AMERICA IN CRISIS: 8.14.21 - What Happens When the Debt Comes Due? America Faces Day of Reckoning

What Happens When the Debt Comes Due? America Faces Day of Reckoning – Stefan Gleason - https://www.prophecynewswatch.com/article.cfm?recent_news_id=4885 It's a question millions of Americans are grappling with in their personal finances. It's also a multi-trillion dollar question facing officials in Washington, D.C. How they decide to answer it - or evade it, as the case may be - will have profound implications for investors and anyone who holds U.S. dollars. For months, the financial media has been running stories about how the pandemic led to a surge in savings. The U.S. consumer, thanks to a host of government supports includingstimulus checks, student loan debt relief, and eviction and foreclosure moratoriums, is supposedly in great shape. Why, then, are Americans taking on new debt at the fastest pace in over a decade? The Federal Reserve reported this week that household debt surged during the second quarter by the most in 14 years. Much of that is represented by mortgage debt as buyerstake on ever more in order to be able to buy homes that are rising rapidly in price. Some perpetual optimists rationalize surging mortgage balances as sign of a strong jobs and housing market - forgetting how badly things can turn out (and did in 2008) whenfinancial system leverage becomes excessive. It's not just houses people are speculating on with borrowed money. Margin debt at brokerage houses has surged. And according to Fed data, credit card balances grew by $17billion while auto loans surged by $33 billion in the past year. All told, Americans owe about $15 trillion - and that, of course, doesn't include their share of the swelling national debt owed by the U.S. Treasury. Treasury Secretary Janet Yellen announced Wednesday she would be pursuing emergency measures to raise $126 billion and avoid breaching the Congressionally imposed debt ceiling.The government owes $28.6 trillion on the heels of a record a record $3.4 trillion budget deficit. The Treasury's accounting maneuvers will, for now, avert a disastrous debt default. And, like so many times before, Congress will eventually raise the debt ceiling to enablemore Biden administration borrowing - even if it's a last-minute deal passed over the objections of fiscal conservatives. To expect politicians to ever impose meaningful fiscal discipline on themselves is to ignore all recent history. Regardless of whether Democrats or Republicans happen tobe in charge at any given time, the spending never stops, and the debt always expands. That doesn't mean Washington can continue its fiscally profligate ways in perpetuity without serious consequences. The ultimate consequence may be a currency crisis as the Fed's own ongoing extraordinary measures of buying up government bonds triggers a slide in confidence in the U.S.dollar itself. Since Federal Reserve Notes are no longer backed by gold or silver or anything tangible, maintaining their value is literally a confidence game. Of course, having the world's largest economy and military with global trade conducted mostly in dollars, combined with the IRS's power to tax in dollars, goes a long waytoward bolstering confidence that lots of people will continue to need dollars. Thanks to its privileged position on the world stage, the U.S. has been able to forestall a currency crisis for longer than many sound money advocates would have thoughtpossible. But as the country's debt rises faster than its GDP and interest rates remain artificially depressed below the inflation rate, the value of the currency has nowhere to gobut down. No emergency accounting maneuvers by bureaucrats will be able to bail the system out from what's coming. All they can do is try to keep kicking the can down the road. Butthe end of the road may be approaching. Investors need to be prepared for what happens next. A sharp rise in inflation has already occurred over the past year as a result of expansionary fiscal and monetary policies. While Fed Chairman Jerome Powell assures the recent inflation spike is just "transitory," the government's financial predicament is more aptly described as intractable. There is no political will to stop the deficit spending or pay down the national debt. And there is no way for officials to maintain their growing debt load other than byinflating the currency supply. The only question is whether they will be successful in engineering a gradual, orderly decline in the value of the dollar... or whether they will one day lose control asthe currency collapses. ------------------------------------------------------------------------------------ A Bill Has Been Introduced In Congress That Would Ban Tens Of MillionsOf Americans From Flying - by Michael Snyder - http://endoftheamericandream.com/a-bill-has-been-introduced-in-congress-that-would-ban-tens-of-millions-of-americans-from-flying/ Before this pandemic, it would have been unimaginable for Congress to consider a bill that would ban tens of millions of Americans from flying. But now everything has changed. Anew bill has been introduced that would specifically ban all unvaccinated individuals from ever flying again. When I first heard about this, I thought that it couldn�t possibly be true. But it is true. The following comes from the description of H.R. 4980that has been posted on Congress.gov� To direct the Secretary of Homeland Security to ensure that any individual traveling on a flight that departs from or arrives to an airport inside the United States or aterritory of the United States is fully vaccinated against COVID-19, and for other purposes. The full text of the bill has not been received by Congress.gov yet, and so we don�t know the specifics of the proposed law. But what we do know is that it would ban you from any flight �that departs from or arrives to an airport inside the United States� if you have not been �fully vaccinated�. So if you have only had one injection, you would be banned too. This comes at a time when many in the liberal media are also calling for unvaccinated people to be banned from flights. For example, the following excerpt comes from anarticle entitled �Unvaccinated People Belong on the No-Fly List�� But at this stage of the pandemic, tougher universal restrictions are not the solution to continuing viral spread. While flying, vaccinated people should no longer carrythe burden for unvaccinated people. The White House has rejected a nationwide vaccine mandate�a sweeping suggestion that the Biden administration could not easily enact if it wanted to�but a no-fly list for unvaccinated adults is an obvious step that the federalgovernment should take. It will help limit the risk of transmission at destinations where unvaccinated people travel�and, by setting norms that restrict certain privileges to vaccinated people, will also help raise the stagnant vaccination rates that are keepingboth the economy and society from fully recovering. This level of extremism deeply alarms me. We put terrorists on the �no-fly list�. Now they want to treat unvaccinated people the same way? That should chill all of us to the core. If they are going to get this extreme over COVID, what is going to happen when a much more serious pandemic comes along? Just this week, we learned that someone has died of the Marburg virus in Africa� A patient with the rare, but highly infectious Marburg virus disease has died in Guinea, according to a World Health Organization (WHO) statement on Monday. It�s the firstcase of the Ebola-like virus in West Africa. The Marburg virus is far, far more deadly than COVID. During past outbreaks, mortality rates for the Marburg virus have ranged between 24 percent and 88 percent� �Case fatality rates have varied from 24% to 88% in past outbreaks depending on virus strain and case management,� the statement said. �In Africa, previous outbreaks andsporadic cases have been reported in Angola, the Democratic Republic of the Congo, Kenya, South Africa and Uganda.� So if you catch the Marburg virus, there is a really, really good chance that you are going to die. There is no vaccine for the Marburg virus and there is no cure. And according to the CDC, ugly sores on the chest, back and stomach are one of the symptoms of the disease� After an incubation period of 5-10 days, symptom onset is sudden and marked by fever, chills, headache, and myalgia. Around the fifth day after the onset of symptoms, amaculopapular rash, most prominent on the trunk (chest, back, stomach), may occur. Nausea, vomiting, chest pain, a sore throat, abdominal pain, and diarrhea may then appear. Symptoms become increasingly severe and can include jaundice, inflammation of thepancreas, severe weight loss, delirium, shock, liver failure, massive hemorrhaging, and multi-organ dysfunction. This is the sort of virus that I am on alert for, and so I will be monitoring future developments very carefully. Meanwhile, a �deadly bacterial disease� that also causes sores on the skin has popped up right here in the United States. At this point, confirmed cases of the disease have already been identified in four different states� Four people in the U.S. have mysteriously fallen ill with a rare and sometimes deadly bacterial disease that�s usually seen only in other countries with tropical climates,according to health officials. Yet none of these patients had traveled outside the country. The four cases, which were identified between March and July, occurred in Georgia, Kansas, Texas and Minnesota, according to a statement from the Centers for Disease Controland Prevention (CDC). Two of the patients died and two were hospitalized for long periods of time. The first death occurred in Kansas in March, and the second death occurred last month in Georgia. The disease is known as �Meliodosis�, and normally it is only found in tropical climates� The patients were all diagnosed with melioidosis, a disease caused by the bacterium Burkholderia pseudomallei. The bacteria grows in tropical climates, and it is most commonlyseen in Southeast Asia and northern Australia. The only places in the U.S. where this bacterium is naturally found are Puerto Rico and the U.S. Virgin Islands, according to the CDC. None of the confirmed cases had recently traveled internationally, and so scientists don�t know how this deadly bacterial disease got here. And what really got my attention was the fact that the CDC is warning that it can cause a rash �on the trunk, abdomen and face�� Melioidosis can cause a wide range of symptoms. In the current cases, symptoms ranged from cough and shortness of breath to weakness, fatigue, nausea, vomiting, intermittentfever, and rash on the trunk, abdomen and face, the CDC said in an alert to doctors about the cases. So just like the Marburg virus, we are talking about a disease with a high mortality rate that causes sores on the skin. These outbreaks are nothing to panic about yet, but I will be carefully watching the news for any updates. These are such troubled times, but when the next great pandemic arrives our troubles will suddenly become a whole lot worse. --------------------------------------------------------------------------------- Stand with Loudoun County Christians - Bill Wilson � www.dailyjot.com There�s something going on in Loudoun County, Va. The school board there is demonstrating extreme Marxist principles in handling dissenting opinion over its promotion ofCritical Race Theory precepts and the abuse of school children through support of the LGBTQ agenda. For generations, the leadership in the black community have embraced Martin Luther King, Jr.�s words, �I have a dream that my four little children will oneday live in a nation where they will not be judged by the color of their skin but by the content of their character.� Yet, the outcome of teaching Critical Race Theory is the exact opposite, where white people are judged by the color of their skin. Teachersand parents in Loudoun County are pushing back. On August 10, standing before an empty Loudoun school board meeting�not because of lack of interest by the public, but because the Marxist school board locked out concernedparents�teacher Laura Morris, a Christian, resigned. She explained, �Within the last year, I was told in one of my so-called equity trainings that white, Christian, able-bodied females currently have the power in our schools, and that �this has to change.�� She said the Critical Race Theory training program, labeled her an oppressor due to her skin color. She pointed out the school board�s �lack of consideration for the growing population of concerned citizens in this division, clearly evidenced by this emptyroom tonight where you shut the doors to the public.� She also said that the school board officially encouraged teachers to report dissent among their colleagues. Perhaps the Loudoun County school board and other jurisdictions around the country could use a history lesson from Martin Luther King, Jr�s �I have a dream speech� wherehe admonished, �But there is something that I must say to my people, who stand on the warm threshold which leads into the palace of justice: In the process of gaining our rightful place, we must not be guilty of wrongful deeds. Let us not seek to satisfy ourthirst for freedom by drinking from the cup of bitterness and hatred. We must forever conduct our struggle on the high plane of dignity and discipline�The marvelous new militancy which has engulfed the Negro community must not lead us to a distrust of allwhite people, for many of our white brothers, as evidenced by their presence here today, have come to realize that their destiny is tied up with our destiny.� And perhaps every parent who has a child in the public school system could use a lesson from Laura Morris, a Christian who had the courage to stand up to this crazy nonsense,saying, �I quit your policies, I quit your training, and I quit being a cog in a machine that tells me to push highly politicized agendas to our most vulnerable constituents: the children�I will find employment elsewhere. I encourage all parents and staffin this county to flood the private schools.� Laura Morris is an Ephesians 6:13 woman: �Wherefore take unto you the whole armor of God, that you may be able to withstand in the evil day, and having done all, to stand.� Ms. Morris identified the problem. Sheexposed it. She offered a solution. And she stood firm. Imagine what would happen if every public school parent across the nation did the same. ------------------------------------------------ VISIT: PROPHECY WATCHER WEEKLY NEWS: HTTP://PROPHECY-WATCHER-WEEKLY-NEWS.BLOGSPOT.COM