Own Gold to Protect Yourself From Debt!
We Know what government promises are worth!
Gross Domestic Product is weak. Inflation is strong. That’s the latest from the government numbers. But all those numbers are misleading. They can be crunched, re-crunched, and inevitably revised. The statistical components are changed at the drop of a hat to serve political interests. And their assumptions are, well, bizarre to say the least. Government spending is a component of GDP. If the government deploys armies of bureaucrats that make the nation less productive, does that make sense as an addition to productivity?
But there is one number that is more or less reliable: US government debt. The government can try to downplay it by saying that some – a lot – of promises it made to people to pay them, things like Social Security, are not part of the debt. Okay. We know what government promises are worth. But the basic debt itself, the money it must borrow to keep afloat, is pretty straightforward.
Today the total public debt is $34.6 trillion. That’s over $100,000 per citizen. This week when you drive by the elementary school in your neighborhood during recess look at all the little kids on the playground. Each one of them owes $100,000, their share of Washington’s debt. How are they going to pay their share?
We’re not trying to make you laugh! But, as Bill Bonner writes, it “makes the $95 billion in ‘foreign aid’ — to people who don’t need it (Israel)… can’t achieve anything with it (Ukraine)… or have no real use for it (Taiwan) — even more out-of-line.
You might like to see the Congressional Budget Office’s projection of the growth of federal debt on the chart from Visual Capitalist below.
Read it and weep! But don’t forget that you can protect yourself with gold and silver. Do you have all you need to get through the coming debt debacle?
