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doomsday of debt is coming....
Elon Musk said that if the United States dramatically reigns in its spending and reduces its debt to the central bank, The Federal Reserve, it will go bankrupt. The billionaire tech mogul said that the U.S. has no choice anymore but to fix its rising debt problem.
Musk is going to co-lead a new department tasked with curbing spending under President-elect Donald Trump. However, no ruler will ever cut the debt because doing that will cause a loss of power and all but complete destruction of the economy. But it’ll be interesting to watch the debt continue to spiral out of control while the ruling class claims they’ll be fixing it.
Musk made the remarks in reaction to a post by Kalshi, a financial service that allows users to bet on future events and which makes a prediction on how likely these events are to happen. According to a report by RT, Kalshi claimed that the market has an estimated at 36% chance of annual federal spending being cut by at least $250 billion under Trump. Kalshi also flagged the future Department of Government Efficiency (DOGE), which Musk is set to co-chair with fellow billionaire Vivek Ramaswamy, as the entity that would help slash expenditure.
So a couple of billionaires are going to work to slash a massive debt all for the benefit of those who won’t even make that in a lifetime? Interesting. While we doubt this will have an positive impact on the plebs, we could at least hope that one ruler will be truthful. However, this is the same person who goes Operation Warp Speed off the ground using a military operation to mass inject the same public.
Operation Warp Speed: Trump Is Taking Credit For The “Vaccine” Rollout
Last week, Musk leveraged his social media influence to weigh in on a debate in the US Congress over a stop-gap spending bill. Musk urged his more than 200 million followers on X who are American citizens to contact their representatives on Capitol Hill and express opposition to a proposed spending bill that he said “should not pass.”
“President Trump will return to DC and to the White House, and we will have Republican control of the Senate and the House,” Speaker Mike Johnson commented on the outcome. “Things are going to be very different around here. This was a necessary step to bridge the gap.”
No one “wins” in a central banking system except those with power over others, who can levy taxation at will, and the central banksters themselves.
YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.
Gus Leonisky
POLITICAL CARTOONIST SINCE 1951.
HYPOCRISY ISN’T ONE OF THE TEN COMMANDMENTS SINS.
HENCE ITS POPULARITY IN THE ABRAHAMIC TRADITIONS…
- By Gus Leonisky at 28 Dec 2024 - 11:05am
- Gus Leonisky's blog
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printing more debt....
Yellen: 'Extraordinary measures' to avoid US debt default
US Treasury Secretary Janet Yellen has warned in a letter to Congress that the US could hit its debt limit as early as January 14. The federal government cannot borrow any more money once it hits the debt ceiling.
US Treasury Secretary Janet Yellen said her department will need to start taking so-called "extraordinary measures" to prevent the nation from hitting the debt ceiling as early as January 14.
If the US does hit the debt ceiling, the Treasury Department, responsible for ensuring financial security, will not have enough cash on hand to pay back debts.
That's because the Treasury has to take on debt to make sure it has enough money to pay its bills — which can range from paying for social safety programs to paying interest to investors who have bought government bonds.
Once the US hits the debt ceiling, the Treasury is unable to borrow more money, which could force the country to default on its debt payments. The US has never defaulted on its debt before.
What did Janet Yellen say?"Treasury expects to hit the statutory debt ceiling between January 14 and January 23," Yellen wrote in a letter addressed to the House and Senate leadership.
The US debt limit was suspended in 2023 after a bipartisan deal between the Democrats and House Republicans.
But the suspension is scheduled to expire on January 2, 2025, forcing the Treasury to begin using so-called extraordinary measures to allow the government to keep paying its bills.
Yellen said that on January 2 the debt is set to decline slightly so the new limit will be reached again later in the month.
"Treasury currently expects to reach the new limit between January 14 and January 23, at which time it will be necessary for Treasury to start taking extraordinary measures," she said.
"I respectfully urge Congress to act to protect the full faith and credit of the United States," she said.
Congress last week passed a temporary government spending plan that funds the government through March 14 but does not address the debt ceiling. The new Congress will have to negotiate a deal once again at the time.
rm/jsi (AP, Reuters)
https://www.dw.com/en/yellen-extraordinary-measures-to-avoid-us-debt-default/a-71174399
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YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.
Gus Leonisky
POLITICAL CARTOONIST SINCE 1951.
HYPOCRISY ISN’T ONE OF THE TEN COMMANDMENTS SINS.
HENCE ITS POPULARITY IN THE ABRAHAMIC TRADITIONS…
PLEASE DO NOT BLAME RUSSIA IF WW3 STARTS. BLAME YOURSELF.