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November 15, 2023
Signs That Complete Economic Collapse Is Underway: Interest On U.S. Debt Tops $1 Trillion, Credit Rating Downgraded To Negative, And Banks Suddenly Closing Accounts For No Reason
While the media continues to blow smoke up our collective behinds, telling us we are financially better off, as millions of Americans are maxxing out their credit cards just to survive the price of food along with their rent/mortgage and utilities, signs of economic collapse are all around us.
Here is an example of the media spin on behalf of the Biden regime, from Washington Post from two days ago:
There’s an economic mystery confounding the White House: Most Americans are financially better off than they were before the coronavirus pandemic, but they feel worse about their economic prospects.
Do you feel financially better off? Do you have more money in the bank now than you did before the Covid hysteria hit?
Here is key quote that would be laughable if it wasn't so pathetic. "That disconnect between a booming economy and how Americans feel about it appears to be widening at a critical time ahead of next year’s presidential election. It is also shaping up to be a key liability for the White House, even as its policies are bolstering job creation and business investments."
In other words Ladies and Gentlemen, your eyes, wallets, and bank accounts are lying to you, you are doing great, so get on board you peons!
One of the most egregious, or maybe a better word would be audacious, arguments, is that inflation is lower now than last month, and last month is was lower than the month before, so everyone should be celebrating, despite the fact that prices have not gone down, and paychecks have not risen near as much as the prices have.
Joe Biden's response, or to be more accurate, what his handlers tell him to say is Reelect me, "Let's Finish This Job."
Before moving on to the obvious signs of the American economy starting to collapse, a paragraph from the piece linked above.
It took a few years for people to admit the truth – life in America has drastically downgraded under Biden. Inflation has surged to 40-year highs under Biden. The US trade deficit has increased by 24.6%. Public debt has increased 22.5% as most Americans rely on credit for basic necessities. Home prices have increased well over 30%, gas prices have doubled, and the CPI in general spiked 17.1% in Biden’s first 32 months in office. I do not believe the inflation statistics produced by government agencies for a moment. Simply look around and you can see that we pay more for absolutely everything.
Another Biden regime term would "finish this job" of destroying America from within, and that is if the economy doesn't fully collapse before the 2024 presidential election.
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SIGNS OF AN ECONOMY FALLING APART.......
Aside from the fact that food prices are about 20% higher today than they were under President Trump, there are some very ominous patterns being seen when one takes a few steps back and looks at the larger picture.
We'll start with something that was cited above, how Americans are using credit for basic necessities, which for the first time ever has created credit card debt that has topped $1 trillion.
For the first time, the total amount of credit card debt in the United States has topped $1 trillion. Experts say the high prices have caused many to rely on the cards to make ends meet, and the Fed’s interest hikes have pushed average rates above a record 20%.
According to another report, this number represents a 5% surge in just the third quarter of 2023. The is has caused an increasing number of credit card users to fall behind on their payments. This surge of debt and the inability of many Americans to pay their debt comes from the increased use of Americans' saving accounts due to high prices for food and just about everything else.
Another sign that the Biden economy is not "booming" as the MSM claims it is, comes from Moody's Investors Services, which las lowered America's credit rating from "stable" to "negative" now, as the "deficit jumped from $1.38 trillion to $1.7 trillion in the budget year that ended Sept. 30. " They also blame political polarization, along with ineffective "fiscal policy measures to reduce government spending or increase revenues."
America is now paying $1 trillion in interest on U.S. debt. That makes our interest on our debt the largest item in the U.S. budget, topping even defense spending.
The U.S. Department of the Treasury manages the national debt by splitting it into two different types: debt that one government agency owes to another and debt that is held by the public.
Intragovernmental debt accounts for about $6.8 trillion of the national debt, the CRFB reported in September when the debt crossed the $33 trillion mark.
The much bigger piece of the debt is held by the public, around $26.2 trillion.
So, the Biden regime spends, spends, and then spends more on their policies, and the amount of debt held by the public, who had no say in what Biden spent and is still spending, is four times the amount of the Intragovernmental debt.
The debt is held in Treasury securities, bills and bonds, mostly owned by foreign governments, banks and private investors, state and local governments, and the Federal Reserve. The biggest holders of American's debt are foreign governments and private investors.
MOVE YOUR MONEY TO A REGIONAL BANK NOW
We are seeing quite a bit of banking news lately. From customers not being able to access their direct deposit funds due to delays, to multiple megabanks showing issues on Down Detector, which keeps tracks of complaints about websites being down. In a SQ note on November 6, 2023, Steve Quayle warns readers to move your banking to a regional bank where your fund will be safer.
On November 5, 2023, the New York Times reported that banks are "suddenly" and without notice or cause, just closing down Americans' bank accounts.
Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts. Their debit and credit cards are shuttered, too. The explanation, if there is one, usually lacks any useful detail.
Or maybe the customers don’t see the letter, or never get one at all. Instead, they discover that their accounts no longer work while they’re at the grocery store, rental car counter or ATM. When they call their bank, frantic, representatives show concern at first. “Oh, no, so sorry,” they say. “We’ll do whatever we can to fix this.”
But then comes the telltale pause and shift in tone. “Per your account agreement, we can close your account for any reason at any time,” the script often goes.
The consequences for the customer are far reaching. For example, sometimes it takes weeks for the banks to send the funds from the account to the customers.
Imagine you have money in the back, to pay your bills or just withdraw some funds, and you cannot access it because the bank arbitrarily closed your account. bills cannot be paid and in some cases their bank credit cards are closed along with their accounts, which in turn harms their credit score.
When a bank closes an account of a small business, they can't make payroll, leaving employees without a paycheck for their bills and food. Those same businesses suddenly cannot pay their vendors until their funds are released.
The banks of course have a number of different excuses, but the fact remains this is something that is happening in large numbers, which is new and a sign of banking issues that have not corrected themselves since the failure of Silicon Valley Bank.
BOTTOM LINE
The MSM continues to claim the economy is booming, telling America they have more in the back now than they did before Biden started occupying the White House.
Don't believe them. Don't believe us either when we say the economy stinks.
Believe your eyes. Look at what you spend on food and basic necessities. Look at whether you have more or less in your checking and saving accounts. Look at whether you are able to eat as well as you did before Biden.
The economy is collapsing. It is not a matter of "if" it will crash, but a matter of when, and the signs we are seeing are indicative of it happening sooner rather than later.
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