Debt Ceiling Debate and the Impending Showdown
The financial revolution is currently underway, as the global finance system is breaking apart due to excessive debt and insufficient production. I explain that when the money supply grows faster than goods and services, inflation occurs, leading to rising prices. I identify debt as a drag on production and productivity. I talk about the impending debt ceiling debate in the United States and the possibility of a technical default if a deal is not reached in time. The Republicans have offered to raise the debt ceiling by 1.5 trillion dollars, but the Democrats reject this proposal, leading to a constitutional showdown. Regardless of the outcome, I believe that massive money printing is inevitable, with the only point of contention being the extent of it.See omnystudio.com/listener for privacy information.