US debt surpasses $35 trillion as calls to back the USD with Bitcoin and gold intensify

[libertybele]

US debt surpasses $35 trillion as calls to back the USD with Bitcoin and gold intensify

The U.S. just reached a historic milestone – though the development is nothing to brag about – as the national debt surpassed $35 trillion for the first time in history, highlighting the increasingly unsustainable pace of debt issuance by countries around the world.

 Data provided by the US Debt Clock shows that the U.S. national debt surpassed $35 trillion on Monday, a substantial increase from the $28.5 trillion recorded in July 2020 and nearly seven times the $5.5 trillion owed in July 2000.

The U.S. federal debt-to-GDP ratio now sits at 122.55%, and the annual interest on the debt, which currently sits at $906 billion, is close to surpassing the country’s defense budget of $912 billion.
 
And it’s not just the government that is on a debt binge as U.S. households have added $3.4 trillion in debt since the start of the COVID pandemic, and many are struggling to make payments. As noted by Global Markets Investor, “US household debt hit an all-time high of $17.7 trillion, up by $190 billion in Q1 2024.”

 “Credit card delinquency is on an upward trend, and the rate at which auto loans are transitioning into delinquency is at a 13-year high,” said Fed Governor Lisa Cook.
 
With multiple reports showing that the U.S. debt load is increasing at a pace of $1 trillion every 100 days, the calls for action have reached a fever pitch as the cost to service the debt at decades-high interest rates is also limiting funding for other critical areas of the U.S. economy, such as education, healthcare, and infrastructure.
 
This is one of the main reasons why Senator Cynthia Lummis (R-WY) proposed the Bitcoin Reserve Bill, which aims to reduce the national debt by holding a Bitcoin reserve for at least 20 years..................

https://www.kitco.com/news/article/2024-07-31/us-debt-surpasses-35-trillion-calls-back-usd-bitcoin-and-gold-intensify

[mountaineer]

Speaking of Bitcoin, this recent X post is getting a lot of attention:

Jason
@Bitcoin4Freedom
I can't stand Donald Trump. He is braggy, he insults people for no reason, and he is just a brutal personality. But my mind is made up. I'm voting for him and here's why:

* He puts Americans and their well-being first. Kamala will not.

* He will bring @elonmusk into his cabinet to be the efficiency czar and get rid of waste. This alone may be the best single reason to vote for him.

* He will bring @RobertKennedyJr into his cabinet to Make American Healthy Again. He will finally get to the bottom of why our food companies are destroying the health of our children.

* I'm sick of the way the media lies continuously about @realDonaldTrump, starting with the incessant racism claims. They are just nonsense. The latest thing I learned? He sent his plane to fly Nelson Mandela home after he was in jail with the U.S. wouldn't do it. Racist? No.

* I'm sick of the U.S. being embroiled in foreign wars. Trump will keep us out of them again. He's just crazy enough that foreign nations will stand down. They have no fear of Kamala. They will fear him.

* Trump sees this country as fundamentally good. Kamala sees it as inherently evil.

* Trump will end the nonsense of the open border which makes our country less secure, less financially stable, and brings in millions of people illegally who compete for Americans' jobs.

* This government has to print billions to care for the illegals. That makes all of our dollars less valuable and makes prices zoom upward.

* He will stockpile Bitcoin.

* He will keep men out of women's bathrooms and women's sports.

* He is a heavyweight personality and negotiator. Kamala is a phony personality and a lightweight negotiator.

* The people who want Kamala Harris to win are the most annoying people in the country. They have pushed for pronouns, masks, endless vaccines, cancel culture, riots, blatant racism towards whites, gender confusion, undermining the U.S. constitution.

* He will upset the current political system. He was nearly the victim of assassination 3x. And he keeps going. He's not the best in interviews, but he at least puts himself out there. Over and over and over. Kamala hasn't done a single press conference.

* Harris and the media trying to prop her up hid Biden's cognitive decline. They accuse @realDonaldTrump of being a threat to democracy. Yet she was installed as the nominee with no votes. She wants to pack the Supreme Court. She wants to eliminate the filibuster. She sued @RobertKennedyJr to keep him off the ballot. And the threat to democracy is Trump? Nonsense.

* Those who support Harris look at Trump supports as vile, stupid, ignorant, and fascists. They disown family members or disinvite them from Thanksgiving dinner of they support Trump. This is disgraceful.

* Every time she talks, I try to give her a chance. But she is the most phony and condescending politician I have ever seen. Ever. I can't do it. I won't do it.

* She and those who support her are resistant to Voter ID and believe requiring an ID is racist. Her Department of Justice is suing the state of Virginia for trying to purge the voter rolls of illegals. Why would we not want 1 vote per 1 U.S. citizen? Is it more racist to believe people from the inner city are perfectly capable of securing a government issued ID? Or to believe they are incapable?

That's it. I'm done. Thanks for hearing me out.
1:08 AM · Oct 15, 2024

[DefiantMassRINO]

Gold is a good backing for a currency because it is widely valued and accepted as a store and transfer of wealth.

Bitcoin is a string of zero's and one's on someone's thumb drive.  Difficult to to exchange during Zombie Apocalypse.

Google AI says:

The annual cost to service the US federal debt is increasing due to higher interest rates and a growing national debt:

    2024
    The cost to maintain the debt is projected to be $1,049 billion, which is 17% of total federal spending. Interest payments on the debt are projected to be $892 billion, which is 3.1% of GDP.

... the great thing about inflation, to grow GDP denominated in dollars, one only needs to print more dollars to maintain a lower debt interest/GDP ratio.

The real trouble starts when counter-parties stop accepting the dollar because it is no longer a stable store of value.

[catfish1957]

Bitcoin?  I'd feel safer with Dutch Tulips!!!!!!

But Gold?  Hell yeah....

And as a side note...    Gold hasn't gone up.  It is the ultimate stable benchmark.   What has happened is your $USD are worth substantiallly less.

[Free Vulcan]

Bitcoin?  I'd feel safer with Dutch Tulips!!!!!!

But Gold?  Hell yeah....

And as a side note...    Gold hasn't gone up.  It is the ultimate stable benchmark.   What has happened is your $USD are worth substantiallly less.

No on crypto. At least bitcoin has a limiter which provides scarcity between supply and demand so it isn't just a fiat currency, but what I don't like about bitcoin is the amount of juice it takes now to process the block chain to 'mine' it. I think the last stat I heard was the equivalent to a 50K pop city.

No and hell no.

[Drago]

How much power/"juice" does it take to run the VISA/Mastercard systems? The banks and the Federal Reserve system?  A lot more than Bitcoin, the people's alternative to those other currency transfer systems. Diversity is good...gold & silver, non-perishables, ammo, Rx's, and Bitcoin so you can transfer $$ to others far, far away in minutes and is a store of value unlike the USD which is depreciating pretty rapidly.

[Hoodat]

Over ten percent of this total ($3.6 trillion) has been added since the GOP took control of the House in Jan 2023. 

Way to go, Republicans!   You own this.

[DefiantMassRINO]

Fiscal conservatives were ostracized and banished by the GOP Establishment during Bush '43 because they had the audacity to challenge W's Bigger Government spending.

If you don't drink the Republican Presidential Nominee's urine, you're a RINO!

If you don't like the smell of elitist Dems' farts, you're off the guest list for the $100,000/ plate fundraiser, you filthy ultra-MAGA extremist deplorable!