U.S. Debt Limit, 4073, 0019

Good afternoon, I’m still reporting on the economy.

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As the U.S. rushes into spending more billions in Ukraine and will need to spend billions more if China attacks Taiwan, our economy is rushing towards yet another debt limit scrum this summer. The current national debt limit right now is $28.9 trillion, yet experts believe the real national debt is more than $33 trillion right now.

In 2020, the U.S. government spent $522 billion on just the interest payments on the national debt – mostly to the biggest banks. That’s about what was spent on the military - about 8% of the total federal budget. As the national debt continues to grow, and interest rates rise, interest payments on the debt will skyrocket . Before Joe Biden leaves office, we could see trillion dollar per year interest payments on the national debt!

But are these interest payments necessary? The answer is no. I’ll say it again: NO MORE NATIONAL DEBT!

On July 24, 2011, we did a report on yet another time when the U.S. Government approached yet another, yet far smaller, national debt limit.

The solution is exactly the same. The answers are timeless and anyone can understand them.

Here is the solution: The debt are U.S. bonds sold into the market. They carry interest, that’s why people and big banks buy them. Those interest payments are the payments on the national debt. Under this system, the interest payments will never go anywhere but up, up, up.

But we can escape. As each bond comes due, pay it off – not in Federal Reserve Notes! Pay it off with an ever form of American money – the money that won the Revolutionary War and the Civil War. Pay the bonds off in United States Notes – the oldest form of U.S. money!

U.S. Notes are not interest-bearing. Federal Reserve Notes are.

And as you gradually pay of the bonds with U.S. Notes – or their electronic equivalents – you don’t reissue new Federal Reserve Notes. Done! Make it illegal to re-issue Federal Reserve Notes. Give holders of those notes – or their electronic equivalents - one year to exchange them for the red-sealed U.S. Notes on a one-for-one basis.

That’s all you do to fix this problem. It doesn’t cost the government anything to do, and that essentially snatches the money power away from the Fed and returns the money power to Congress, which is the way it should be.
Any questions? Put them in the Comments section below, and don’t forget to “Like” this report Hit that Subscribe button below.

Good afternoon, I’m still reporting on the economy.

Please don’t forget to “Like” this report Hit that Subscribe button below.

As the U.S. rushes into spending more billions in Ukraine and will need to spend billions more if China attacks Taiwan, our economy is rushing towards yet another debt limit scrum this summer. The current national debt limit right now is $28.9 trillion, yet experts believe the real national debt is more than $33 trillion right now.

In 2020, the U.S. government spent $522 billion on just the interest payments on the national debt – mostly to the biggest banks. That’s about what was spent on the military - about 8% of the total federal budget. As the national debt continues to grow, and interest rates rise, interest payments on the debt will skyrocket . Before Joe Biden leaves office, we could see trillion dollar per year interest payments on the national debt!

But are these interest payments necessary? The answer is no. I’ll say it again: NO MORE NATIONAL DEBT!

On July 24, 2011, we did a report on yet another time when the U.S. Government approached yet another, yet far smaller, national debt limit.

The solution is exactly the same. The answers are timeless and anyone can understand them.

Here is the solution: The debt are U.S. bonds sold into the market. They carry interest, that’s why people and big banks buy them. Those interest payments are the payments on the national debt. Under this system, the interest payments will never go anywhere but up, up, up.

But we can escape. As each bond comes due, pay it off – not in Federal Reserve Notes! Pay it off with an ever form of American money – the money that won the Revolutionary War and the Civil War. Pay the bonds off in United States Notes – the oldest form of U.S. money!

U.S. Notes are not interest-bearing. Federal Reserve Notes are.

And as you gradually pay of the bonds with U.S. Notes – or their electronic equivalents – you don’t reissue new Federal Reserve Notes. Done! Make it illegal to re-issue Federal Reserve Notes. Give holders of those notes – or their electronic equivalents - one year to exchange them for the red-sealed U.S. Notes on a one-for-one basis.

That’s all you do to fix this problem. It doesn’t cost the government anything to do, and that essentially snatches the money power away from the Fed and returns the money power to Congress, which is the way it should be.
Any questions? Put them in the Comments section below, and don’t forget to “Like” this report Hit that Subscribe button below.

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