in as much as the Australian continent is the most stable land mass on the planet. We are happy for New Zealand to have the volcanos. It is rich in many minerals that the industrialized world needs. Australia has the world’s largest resources of gold, iron ore, lead, rutile, tantalum, uranium, zinc and zircon and the second largest resources of bauxite, brown coal, cobalt, copper, ilmenite, lithium, nickel, and tungsten.

We have vast areas of arable land to supply our nutritional requirements. Also 35,000 kilometers of coastline enable us to enjoy the fruits of the oceans. Our climate is mostly benign, although we do have seasonal bush fires and floods.

Being a young nation we were free of the class system and religious intolerances that have plagued the developed world. Egalitarian ideals have flourished with the concept of “A fair go” for all, Australians do not think highly of anyone. Australians place a high value on “lifestyle’ and achieving a work-life balance is encouraged. We embrace our outdoors whether it be for sport or recreation.

To the best of my knowledge, we are the only country that has compulsory voting. Yet we are not especially “Political animals.” We have never had a communist uprising or a civil war. We are not just stable geographically we are stable politically and financially.

We are the lucky country.

One thing about living in such a lucky country, enjoying such wealth and peace, we tend to lack empathy for those less fortunate. When we say "we don't give a shit" we are not implying that we are angry, but rather, that we simply, don't give a shit about what happens outside our shores. And why should we? Other nations make their beds, let them lie in them. They come hat in hand to buy our resources, be that sheep and sand for Saudi Arabia, Rare earths and Gold for America, Beef for Japan or Nat Gas and coal for China. They pay their dues and that's all that matters.

[theluckycountry]

How Would a New BRICS Currency Affect the US Dollar?

Sep. 12, 2024

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023 one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the United States and global economies.

When will a BRICS currency be released? There's no definitive launch date as of yet, but the countries' leaders have discussed the possibility at length. During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a "new global reserve currency," and are ready to work openly with all fair trade partners.

In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

...South Africa's BRICS ambassador, Anil Sooklal, has said as many as 40 countries have expressed interest in joining BRICS. At the 2023 BRICS Summit , six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. All but Argentina officially joined the alliance in January 2024.

...How would a new BRICS currency affect the US dollar?
For decades, the US dollar has enjoyed unparalleled dominance as the world's leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and...

https://investingnews.com/brics-currency/

It's in the future, of course, but then we are catching up with the future every day. I suspect the Western banking system, the head of the snake if you like, is fully aware of this threat and that is why we are being pushed towards National digital currencies, a system which can be quickly stripped of it's "national" and morphed into a Western block currency unit just as the BRICS are proposing. Trade will then be conducted in this new unit rather than the currently used $US unit of account.

Whereas the BRICS can simply agree and move over to this new system, leaving behind things like their IMF debts if they choose, the West must balance it's books, I can't see it going into into such a system the with Mountainous debts which it currently sells to other western nations in return for buying the debts of those nations. The debts are one thing, the interest repayments are the real issue to my mind. How do nations clear these debts? Default, it's always the chosen method. Just refuse to pay things like social security, refuse to honor debts elsewhere, and steal all you can from things like bank accounts and private pensions.

The US did this in the Great Reset 01 when it stole all the Gold from citizens and gave them paper money in it's stead. Then the Gold was revalued upward 50% and the Federal government was flush. It wasn't just the Gold stolen either. After the brief bank holiday imposed by the President certain banks were allowed to reopen (those in tight with the Federal Reserve System) and all others were eliminated along with the savings in them. The debts however were transferred to the "Good" banks which then foreclosed on untold farms, homes, and industrial enterprises. It was the "Great Taking 01" we are now on the cusp of the Great Taking 02.

This never happens on a sunny day though. It will happen in the midst of a total market crash, the new currency will be offered as the "Solution" to the crash. First you create the problem, then you step in with the pre-formulated solution. We had out 1929 moment in 2008. Now we are on the cusp of 1933.

[careinke]

To the best of my knowledge, we are the only country that has compulsory voting. Yet we are not especially “Political animals.” We have never had a communist uprising or a civil war. We are not just stable geographically we are stable politically and financially.

We are the lucky country.....

One thing about living in such a lucky country, enjoying such wealth and peace, we tend to lack empathy for those less fortunate. When we say "we don't give a shit" we are not implying that we are angry, but rather, that we simply, don't give a shit about what happens outside our shores. And why should we? Other nations make their beds, let them lie in them. They come hat in hand to buy our resources, be that sheep and sand for Saudi Arabia, Rare earths and Gold for America, Beef for Japan or Nat Gas and coal for China. They pay their dues and that's all that matters.

I was listening to " The Economist" podcast this morning put out by the NY times (not exactly a far-right leaning enterprise). But hey, you need to understand those you disagree with, and it is part of my daily regime. Anyway, I was taken aback when one of the reporters was talking about how Australia, England, and the EU do not have free speech in the same manner as the U.S. She was saying you could get into serious trouble criticizing their governments and politicians. She said as reporters, they always have to tailor their reporting so as not to offend the powers that be. So much for comprehensive coverage of the news from these countries.

Then I got to thinking maybe this is why Lucky only criticizes other countries and not his own. It's certainly not worth taking a risk of a serious fine or even imprisonment for trolling on an international platform.

Of course I had to dig a little deeper into Australia, because Lucky is the guy I wanted discuss this with. My closest AI was Microsoft's Copilot, also left leaning (AI's take the views of their creators). So I asked Copilot:

Does Australia have a freedom of speech law, similar to the U.S. 1st amendment?

Here was its response:

Australia does not have a specific freedom of speech law equivalent to the U.S. First Amendment. 1
. The Australian Constitution does not explicitly protect freedom of expression. 2
. However, Australia is a signatory to the International Covenant on Civil and Political Rights (ICCPR), which includes the right to freedom of expression. 3
.In practice, freedom of speech in Australia is protected through a combination of common law, statutory protections, and international agreements. 4
. There are also various laws that can limit freedom of speech, such as defamation laws, anti-discrimination laws, and laws related to national security. 5
.So, while Australia values freedom of expression, it doesn't have a single, overarching law like the First Amendment in the U.S. 6
.
Does this help clarify things for you?

1
http://www.sbs.com.au
2
http://www.artslaw.com.au
3
humanrights.gov.au
4
http://www.alrc.gov.au
5
http://www.alrc.gov.au
6
http://www.sbs.com.au

Lucky, I would be interested in your take. My take is it is better to have free speech rights enumerated in the constitution, otherwise politicians can change those rights based on political whims.

Just to introduce another sidebar, today was the first time I have seen/heard this Country Western song called "The Outlaw and the Hillbilly." It seems to have been written by an Ausie.
https://www.youtube.com/watch?v=ucop6OPG5KI

Finally, to bring this around to the thread topic. Bitcoin will eventually replace the dollar as all FIAT is a giant Ponzi scheme run by bankers.

Peace

[theluckycountry]

Lucky, I would be interested in your take. My take is it is better to have free speech rights enumerated in the constitution, otherwise politicians can change those rights based on political whims.

Well I see those "Enumerated Rights" you speak of being violated at every turn inke.
This teacher lost his job because he wouldn't call a girl by male pronouns. He eventually won his case, but had to take it all the way to the supreme court. How many people will do that? You're current rainbow government is stepping on all you're entrenched laws, look at the border, why even have border security laws and an enforcement arm down there? On a practical day to day level the constitution means nothing now, nor the bill of rights.
https://www.gbnews.com/news/us/christia ... s-virginia

You're in a sinking rat infested ship. You're in Rome and the Goths are at the gates, the gates being Wide Open. It's time to stop debating "Rights" and start thinking of emigration.

[theluckycountry]

BRICS Summit Puts Focus On Dethroning US Dollar As Putin Unveils 'BRICS Banknote'

It's an outcome that alternative economists have long predicted as inevitable - The dumping of the US dollar as the world reserve currency and the petro currency by the BRICS nations in favor of a new multi-currency system or "basket system." For decades the dollar has reigned supreme as the most favored currency for international trade, replacing the British Pound Sterling (officially) after the Bretton Woods Agreement in 1944.

This status (along with the end of the gold standard) gave the Federal Reserve Bank the power to print cash with wild abandon without facing immediate inflationary consequences. As long as dollars are held overseas by foreign governments, banks and corporations, inflation in the US can be mitigated despite quantitative easing. If the dollar loses reserve status and the trillions of dollars stored in foreign markets flood back into the US economy, an inflationary disaster would result well beyond what America is already dealing with today.

Another central topic of the conference was the development of an alternative to the SWIFT payment system controlled by the US and Europe. The SWIFT system is the most efficient mechanism for governments and international banks to transfer large sums of money from one country to another. Russia was banned from using SWIFT after their invasion of Ukraine which many western analysts claimed would destroy Russia's economy. This did not happen.

NATO sanctions ended up pushing the BRICS closer together, with China and India greatly increasing trade with Russia and China forming more defined military ties with the Kremlin. Every plan to replace the dollar has revolved around the concept of central bank digital currencies (CBDCs) as a means to circumvent the dollar's reserve advantage while also defeating the monopoly of the SWIFT network. The BRICS are also not the only entity working on such a plan...

https://www.zerohedge.com/economics/bri ... s-banknote

Well naturally The banknote was symbolic, the real change will be at the level above day to day currency. A CBDC not based on the $US.