In the blink of an eye, the landscape of US debt has been transformed into a harrowing spectacle of financial reckoning. Brace yourself for the shocking truth: over the past year, the United States has amassed an astonishing $100,000 in federal debt every single second.
Let that sink in for a moment.
Since March 1st alone, the relentless march of debt has reached unprecedented heights, with the US piling on a staggering $10 billion in debt per day. The numbers are dizzying: $417 million every hour, $6.9 million every minute, and a jaw-dropping $115,740 every second.
But the madness doesn’t stop there. As interest rate cuts become increasingly improbable, the specter of spiraling interest expenses looms large on the horizon. Analysts warn that we could be staring down the barrel of a $1.7 trillion annual interest expense within the span of a single year—a figure that boggles the mind and strains the limits of comprehension.
Even if the Federal Reserve were to slash rates six times this year—an unlikely scenario in itself—the ominous shadow of a $1.2 trillion interest expense still looms ominously in the not-so-distant future.
And yet, in a cruel twist of fate, the US government finds itself in desperate need of lower interest rates. With spending spiraling out of control and debt levels skyrocketing to unprecedented heights, the need for relief has never been more urgent.
Meanwhile, on the global stage, whispers of discontent are beginning to grow louder. The World Gold Council’s Q1 2024 report paints a picture of central banks stockpiling gold at an alarming rate, with 290 metric tons added to official holdings—a mere glimpse of the larger trend.
In a bold statement that sends shockwaves through the financial world, a Russian IMF representative hints at a potential alternative currency from the BRICS nations in the event of a collapse of the dollar and the international monetary system. The implications are profound, signaling a seismic shift in the geopolitical landscape and a harbinger of tumultuous times ahead.
As we stand on the precipice of uncertainty, one thing is abundantly clear: we are living in unprecedented times. The fate of nations hangs in the balance, and the specter of financial collapse looms large on the horizon. What a time to be alive, indeed.
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Shocking stat of the day:
The US has added $100,000 in Federal debt EVERY SECOND over the last year.
Since March 1st, the US has been adding a staggering $10 billion in debt PER DAY.
That's $417 million per hour, $6.9 million per minute and $115,740 per second.
As interest… pic.twitter.com/igx8q32ZoS
— The Kobeissi Letter (@KobeissiLetter) May 4, 2024
World Gold Council Q1 2024:
Q1 saw no let-up in the pace of central bank gold buying: 290t (net) was added to official holdings, only part of which is currently reflected in IMF data. pic.twitter.com/0oamG0rJv2
— Tracy (𝒞𝒽𝒾 ) (@chigrl) May 4, 2024
According to a Russian IMF rep, BRICS could offer an alternative currency in the event of a collapse of the dollar and the international monetary system.
The quiet part is starting to be said out loud.
What a time to be alive.
— Gold Telegraph ⚡ (@GoldTelegraph_) May 4, 2024