The debt limit bill that just passed Congress will remove all borrowing restrictions until 2025.
Debt Ceiling Charade 😮
The recent debt "ceiling" deal has eliminated any restrictions on borrowing until January 1, 2025.
So if there is any recession during 2023-2024 … they have unlimited borrowing authority to re-inflate the bubble. pic.twitter.com/fMJpcxp8U1
— Wall Street Silver (@WallStreetSilv) June 2, 2023
There’s apparently all sorts of other bad shit in the bill that I did not have the time to look into or analyze.
The bottom line is that they are just going to print money until the money printer breaks. This means Americans will be paying even more for food and other basic necessities.
As they devalue the currency, the Federal Reserve continues to jack up interest rates which is crashing the real estate market. Homes and real estate are major stores of wealth for the middle class. These higher interest rates is undermining that.
🚨🚨🚨
Applications for mortgages to purchase a home dropped for the third week in a row, from already low levels, to the third-lowest volume since 1995 😮
Fed still considering raising rates …
Have they reached the level of overshoot?
Monetary policy error?Ht Wolfstreet pic.twitter.com/BcTpoEB3NO
— Wall Street Silver (@WallStreetSilv) June 2, 2023
So basically you’ll have deflation in the housing market while the cost of everything else goes up.
What they are doing is exactly what I would do if I wanted to target and destroy what’s left of the American middle class. It is transparently obvious that this is what they are doing.
All the tough talk about removing House Speaker Kevin McCarthy by the supposedly “based” Republicans has so far been talk. This doesn’t shock me in the least. You’d think this debt limit fiasco would be the last straw, but it doesn’t appear as if anybody has any courage or will to do anything. America is doomed.
