The US debt has just exceeded $33T for the first time.
Hardly surprising, since this has been in the offing since the Democrats and Americans suspended the debt ceiling in June 2023 for the next 18 months.
The U.S. government will have plenty of reason to continue increasing massively the U.S. debt at a frantic pace. Since June 2023, US debt has increased by $1T!
The U.S. budget deficit - the difference between what the government spends and what it receives - reached $1.5 trillion for the first 11 months of the fiscal year, an increase of 61% since last year.
Over the next decade, America will have to pay more than $10T in interest on its debt. This is colossal, and all the signs are that it's only going to get worse. What's even more incredible is that the Fed's rapid rate hike, the fastest in history, has only exacerbated this major problem for America's future.
This problem should worry you if you understand money.
Yet Janet Yellen, the U.S. Treasury Secretary, once again says she's not worried:
As ever with one of the two Lehman Sisters, the other being Christine Lagarde, all is well in the best of all possible worlds.
Faced with so much flippancy or lies, take your pick, you'll come to the same conclusion as a growing number of people: we can no longer trust our governments.
In the same way, we can no longer trust our central bankers. Remember when Jerome Powell told you that inflation was temporary?
Let's not even talk about private bankers, whose only aim is to take as much of your money as possible in exorbitant fees.
This problem of trust was highlighted by Satoshi Nakamoto when he created Bitcoin:
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”
The obvious consequence of all this is that we can no longer trust our money. Well, fiat money to be exact. You work hard to earn money that is constantly being devalued due to the arbitrary bad decisions of a few central bankers who are not representative of the people, and at any moment you risk being censured in the use of the fruit of your labor.
Unacceptable!
People who understand this start to lose confidence in the current system at every level. This goes beyond the monetary and financial system. More and more people are becoming defiant of governments that keep making bad decisions.
This is where Bitcoin changes the game.
Bitcoin solves this trust problem. With Bitcoin, you don't have to trust a third party. Bitcoin is a system that lets you check everything all the time. Anyone can check how Bitcoin works both statically (by checking the source code) and dynamically (by running your node on the network).
No need to trust a third party. No need to be at the mercy of a few powerful people. You're in control, you've got the power, and the rules of the game won't change along the way.
That's why I frequently repeat that Bitcoin solves every investor's number one problem.
At every FOMC Meeting, like the one held on September 19 and 20, 2023, when I see Jerome Powell come to speak and everyone hangs on his every word, I get this feeling and tell myself that Bitcoin is a unique opportunity that we must all seize.
As long as you stay in the current flawed system, you'll be dependent on the Fed's rules. You'll be at the mercy of the Fed. To win against the Fed, your best option is to shift the game to a new playing field: that of Bitcoin.
As the US debt continues to grow in the coming years, and bad monetary policy decisions continue to multiply, I think your best option is Bitcoin.
The choice is yours.
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Is the Bitcoin Supply Hard-Capped at 21 Million Units? No, As I’ll Show You Mathematically.
The maximum number of BTC that can be issued is less than 21M.
Link: https://inbitcoinwetrust.substack.com/p/is-the-bitcoin-supply-hard-capped
