Speaker McCarthy pushes for ‘debt limit negotiations’ with President Biden on $31.4 trillion debt as we stare into an abyss of ever larger banks.
https://dailytorch.com/2023/04/speaker-mccarthy-pushes-for-debt-limit-negotiations-with-president-biden-on-31-4-trillion-debt-as-we-stare-into-an-abyss-of-ever-larger-banks/
House Speaker Kevin McCarthy has opened the door for negotiations on increasing the $31.4 trillion national debt ceiling in his New York Stock Exchange speech, stating, “Debt limit negotiations are an opportunity to examine our nation’s finances,” as House Republicans propose cutting a perfectly reasonable $72 billion. U.S. financial institutions, retirement funds, mutual funds with their share of treasuries have risen from about 17 percent in 2008, or $1.7 trillion, to a massive $11.9 trillion, or 38 percent today — the largest single holder of the debt. Going forward, with foreign investment dwindling and limits on how much the Federal Reserve can accumulate without inflation, almost all of the money we need to finance the national debt going forward will have to come from there with ever larger banks in the U.S., which will likely mean more regulation, more capital controls (i.e. digital currency), higher insurance premiums and fees, and much larger asset prices to keep the financial system solvent — and very likely less liberty. Maybe that’s the idea. We’re staring into an abyss.
