Have you noticed that as you got older, time seems to go by faster? Or, maybe we're just paying closer attention to the things that are most important to us. Time though, isn't the only thing moving faster.
Straight to the point... Debt! At all levels but especially federal levels, debt has accumulated exponentially. Canada's federal debt has swelled to $1,184,000,000,000 CND. My home Province of Ontario's debt is at $428,000,000,000 CND. While the debt was already high before Covid19 hit us in 2020, worldwide debt grew faster than any other time in history in the last year and a half and is approaching $73,000,000,000,000 USD.
As a 15 year old student in grade 10 back in 1980, I can recall my history teacher, Mr. Smith informing the class that the US national debt had surpassed $800 billion. I remember thinking what an astronomically high number it was. I wondered how they'd ever be able to repay that debt. Four decades have passed and times have changed, haven't they?
I've been keeping an eye on the total US debt and see it growing faster and faster. There's some serious calculus going on here. The US federal debt just surpassed $29,000,000,000,000 USD. In just 40+ years time, the debt went from $.8 trillion to $29 trillion. Off the top of my head, the increase is approaching 4,000%. A good mathematician could accurately predict what the debt will be in 5 years time. What's a good guess? $40 trillion?
Soon, the US debt will surpass $30 trillion for the very first time, like passing $29 trill wasn't a big deal. US debt in 2007 was $9 trill and in just 14 years, it's doubled over more than three times. This should be worrisome to everyone yet most people are completely unaware of the situation.
I don't know what's going to come of this and how the issue will be resolved but I do know there will likely be pain involved. Societies and empires have risen and crumbled just like mountains do. Our time today is no different than any other time in history. We are just as susceptible to plights like they encountered. Fortunately, humanity has always found a way to survive and we will find our way through this and the best way to achieve this is by doing it together.
I remain highly optimistic that in the end, we will come out stronger than ever. The end is just the beginning of something new, yet all these debt clocks are telling us that change is fast approaching. Well, actually, there's been a heck of a lot of change since the spring of 2020 already. We can all feel it and we're experiencing it together. Never in our known history have we been this connected to each other, humans around the world able to communicate and share knowledge.
Collectively, we humans are the modern 'Library at Alexandria'. We are capable of sharing knowledge between us like never before and will help humanity literally guide itself into and through the age of Aquarius which I believe we have just entered. This is truly a new age and Aquarius is known as the age of knowledge. That is enough to inspire me into believing there is a brighter future.
The issue of debt will eventually, sooner or later have to be reckoned with. By the speed at which the debt is now growing, I have a feeling it will be sooner than later. We should all be preparing for this eventuality. Better to be ahead of the game than behind.
Here's a little fact...
When Andrew Jackson became President in 1829, the national debt stood at $58.4 million. He despised the central bank of the time, the Bank Of The United States and called it a 'hydra-headed monster'. Their 20 year charter was up for renewal in 1832 and he vetoed it, effectively killing the central bank and reverting control of the money back to the US Treasury. Even leading up to this time, Jackson cut the debt down to $24.3 million. By the time he left office in 1836, the national debt shrank to a paltry $37,513 but as soon as he left office, the debt began to swell again. When Lincoln was elected in 1861, the debt stood at $90,580,000. By the time of his assassination, it had swelled to $1.8 billion. It's been uphill ever since.
Can you imagine a President today taking on the Federal Reserve? I wonder what would happen if he or she would succeed. And in case you haven't heard, inflation is no longer 'transitory'. See reference links below.
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