Re: OT: America could go bankrupt : Musk

On Sat, 26 Oct 2024 06:34:34 GMT, Jan Panteltje <alien@comet.invalid>
wrote:

On a sunny day (Fri, 25 Oct 2024 09:06:15 -0700) it happened john larkin
<JL@gct.com> wrote in <v7gnhj528cseu16a7lj5shh62lha3aohmo@4ax.com>:
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On Fri, 25 Oct 2024 04:32:40 GMT, Jan Panteltje <alien@comet.invalid>
wrote:
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America could go bankrupt – Musk 
From:
https://www.rt.com/news/606373-musk-us-bankruptcy-debt/
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As rt.com may be bocked in your country, here is the article
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America could go bankrupt – Musk
The cost of servicing the federal debt will absorb tax revenue, leaving nothing for critical needs, the tech billionaire has
predicted
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The US is spiraling towards bankruptcy and will quickly go bust if Washington doesn’t stop spending so much money,
Tesla and SpaceX CEO Elon Musk has warned.
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Musk was commenting on a post on X, which highlighted skyrocketing interest payments on US government debt.
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“We now pay nearly $1.2 trillion per year in interest on the debt,
about 23% of all taxes, tariffs and fees collected by the US govt goes to paying interest on the debt,�
the Wall Street Silver account posted.
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Musk replied, warning that “if there is not a radical reduction of government expenditures,
then, just like an individual who has taken on too much debt, America will become de facto bankrupt.�
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“The interest on the debt is trending to rapidly absorb all tax revenue, leaving nothing for critical needs,â€? he added.
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Musk previously pointed out in September that the cost of servicing the vast US federal debt has outstripped
the current defense budget, which topped $840 billion this year.
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The US Treasury announced in late July that the national debt had surpassed $35 trillion, soaring by a trillion in a six-month
period.
The current figure is $35.7 trillion, according to the US Debt Clock.
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This is not the first time the tech billionaire has sounded the alarm over US debt.
Earlier this year, Musk said that the current rate of government spending was putting the US in the fast lane to bankruptcy,
and that government overspending was stoking inflation.
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In September, he wrote that every trillion dollars of debt added is money that “our kids and grandkids are going to have to
pay somehow.�
If debt keeps growing at this pace, Musk warned, the US will be trapped in a vicious cycle where “the only thing we’ll be
able to pay is interest.�
You can share this story on social media:

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The US can't go bankrupt; it can print all the money it needs.

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Well you may get barter and gold trade.
https://www.reddit.com/r/preppers/comments/y9fpuv/buying_silver_and_gold_for_bartering/
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https://en.wikipedia.org/wiki/Modern_monetary_theory
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MMT is, at its core, a full-employment program for economists.

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Yes, its a long read, and people disagree with each other.
In the end you need food and housing,
even if government is dead or hiding in caves in fear of nukes from countries that want their money back... or grab your stuff.
If there is no gov to enforce the value of the paper it prints...
That leaves barter.. Pay the farmer for milk, meat, grains,  by services like plowing his fields etc.. making stuff he needs..
Other less essential things.. millions will die ..
Bit of climate change .. migration... future of mankind?
We are likely just a transient.
Happening all over the universe!
All connected. quantum coupled if you will.
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There was a video yesterday, on BeepBeebSee I think it was, of wasps or bees defending their nest in a tree against a drone used to look at it..
The drone ended covered up with insect parts and poison.
Each insect sacrifizing itself to defend their nest.
All for nothing, nest was removed later.
There but for fortune, go you and I. (song)
Joan Baez - There But For Fortune - YouTube
 https://www.youtube.com/watch?v=S4BYOJ1tc-k
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Some of her notes were perfect sine waves on an oscilloscope, the only
ones I've seen.