President Obama is set to leave a massive near $20 trillion debt crisis
for his successor – be that Hillary Clinton or Donald Trump.
The U.S. national debt reached $19.5 trillion last week and has been
increasing by roughly $1 trillion a year during his Presidency and
during the so called “recovery” as the U.S. government continues to spend
money like a drunken sailor.
President Obama gestures while speaking at Concord Community
High School in Elkhart, Ind., on June 1, 2016. (Associated Press)
During Obama’s presidency, the total national debt has risen from $10.6
trillion to nearly $20 trillion – see Debt
Clock here. There is also the not insignificant matter of the between
$100 trillion and $150 trillion in unfunded liabilities – for medicare,
medicaid and social security.
The U.S., like the EU and most western nations, is “kicking the can down
the road.” Consequently, a U.S. and global debt crisis looks likely during
the term of the next President if not sooner. The Washington
Times reported last week:
With federal budget deficits on the rise again, the White House
Wednesday officially kicked the problem down the road to the next president.
Asked about Congressional Budget Office projections that the federal
deficit will spike 33 percent this year, White House press secretary Josh
Earnest cited reasons including an aging population and Republican-sponsored
tax cuts.
Then he added, “There’s certainly a lot of money that can be saved,
and this will be a challenge that the next president and the next Congress
will have to do.”
This and the fact that neither Presidential candidate has
articulated concerns about the once again ballooning national debt and
is it is not an issue in the campaign is leading to well founded concerns
that a new debt crisis is looming right around the corner. From the Buffalo
News:
When Clinton or Trump takes the oath of office on Jan. 20, he or she
will owe those investors nearly $20 trillion. Right now, the debt amounts to
$60,100 for every man, woman and child in the country.
We are supposed to be in an economic recovery. Yet the debt has more
than doubled from what President Obama inherited from President George W.
Bush, and many times what President Bill Clinton passed on to Bush in 2000.
The debt is not a forgettable thing, such as who won the men’s
1,500-meter race at Rio. It is a monster problem. It’s Jabba the Hutt looking
for meat; it’s firewood smoldering in the cellar.
The situation is not sustainable – meaning the worst kind of crisis
for everybody is looming around the corner.
Investors will continue to lend to us at low interest rates only as
long as they can expect regular repayment.
In personal terms, the debt bill is larger than at any time in our
history other than right after World War II.
This continuing surge in the U.S. national debt to the $20 trillion level
means that the U.S. is now the largest debtor nation in the world – by a
significant margin. Its total debt of over $120 trillion means it is the
largest debtor nation the world has ever seen.
This profligacy will be paid back by the people of the U.S., and most
likely by people in all indebted western nations, in the form of higher
taxes, higher interest rates, inflation, currency wars involving devaluations
and almost certainly a currency crisis involving the dollar and other leading
fiat currencies.
Owning gold coins
and bars in your possession and owning bullion in allocated and most
importantly in segregated accounts will continue to protect and grow wealth
in the coming years.
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Guide
Gold and Silver Bullion – News and Commentary
Gold
inches down on steady dollar, Fed rate hike remains on cards (CNBC)
Gold
in Longest Stretch of Declines Since May as Fed Bets Climb (Bloomberg)
Gold
pares gains as Fed stirs doubt over rate hike timing (Reuters)
Gold
posts biggest weekly decline since mid-July (MarketWatch)
Weeks
of Yellen Buildup and Gold Traders Still Guessing on Rates (Bloomberg)
“I
can see gold breaking up to the upside” – Gartman (CNBC)
Welcome
To The Third World – Pensions Overwhelm Public Services (Goldseek)
ohn
Embry Warns The ‘Deep State’ Shadow Government Is Hard At Work In Financial
Markets (KingWorldNews)
Fed
jawboned Friday’s markets into submission (TFMetalsReport)
The
euro has destroyed the EU and led directly to Brexit (Telegraph)
Gold Prices (LBMA AM)
29Aug: Bank Holiday in UK
26Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce
24Aug: USD 1,337.30, GBP 1,010.73 & EUR 1,185.38 per ounce
23Aug: USD 1,338.50, GBP 1,015.25 & EUR 1,181.09 per ounce
22Aug: USD 1,334.30, GBP 1,018.20 & EUR 1,181.26 per ounce
19Aug: USD 1,346.85, GBP 1,026.30 & EUR 1,189.67 per ounce
Silver Prices (LBMA)
29Aug: Bank Holiday in UK
26Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce
24Aug: USD 18.84, GBP 14.23 & EUR 16.70 per ounce
23Aug: USD 18.98, GBP 14.40 & EUR 16.75 per ounce
22Aug: USD 18.91, GBP 14.45 & EUR 16.74 per ounce
19Aug: USD 19.42, GBP 14.80 & EUR 17.14 per ounce
Recent Market Updates
– Gold
Bullion Averages Biggest Seasonal Gains in September Over Past 20 Years
– Gold
Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”
– Jim
Grant Is “Very Bullish On Gold”
– Germans
Warned To ‘Stockpile’ Cash In Case Of ‘War’
– Ireland’s
Biggest Bank Charging Depositors – Negative Interest Rate Madness
– Rothchilds
Buying Gold On “Greatest Experiment” With Money In “History of the World”
– Gold
– “Mother of All Bull Markets Has Only Just Begun” – Grandich
– 45th
Anniversary Of Nixon Ending The Gold Standard
– Gold
In UK Pounds Collapses 38% Versus Gold and 56% Versus Silver Year To Date
– Will
Ireland Be First Country In World To See Bail-in Regime?
– Money
“Madness” Negative Interest Rates Sees Gold Buying Surge
– Gold
Investment Demand Reaches Record In First Half 2016 On “Perfect Storm”
– Peak
Gold – Did Gold Production Peak in 2015?
