Milton Friedman: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.”
“If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or borrowing.”
Milton Friedman: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.”
“If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or borrowing.”
🚨 Americans have never been this broke before.
Google searches for “can’t pay credit card” just hit an all time high.
At the same time, US consumer confidence has collapsed to one of the lowest levels ever recorded.
The American consumer is completely running out of money.
Price changes over last year (April CPI report)
Fuel Oil: +54.3%
Gasoline: +28.4%
Electricity: +6.1%
Transportation: +4.3%
Apparel: +4.2%
Overall CPI: +3.8%
Food away from home: +3.6%
Shelter: +3.3%
Medical Care: +3.2%
Gas Utilities: +3.0%
Food at home: +2.9%
New Cars: +0.2%
Used Cars: -2.7%
United States Treasury is now paying $125 million in interest on American national debt every single hour. Every single day.
$125 million in interest payment. Every single hour.
Growing every day.
Let this sink in.
If you think gold, silver, oil, and Treasury yields are high now, they all look like they're about to explode much higher. The same is true for consumer prices in general, as inflation returns with a vengeance. This does not portend 1970s stagflation. It portends something worse.
"Americans spent over $109 billion on lottery tickets last year, which is more than they spent on movies, books, concerts and sports tickets - combined," per Charlie Bilello.