This is hilarious…
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Dumb and dumber
I am little worried about the all this debt that’s in the system. The US simply does not have enough money to even pay off the interest on its debt. The outstanding US debt is $30T
You can checked it out at https://www.cbo.gov/publication/58340
https://usdebtclock.org/
$4.8T in taxes - $3.7T in entitlements/obligations - $800B in defense spending = $300B for interest expense
We current owe $400B in interest annually. $300B - $400B= -$100B
The debt is maturing and we will need to refinance. If we rolled over the debt at only 3%. The interest payment on $30T loan is $1T. That’s not good.
Here’s a thread from Twitter talking about it:
https://twitter.com/jameslavish/status/1562078782453792768?s=21&t=q-dug00aXcfM8OxkwMfe6Q
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I personally think the problem we are facing today are the consequences of the decisions made decades ago. Ex. The Bretton Woods Agreement, US defaulting in the 70s, Nixon taking us off the gold standard, etc. They’ve been kicking the can down the road for a long time. I almost feel bad for the officials today but some of the officials are so old that they were there when these decisions were made.
are you familiar with modern monetary theory?
If you mean Keynesian Economics, I sure do!
The crux of my post above: QE infinity.
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MMT != KE fwiw
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Just rebrand old theories and pump it to the masses. Old Sleepy Joe has been doing other peoples bits his whole life.
no thats not what MMT is:
here’s a layman’s version
What I hear is Keynesian ideology. Granted I didn’t listen to everything but I did watch the first video. Keynesian Economics support credit and leverage and the Austrian Economics support equity or productivity back 1:1 ratio or debt backed by real savings. What I don’t heart from MMT is defaults happen and will happen. For example, Argentina has defaulted three times in the past 30years and this is a G20 country. 10 years ago, the US fell from a AAA rating to a AA, and technically Canada has better credit rating than us. But that doesn’t matter because the US Credit Default Swap is trading much lower the Canada’s due to the US being the world’s lender. All I see is the US doing (same as every other G20 country) is open up a credit card, run up the balance, and then open up a new card credit with a higher interest rate plus lower rating to pay back previous loan.
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The USA will always be able to “fund” its debt. The cost of funding will rise and will crowd out ALL other markets. So corporate failures due to extreme HY market yields, and an accelerating govt debt will cause chaos. But hey, US treasuries will get “funded” 
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“Always” is awfully log time…
Just like house prices “always” go up in 2008
And people “always” prioritize paying their mortgage over car payments…
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Oh good more govt. I can’t see a singe thing that could go wrong here.
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Every single fiat currency has failed. This will be no different. Just when this one fails, it’s possible no one gets out alive… Globalization is the new variable.
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You leave no room for optimism 
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You have seen our “Leaders” correct? Vote of confidence…
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Exactly. What I was describing above is how the Keynesians (or dare I say MMT) think. We’ve been in this constant circle for decades now. I think the verdict is in.
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From what I recall, weren’t you also against proof-of-work based currencies like bitcoin which is decentralized, publicly auditable, and also seems to be growing every day.
Maybe someday we’ll have a reasonable amount of population adopt it for it to be a worthy store of value?
I’m absolutely for free currencies not issued by the federal reserve. There should be many competing options in a true free market. At the very least the government should print money, not borrow it at interest from the FED. The last 2 presidents that opined about that had their heads blown off.
I just think either the govt is behind crypto, DARPA has papers on it from decades ago. They would never allow their financial monopoly competition.
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Good news! An extra $1B from the govt for EV nonsense. Wait a second didn’t the Inflation Reduction Act (LOL) spend a gajillion already on EV nonsense? I guess a few politburo members didn’t get enough graft in that bill and they had to throw another $1B at them. Since I was told spending $300 on green energy reduces inflation, this extra $1B will reduce it even more. So all is well citizens!!
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