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American economy running on FUMES as consumer debt binge reaches ominous and historic fever pitch

January 25, 2024 -

This historic debt binge seemingly has no end, especially because of the increasingly harsh economic environment that is making it next to impossible for many people to continue making ends meet.

Housing costs are through the roof. Employers are laying off workers in record numbers. Poverty and homelessness are becoming the norm rather than the exception. America's southern border is wide open to limitless "asylum seekers" who are displacing and replacing American citizens....

More Americans continue to rely on Buy Now Pay Later (BNPL) services to combat inflation and consumer debt

July 17, 2023 - consumer debt, continues to increase the demand for BNPL services.

For instance, Gracie Williams, a South Carolina librarian and the primary earner in her household, had to stretch her income to cover bills and support her ailing mother and younger brother. (Related: Gen Y and Z Brits resorting to “buy now, pay later” schemes to manage finances.)

Despite her best efforts, there is little left in her monthly take-home pay of $2,100 after accounting for essential ...

DEBT BLOWOUT: US debt has soared $1.2T since debt ceiling suspension – and the Treasury expects to add another $1.5T by year’s end

August 03, 2023 -

According to data from the Treasury Department, the total $32.66 trillion of government debt is composed of two different kinds of Treasury securities. Around $6.9 trillion of debt is in the form of nonmarketable Treasury securities purchased by U.S. government pension funds like the Social Security Trust Fund.

Meanwhile, the remaining $25.7 trillion is in the form of marketable securities, or Treasury securities that are held and traded by the global public, either by ...

DEBT SURGE ALERT: $8.9T government debt to mature, $1.4T budget deficit expected in 2024

February 14, 2024 -

The Federal Reserve has also been running down its balance sheet by $60 billion per month. The bottom line, experts said, is that someone will need to buy more than the said amount in U.S. government bonds. It is more than one-third of the U.S. outstanding federal debt and more than one-third of the country’s gross domestic product (GDP).

According to education platform Apollo Academy's Chief Economist Torsten Slok, this is going to be a particular challenge when the ...

DEBT REVOLUTION? Tens of millions of student loan borrowers stage “massive student debt strike”

January 04, 2024 -

Activists say that this is not just a temporary lapse but a "massive student debt strike" as borrowers continue to wait for the White House to implement its long-awaited student loan forgiveness program.

"Faced with the impossible choice of feeding their kids, keeping a roof over their head, or throwing an average of $400 a month into the Department of Education [DoE] incinerator, borrowers are rightly choosing to keep themselves and their families financially afloat," ...

National debt hits record-high $32 trillion two weeks after suspension of debt ceiling

June 21, 2023 -

According to the nation's treasury data, the national debt is currently at $32.03 trillion. The Congressional Budget Office estimates the country's deficit for the fiscal year 2023 to be near $1.4 trillion, driving the national debt even higher.

The debt ceiling deal, which also included tens of billions in spending cuts demanded by Republicans in the House of Representatives, will allow the government to borrow whatever it wants until the end of 2024 when the debt ceiling ...

U.S. Treasury running out of new buyers of debt, enters debt spiral thanks to reckless government spending

December 06, 2023 -

Expenditures increased due to the recent economic downturn but they also saw it increasing at an alarming rate even outside of crisis periods. Mises Wire, a contemporary news and opinion site, reported that government expenditures skyrocketed during the 2020 crisis, but even ignoring those spikes, annual spending has increased by about $1.6 trillion since 2019. Also, tax revenues are not keeping up, which means ever-deepening deficits. Tax receipts have only increased by about ...

Biden administration “forgives” another $7.4 billion in student debt for 277,000 borrowers, effectively transferring that debt to U.S. taxpayers

4 days ago -

According to a statement released by the White House, the cancellation is part of a broader effort by Biden to address the financial burdens of education, which he highlighted earlier in the month. This initiative is aimed at alleviating the economic pressures faced by millions of Americans and is seen as crucial for securing the support of young voters in the upcoming November re-election. (Related: Biden defies Supreme Court on student debt cancellation, absurdly claims there’s ...

Credit card DEBT has SOARED, thanks to BIDENFLATION

November 15, 2023 -

According to the Federal Reserve Bank of New York's (New York Fed) Quarterly Report on Household Debt and Credit released Nov. 7, credit card balances hit a new high of $1.08 trillion during the third quarter. This grew from a mere $48 billion from the previous quarter, and jumped by a record $154 billion compared to the number from a year ago.

This huge YOY leap is the biggest since the New York Fed began tracking household debt and credit data in 1999. Its report ...

FedEx founder issues dire warning about ‘unsustainable’ government debt

February 20, 2024 -

(Article by Tom Ozimek republished from TheEpochTimes.com)

Mr. Smith was asked during an interview on Fox News for his opinion on projections from the Congressional Budget Office (CBO) that U.S. federal debt held by the public will go from 99 percent of gross domestic product (GDP) in 2024 to a record 116 percent in 2034, before pushing above 170 percent by midcentury.

He replied by saying that warnings about the level of government spending adding to America’s ...

Debt-ridden Evergrande faces liquidation order from Hong Kong court

January 29, 2024 -

(Article by Blessing Nweke republished from YourNews.com)

The default of Evergrande two years ago already had a profound impact on global financial markets. Now, with the court-ordered liquidation, concerns are escalating, causing a more than 20% drop in Evergrande shares in Hong Kong, leading to a suspension of trading.

China’s property sector, contributing to a quarter of the world’s second-largest economy, faces potential turmoil, impacting the ongoing efforts ...

The world is sitting on a powder keg of debt

December 21, 2023 -

(Article by Michael Maharrey republished from SchiffGold.com)

One of the major reasons is debt.

The world is buried under record debt levels and the global economy can’t function in a high interest rate environment.

Fed officials know that and it is certainly one of the reasons they don’t want to raise rates any higher and hope to bring them down as soon as possible.

Over a decade of easy money policies incentivized borrowing to “stimulate” the ...

Annualized federal debt interest cost surpasses $1T, Bloomberg analysis reveals

November 13, 2023 -

According to the analysis released on November 7, the figures are twice the interest costs over the past 19 months and are the equivalent of 15.9 percent of the federal budget for fiscal year 2022. The estimated interest expense is calculated using U.S. Treasury data which states the government's monthly outstanding debt balances and the average interest it pays.

"The worsening metrics may reignite debate about the United States fiscal path amid heavy borrowing from ...

Fifty-two countries on verge of debt default, UN warns

July 19, 2023 - consumer debt, more Americans than ever are relying on Buy Now Pay Later (BNPL) services.)The international financial system propagates inequality and debt slavery

According to UNCTAD, at least 19 developing nations currently spend more on interest than on education, while another 45 spend more on interest than on health care. All in all, about 40 percent of the planet is in serious debt trouble.

It is no secret that the global financial system, based on fiat ...

Swelling DEBT crisis creating financial “death spiral” in America, economist warns

February 01, 2024 -

Referring to the mounting U.S. debt load as a "white swan" means a risk event that is highly predictable and probable. It is the opposite of a "black swan" event, a metaphorical concept that represents a risk event that comes seemingly out of the blue and takes everyone by surprise.

Each time the so-called debt "ceiling" is reached – this now occurs regularly, by the way, in some cases several times per year – Congress simply ups it to a higher amount while "doing deals ...

Skyrocketing global debt setting the stage for a cataclysmic financial crisis

December 22, 2023 -

Easy money policies in recent years that provided incentives for borrowing money in hopes of stimulating the economy led to record levels of borrowing. While this may have been a positive development when interest rates were very low, central banks have increased interest rates dramatically since then to deal with price inflation, and now the world is feeling the effects.

Projections from the International Monetary Fund indicate that global government debt will reach ...

US credit card debt rises to historic high of $1.03 trillion

August 09, 2023 - consumer debt.

US household debt soared to all-time high of $17.05 trillion in Q1 2023, thanks to the Fed's relentless rate increases.

As the economy implodes, credit card balances are increasing at the fastest pace in U.S. history.

Sources include:

CNBC.com

NBCNews.com

Reuters.com

Brighteon.com

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Move over USD: Argentina uses Chinese yuan to settle IMF debt

July 19, 2023 -

IMF spokesperson Julie Kozack confirmed on Thursday, July 13, that Argentina paid the IMF in Chinese yuan worth the equivalent of $1.1 billion, with a further $1.7 billion of its matured debt to the IMF disbursed in Special Drawing Rights. (Related: DE-DOLLARIZATION: China now uses the yuan for cross-border transactions more than it uses the US dollar.)

SDRs are reserve assets made up of a basket of the world's main currencies. It is considered the IMF's main currency due ...

5 Tips on how to shield your finances from debt default

June 01, 2023 -

At the same time, negotiations are ongoing between the White House and Congressional Republicans as they deliberate raising the U.S. government's $31.4 trillion debt ceiling.

If you're worried about the future, invest wisely to protect your finances from debt default.

Analysts previously warned that a default could result in mortgage payments skyrocketing and the loss of seven million jobs. It could also result in investments plummeting.

Ratings agency Fitch ...