Saturday, January 28, 2023
ac.news

AC News
Alternative Central News
The True Patriot

  • Main
Menu
No Result
View All Result
ac.news
No Result
View All Result

Peter Schiff: The Dollar Is Monopoly Money Supported By A Ponzi Scheme

02/04/2022
in Economy - Business - Finance, Main, Politics & Government
Text Size: A A A
0
Peter Schiff: The Dollar Is Monopoly Money Supported By A Ponzi Scheme

USA: The national debt quietly pushed past $30 trillion on Jan. 31. But that is only the tip of the debt iceberg. The American taxpayer is on the hook for a lot more than that. In his podcast, Peter Schiff said US government borrowing and spending has turned the dollar into monopoly money propped up by a massive Ponzi Scheme.

On top of the federal government’s $30 trillion of debt, you have to add state and local government debt totaling about another $3.2 trillion. That brings the total debt to GDP ratio in the US to 142 percent. Peter called this a “shockingly high number.”

Especially when the GDP is a bunch of fluff like ours. So much of our GDP is service sector. I think only 10%, if that, is from manufacturing. So, we have a very small portion of our GDP related to producing real wealth.”

 

But that still doesn’t reveal the entire debt story. To really understand the country’s financial health, you also have to include unfunded liabilities. These are payments the government has promised to make in the future, including Social Security and Medicare. That adds another $160 trillion in liabilities to Uncle Sam’s balance sheet.

If you take the unfunded liabilities and add them to the funded debt, you’re at nearly $200 trillion.

As Peter said, this is completely unplayable.

It’s not going to be paid. And so what’s going to happen? Well, it’s going to be defaulted, either honestly or dishonestly.”

The honest way to default is to admit you’re broke and simply not pay.

Of course, it’s not going to do that. No one in Washington is willing to be honest with creditors. So, the other way is through inflation. And that’s what’s going to happen. We are going to inflate the debt away.”

That creates a whole new set of problems. Peter said the realization the US government is simply going to keep inflating will cause a run on the US dollar and US Treasuries.

A lot of people, including proponents of MMT, believe that we don’t really have to worry about credit quality. The US government will never default. Since the US borrows in its own currency, it can print virtually as much money as it needs to. Creditors won’t really be concerned, no matter how much debt the US government runs up.

But they will be concerned because they realize that we can’t repay the debt honestly through taxation because there’s just not enough money available from the taxpayer. When you’ve got the federal government, and the state and local governments, all looking for the same taxpayer, and that guy is broke, how are you going to repay this debt? You can’t. It’s going to be repudiated through inflation.”

Peter said there’s a big difference between getting repaid honestly out of taxation and getting paid dishonestly through inflation.

And if you think it’s going to be the latter, then you want to get out of Dodge.”

Imagine a simple society with one taxpayer, a creditor and the government. The government borrows $100 from the creditor. Now the taxpayer is on the hook for $100. If the government goes ahead and taxes the taxpayer, the creditor gets $100 and everybody is happy. (Except perhaps the taxpayer who is out $100.) Now, the government could decide it doesn’t want to tax the taxpayer. The government needs his vote. So instead, the government prints $100 out of thin air and hands it to the lender. In that case, the taxpayer has $100 and so does the creditor.

But now there’s another problem. The amount of goods and services in the economy hasn’t changed. Prices will double because the government has doubled the money supply.

Now the taxpayer, when he goes to spend his $100, well, he only gets $50 worth of stuff. So, he’s taken a loss. He doesn’t lose as much as if the government had taken his entire $100 and given it to the creditor. But he lost half his money, even though the government took nothing. But now the creditor, when he gets paid $100, he didn’t really get his money back. Because now prices have doubled. He can only buy $50 worth of stuff. Now, he got more money than he would have gotten had the government just defaulted and given him nothing. But because the government didn’t do that, they inflated — he still gets something. But he’s lost half of his purchasing power. That is a real loss. And that loss is going to be factored into the willingness of US creditors to continue to hold US Treasuries.”

Peter said he’s always gotten a big kick out of people who say we don’t have to pay the massive government debt back and claim the government can just keep borrowing indefinitely.

How can that be? If we don’t have to repay it, it’s really not debt. We’re really not borrowing if we don’t have to pay it back. And the thing is — if it’s true that we can borrow money and never pay it back, what kind of idiot is loaning us the money if we’re never going to pay it back? Because the important part about making a loan is getting paid back. That’s what it really boils down to. … The key is to get your money back.”

So, who is going to continue to loan the US money if we tell them right off the bat, “You’re never getting paid back.”?

Apparently, the plan is to pay the current lenders back by borrowing money from new people.

In other words, the reason we can keep on doing this is because it’s a giant Ponzi scheme. But again, if it’s a giant Ponzi scheme, why do people willingly participate? It’s because they don’t realize it’s a Ponzi scheme. They think they’re going to get paid back. When they realize they’re going to be paid back in monopoly money, they’re not going to want to lend. In fact, they’re not going to want to hold on to these Treasuries and the only buyer is going to be the Federal Reserve. And that’s when the printing press is going to overdrive and the dollar is going to fall through the floor.”

In this podcast, Peter also says the stock market is rotating, not crashing, weak economic data will make it harder for the Fed to tighten, the Fed may start blaming rising oil prices on a slowing economy, and 6 more weeks of winter is nothing compared to the crypto winter ahead.

 

by Tyler Durden

Join: 👉  https://t.me/acnewspatriots

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of AC.NEWS

Disclaimer: This article may contain statements that reflect the opinion of the author. The contents of this article are of sole responsibility of the author(s). AC.News will not be responsible for any inaccurate or incorrect statement in this article www.ac.news websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner. Reprinting this article: Non-commercial use OK. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Source: zerohedge.com
Tags: DollarMoney
Next Post
The Fed Is Trapped

The Fed Is Trapped

Comments and discussions are also open in our Telegram @acnewspatriots where all articles are automatically displayed

Discussion about this post

Latest Videos

WW3 WATCH – Breaking! Did Joe Biden Announce World War 3?   (VIDEO 133 min)

WW3 WATCH – Breaking! Did Joe Biden Announce World War 3? (VIDEO 133 min)

01/27/2023
They buried it   (VIDEO 3 min)

They buried it (VIDEO 3 min)

01/27/2023
Davos: Foreign Minister Of Slovenia Demands That Nations “Respect The Rules Of The World Order”

Davos: Foreign Minister Of Slovenia Demands That Nations “Respect The Rules Of The World Order”

01/22/2023
They’re trying to build a prison   (VIDEO 4 min)

They’re trying to build a prison (VIDEO 4 min)

01/22/2023
.@TuckerCarlson: ‘Undeniable Thrill’ To Watch Biden Get Euthanized By His Party   (VIDEO 2 min)

.@TuckerCarlson: ‘Undeniable Thrill’ To Watch Biden Get Euthanized By His Party (VIDEO 2 min)

01/20/2023
CAUGHT HIM! Rebel News pummels Pfizer CEO with questions at World Economic Forum   (VIDEO 6 min)

CAUGHT HIM! Rebel News pummels Pfizer CEO with questions at World Economic Forum (VIDEO 6 min)

01/19/2023
DAVOS CONFRONTS A NEW WORLD ORDER   (VIDEO 4 min)

DAVOS CONFRONTS A NEW WORLD ORDER (VIDEO 4 min)

01/16/2023
Top Merck Scientist Admits That Polio Vaccines Contained Leukemia, SV40, And Cancer Viruses.   (VIDEO 11 min)

Top Merck Scientist Admits That Polio Vaccines Contained Leukemia, SV40, And Cancer Viruses. (VIDEO 11 min)

01/15/2023
ON THE FRONTLINES: “GLOBAL FAMINE IS COMING”

ON THE FRONTLINES: “GLOBAL FAMINE IS COMING”

01/14/2023
WORLD BANK: GLOBAL RECESSION! – Globalists Plot Economic COLLAPSE! – What You Need To Know!

WORLD BANK: GLOBAL RECESSION! – Globalists Plot Economic COLLAPSE! – What You Need To Know!

01/14/2023
The ‘Covid’ Fake-Vaccines – The Truth Is Emerging – David Icke   (VIDEO 29 min)

The ‘Covid’ Fake-Vaccines – The Truth Is Emerging – David Icke (VIDEO 29 min)

01/14/2023
7 Facts Fauci Knew But Hid From the Public

7 Facts Fauci Knew But Hid From the Public

01/14/2023
Dr. Mike Yeadon: Latest Evidence of Premeditated Mass Murder by Lethal Injection   (VIDEO 74 min)

Dr. Mike Yeadon: Latest Evidence of Premeditated Mass Murder by Lethal Injection (VIDEO 74 min)

01/13/2023
Zionists Continue to Get Away with Murder   (VIDEO 22 min)

Zionists Continue to Get Away with Murder (VIDEO 22 min)

01/10/2023
Man In America ~Here’s What Experts Are Predicting for 2023. Get READY.   (VIDEO 41 min)

Man In America ~Here’s What Experts Are Predicting for 2023. Get READY. (VIDEO 41 min)

01/08/2023
Jan 6 Political Prisoners and the Inversion of Justice in America   (VIDEO 5 min)

Jan 6 Political Prisoners and the Inversion of Justice in America (VIDEO 5 min)

01/08/2023
‘They’ Now Say Winter VaJayJay Is Causing Blood Clots & Sudden Deaths    (VIDEO 48 min)

‘They’ Now Say Winter VaJayJay Is Causing Blood Clots & Sudden Deaths (VIDEO 48 min)

12/27/2022
WARNING from the IRS! Wait to Submit your Tax Returns! | Economic Update   (VIDEO 15 min)

WARNING from the IRS! Wait to Submit your Tax Returns! | Economic Update (VIDEO 15 min)

12/27/2022
DOCTORS EXPOSE VAX GENOCIDE! – Call For Investigation! – Mass Awakening Imminent!   (VIDEO 29 min)

DOCTORS EXPOSE VAX GENOCIDE! – Call For Investigation! – Mass Awakening Imminent! (VIDEO 29 min)

12/26/2022
RUSSIA’S DIRE CHRISTMAS WARNING! -Great Reset On Our Doorsteps! A Christmas Message From WAM!   (VIDEO 17 min)

RUSSIA’S DIRE CHRISTMAS WARNING! -Great Reset On Our Doorsteps! A Christmas Message From WAM! (VIDEO 17 min)

12/26/2022
Load More

Top Stories

3.5 BILLION could be injured or killed by the jab. Are YOU ready? —Dr. David Martin interview   (VIDEO 67 min)

3.5 BILLION could be injured or killed by the jab. Are YOU ready? —Dr. David Martin interview (VIDEO 67 min)

11/25/2022
The “Great Zero Carbon” Conspiracy and the WEF’s “Great Reset”

The “Great Zero Carbon” Conspiracy and the WEF’s “Great Reset”

11/23/2022
FTX Founder Sam Bankman-Fried Lists Bahamas Penthouse For $40 Million

FTX Founder Sam Bankman-Fried Lists Bahamas Penthouse For $40 Million

11/16/2022
Ryan Cole: What a Lot of People Don’t Know Is That the Actual Peak of Death Is Around Five Months Out

Ryan Cole: What a Lot of People Don’t Know Is That the Actual Peak of Death Is Around Five Months Out

11/16/2022
UPDATE: Toxic Vaccine Ingredient SM-102 Has Connection To Epstein Genome Project   (VIDEO 24 min)

UPDATE: Toxic Vaccine Ingredient SM-102 Has Connection To Epstein Genome Project (VIDEO 24 min)

11/16/2022
We have been taught to believe they never existed but the evidence is there    (VIDEO 18 min)

We have been taught to believe they never existed but the evidence is there (VIDEO 18 min)

11/15/2022
Robert Faurisson against the Kazharian Mafia to his last breath

Robert Faurisson against the Kazharian Mafia to his last breath

11/04/2022
Global Digital IDs Are Coming to America and Nobody Is Allowed to Talk About It

Global Digital IDs Are Coming to America and Nobody Is Allowed to Talk About It

11/04/2022
Scientists worldwide claim all Covid-19 Vaccines contain Nanotechnology & Graphene Oxide

Scientists worldwide claim all Covid-19 Vaccines contain Nanotechnology & Graphene Oxide

11/03/2022
“They Are Going To Frame Me”: 29-Year-Old Stablecoin Innovator Found Dead After Tweeting About “CIA And Mossad Pedo Elite”

“They Are Going To Frame Me”: 29-Year-Old Stablecoin Innovator Found Dead After Tweeting About “CIA And Mossad Pedo Elite”

11/02/2022
Doctors find Graphene is shedding from the COVID Vaccinated to the Unvaccinated, forming Blood Clots & decimating Blood Cells

Doctors find Graphene is shedding from the COVID Vaccinated to the Unvaccinated, forming Blood Clots & decimating Blood Cells

10/27/2022
Extremely important Russian warning to the UN Security Council (MUST SEE)

Extremely important Russian warning to the UN Security Council (MUST SEE)

10/27/2022
Many People Fully Vaccinated for COVID Are Now Going Blind

Many People Fully Vaccinated for COVID Are Now Going Blind

10/26/2022
Is New World Order Losing War Against Russia?

Is New World Order Losing War Against Russia?

10/19/2022
Biden Signs Executive Order Designed to Unleash “Transhumanist Hell” on America and the World

Biden Signs Executive Order Designed to Unleash “Transhumanist Hell” on America and the World

10/18/2022
New Data Proves Everything We’ve Been Saying About Vaccines   (VIDEO 13 min)

New Data Proves Everything We’ve Been Saying About Vaccines (VIDEO 13 min)

10/18/2022
Why The Globalist Elite Had To Destroy the Georgia Guidestones in 2022

Why The Globalist Elite Had To Destroy the Georgia Guidestones in 2022

10/18/2022
How to Destroy Russia. 2019 Rand Corporation Report: “Overextending and Unbalancing Russia”

How to Destroy Russia. 2019 Rand Corporation Report: “Overextending and Unbalancing Russia”

10/17/2022
UN food chief warns of “chaos,” “hell,” “devastation” from FAMINE … expect price controls, rationing and criminalization of preppers … HIDE YOUR FOOD

UN food chief warns of “chaos,” “hell,” “devastation” from FAMINE … expect price controls, rationing and criminalization of preppers … HIDE YOUR FOOD

10/10/2022
MORE EVIL THAN HITLER: American Medical Association endorses horrific medical MUTILATIONS of children, demands police state DOJ arrest anyone who disagrees

MORE EVIL THAN HITLER: American Medical Association endorses horrific medical MUTILATIONS of children, demands police state DOJ arrest anyone who disagrees

10/07/2022

Archives

<
January 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
▼
>
MonTueWedThuFriSatSun
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      

Contact Us

    © AC.news  | Notice On Rasism | Privacy Policy | Terms and Conditions

    No Result
    View All Result
    • Main
    • Opinion
    • Politics & Government
    • Crime – Terrorism – Corruption
    • Health – Medicine – Big Pharma
    • Freedom – Resistance – Censorship
    • Science & Tech
    • Army – Wars – Military
    • Economy – Business – Finance
    • Society – Family – Education
    • Media – Curiosities – Entertainment
    • Ecology – Climate – Ecoterrorism
    • NWO – Deep State – Tyrrany
    • Disasters – Survival – Prepping
    • History & Religions
    • Depopulation – Genocide
    • Immigration – Islam – Jihad
    • Racism – Gender – LGBTI
    • Mysteries – Paranormal – UFO
    • Spiritual
    • Videos

    © 2022 AC.news