The Greatest depression is coming, are you ready?
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“We will have an economic and financial catastrophe that will be of our own making and there is no action that President Biden and the U.S. Treasury can take to prevent that catastrophe,” Yellen said.
https://www.msn.com/en-ca/news/othe...tp&cvid=591b8c910493449ebdac72702528b9ea&ei=8
How could the 14th Amendment solve the debt limit standoff?
Section Four of the 14th Amendment states the “validity of the public debt of the United States ... shall not be questioned.” That language, some advocates of invoking the 14th Amendment say, allows the president to raise the debt ceiling on his own as it would be unconstitutional otherwise for the government to stop paying its debts.
https://www.msn.com/en-ca/news/othe...tp&cvid=591b8c910493449ebdac72702528b9ea&ei=8
How could the 14th Amendment solve the debt limit standoff?
Section Four of the 14th Amendment states the “validity of the public debt of the United States ... shall not be questioned.” That language, some advocates of invoking the 14th Amendment say, allows the president to raise the debt ceiling on his own as it would be unconstitutional otherwise for the government to stop paying its debts.
Lawsuit: Yellen should ignore 'unconstitutional' debt limit
Lawsuit: Yellen should ignore 'unconstitutional' debt limit (msn.com)
And then ignore the global bond markets cratering and wrath of the credit rating agencies. Mmmkay.
Lawsuit: Yellen should ignore 'unconstitutional' debt limit (msn.com)
And then ignore the global bond markets cratering and wrath of the credit rating agencies. Mmmkay.
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and, they are about to start giving reparations for slavery.
brilliant move
brilliant move
Do not confuse the 40 acres and a mule Civil war reparations for slaves on the plantations for what California is talking about.
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2,315 Banks Are Potentially Insolvent | The Banking Crisis Is Worse Than We Thought
Hoover institution report says that these banks have assets worth less than their liabilities by the sum total of $2 trillion. So we are unable to "bail them out" should we get a complete collapse.
This is not just small banks, they also identify 4 very large banks that are potentially insolvent.
The reason a bank collapse is like dominoes is when a bank collapses you will get a "fire sale" of assets. This means that mortgages, car loans, credit and bonds will all be sold at a discount and that in turn means other banks will be impacted because people will lose confidence in the appraised value of their assets. The regional bank sector has already lost 9-10% of their assets value! When you understand how banks operate (take deposits, buy bonds, pay interest on the loans a little less than the interest they are getting) you can see that this 9=10% indicates they are potentially insolvent.
For an analogy you could describe the situation as a bonfire, all the wood is stacked and in place but as long as no one lights a match you are fine. The problem is that this bonfire has been lit in several places:
1. People are pulling their money out to get higher interest rate in a money market.
2. People are pulling their money out because they see the banks are potentially insolvent.
3. Foreign investment is pulling their money out because of BRICS.
4. When countries saw the sanctions put on Russia they realized their accounts could be next and so some pulled out then.
5. Inflation is causing everyone to have less and less money in savings. There is data showing that more and more people in the US are using credit cards to buy groceries. A practice that is unsustainable.
6. Repos of cars have skyrocketed, in many cases as much as 300%, meanwhile sales of cars are down because of the high interest rate.
7. Foreclosures take longer to work their way through the courts, but will almost surely follow the repo market.
However there is one way to avert the worst case scenario. If we can broker peace in Ukraine, and if the US government can agree to significantly tighten the belt and cut back spending on a very significant scale, then perhaps we could avoid a greater depression than in 1929.
For an analogy you could describe the situation as a bonfire, all the wood is stacked and in place but as long as no one lights a match you are fine. The problem is that this bonfire has been lit in several places:
1. People are pulling their money out to get higher interest rate in a money market.
2. People are pulling their money out because they see the banks are potentially insolvent.
3. Foreign investment is pulling their money out because of BRICS.
4. When countries saw the sanctions put on Russia they realized their accounts could be next and so some pulled out then.
5. Inflation is causing everyone to have less and less money in savings. There is data showing that more and more people in the US are using credit cards to buy groceries. A practice that is unsustainable.
6. Repos of cars have skyrocketed, in many cases as much as 300%, meanwhile sales of cars are down because of the high interest rate.
7. Foreclosures take longer to work their way through the courts, but will almost surely follow the repo market.
However there is one way to avert the worst case scenario. If we can broker peace in Ukraine, and if the US government can agree to significantly tighten the belt and cut back spending on a very significant scale, then perhaps we could avoid a greater depression than in 1929.
Sticker Shock: New Car Prices Up 19% During Joe ‘Car Guy’ Biden’s Presidency
https://www.breitbart.com/economy/2...s-up-19-during-joe-car-guy-bidens-presidency/
This does not appear the added cost from higher interest rates on your car loan.
It is very likely that you will have similar inflation on the cost of new houses and new construction.
Has salaries gone up 19% During Biden's presidency?
https://www.breitbart.com/economy/2...s-up-19-during-joe-car-guy-bidens-presidency/
This does not appear the added cost from higher interest rates on your car loan.
It is very likely that you will have similar inflation on the cost of new houses and new construction.
Has salaries gone up 19% During Biden's presidency?