... that deserves a larger post later when I have the time.
With the Fed printing a trillion dollars a year, its contribution to Federal receipts is now close to equal to all the income tax paid by everyone across the country.
That's got to be indicative of something.
Yes, it tells us that we are devaluing the dollar. That means that inflation is just around the corner. That will lead to higher interest rates which because it raises the cost of servicing the debt, will drive printing even more money. Go back to step 1. Those who do not understand history are doomed to repeat it (see Weimar Republic).
ReplyDeletetime to start hoarding gold.
ReplyDeleteor get ready for a more barter based economy.