U.S. Economic Crash Worse than 2008 – #1 Reason to Buy Bitcoin Today

U.S. Economic Crash Worse than 2008 – #1 Reason to Buy Bitcoin Today

definitely prints money and it definitely lends that money which is why uh the government definitely prints money and then it lends that money by uh by selling bonds uh is that what they do this clip is absolutely insane you see this is Jared Bernstein he is the chair of the Council of economic advisors he advises Biden on economic policy and he appears to Short Circuit when asked a simple question about money they they um they yeah they they um the question was we hear a lot about the national debt but do currency issuing governments like the US really borrow their own currencies watch today’s whole video because at the end I’ll react to this also there was a gold versus Bitcoin debate on Crypt banter last night this is emblematic of the fact that the economy is kind of a mirage the government just prints money and it ends in a bond market collapse when people realize that they’re Lending money to the most bankrupt organization on Earth this really says everything to the absurdity we’re actually seeing from these policy makers but like the video watch this clip and let’s react after the US government can’t go bankrupt because we can print our own money it obviously begs the question why exactly are we borrowing in a currency that we print ourselves I’m waiting for someone to stand up and say why do we borrow our own currency in the first place like you said they print the dollar so why why does the government even borrow well um the uh so the I mean again some of this stuff gets some of the language that the mm some of the language and concepts are just confusing I mean the government definitely prints money and it definitely lends that money which is why the government definitely prints money and then it lends that money by uh by selling bonds uh is that what they do they they um they yeah they they um they sell bonds yeah they sell bonds right because they sell bonds and people buy the bonds and lend them the money yeah so a lot of times a lot of times at least to my year with with mmt the the language and the concepts can be kind of unnecessarily confusing but there is no question the government prints money and then it uses that money to um uh uh so um yeah I I guess I’m just I don’t I can’t really talk I don’t I don’t get it I don’t know what they’re talking about like CU it’s like the government clearly prints money it does it all the time and it clearly borrows otherwise we wouldn’t be having this debt and deficit conversation so I don’t think there’s anything confusing there so first off right off the bat Bernstein’s answer is wrong the government does not print money the federal reserve prints money yes the US Mint prints paper money but only on behalf of the Federal Reserve it’s a small yet significant distinction but somebody who advises on economic policy should know but to me the bigger issue is the incompetence the people in charge really can’t articulate how this system is supposed to work how we get out of this overwhelming debt to the country I’m an optimistic guy but I also can do math I can do math and you can look at the debt of the government and you can look at the economy and how it’s growing and how it could potentially grow and there’s zero chance zero chance that this doesn’t end in a bond market collapse because there’s no historical precedent none under which the federal government ever Cuts spending other than the anomaly of after World War II the federal government will not cut spending and thus the debt will keep going up and it will not be solved and it will cause a bond Market collapse and the whole world’s going to suffer for it now the only way in the short term to actually solve this for the United States is to print more money devaluing the purchasing power of your savings your US dollar that’s why I buy Bitcoin that’s why Bitcoin solves this and whether you’re a gold bug or a Bitcoin believer we all understand the problem the economy has right now I don’t think the economy is good at all I think it’s an illusion created by statistics I think the reason that Biden is the most unpopular president in modern history the reason reason Harris is the most unpopular vice president is because the economy is lousy in fact that’s where Biden scores the lowest is on the economy I think that we’re suffering from 20 years of monetary fiscal policy mistakes uh inflation has driven the cost of living up maybe 30 40% in the last few years uh as a result American families are struggling they’re borrowing uh consumer credit or debt is at an alltime record high credit card debt household debt savings have collapsed Americans are forced to work two or three jobs uh we’ve never seen uh so much Moonlighting in the United States so people are having to give up their evenings give up their weekends they’re taking extra jobs because there’s the only way they can pay the rent put food on the table keep the lights on uh so I think we have a very weak economy look at the debt our budget deficits are running at maybe three to four trillion a year almost a trillion dollars a quarter our trade deficits are trillion dollars a year so we’re hemorrhaging red ink we’re living off of debt and government spending and I think we’re benefiting from the fact that other countries are also suffering from the same monetary and fiscal policy mistakes and that’s causing people to take refuge in the dollar so I think the dollar remains overvalued versus other Fiat currencies it’s losing value in terms of purchasing power it’s losing value uh in terms of gold but the fact that it’s not losing as much value as the Yen or the Euro or the pound is temporarily I think propping up the economy but I think we’re headed for a dollar crisis and a sovereign debt crisis uh that’s going to result in a you know massive uh economic financial crisis much worse than what we had in ‘ 08 much worse than anything we experienced during Co and say what you want about Peter Schiff but as I was watching the full debate on Crypt banter Channel last night I respect Peter for being able to articulate so well the problem okay so before I move on to other I mean I just want to um what do you think the timeline is for this collapse right now we’re spending $1.1 trillion a year on interest on the debt that’s more than we spend on National Defense by next year it’ll be up to 2 trillion so interest on the debt will be more than we spend on Social Security and Medicare and within a couple more years just with interest rates where we are you’ll be looking at a situation where 100% of all tax revenue is needed just to pay interest on the debt not any of the principle but just to pay the interest so clearly uh there’s going to be a debt crisis that’s coming it’s it’s it’s relatively soon and I think it’s going to manifest as a currency crisis because rather than defaulting which would be you know the least bad alternative we’re going to inflate the FED is going to go back to quantitative easing in a big way I think we’re going to print more money uh in the next round than in one two three and four combined and I think the markets don’t expect this right now they think the FED has succeeded and that inflation has headed back down to 2% there’s not a chance that that’s going to happen the maret said the same thing so the inflation of the US dollar is not going away in fact to get out of this crushing debt the United States will only have to turn on the printers again and while the answer is either gold or Bitcoin that’s being debated I feel like uh I feel like you guys are like in Plato’s Cave like arguing about the Shadows on the wall and I’m sitting out here and just using a different Financial system that works as it ad was advertised like 15 years AO go and um I wish I I respect both of you and I wish I could just convey that like it just works like if you just use it it just works and it defeats immediately the argument that it has no utility and its track record of performance and growth over time where it’s gone through multiple Bubbles and recovered and gone on to a higher one and recovered and gone on to a higher one you can’t dismiss it as a beanie baby you can’t dismiss it as tulips there is no bubble or Ponzi scheme in history that ever had a second Peak that went higher than the first one you need new arguments if you’re invested in cryptocurrency be sure to click subscribe we drop one video per day keeping you informed see you tomorrow

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TimeStamps:
00:00 Intro
01:12 US Economy Advisor Can’t Answer a Simple Question
03:28 “Zero Chance This Doesn’t End in Bond Market Collapse”
06:15 Peter Schiff – Warning About Upcoming Crash
07:31 #1 Reason to Buy Bitcoin Today

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