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The Department of Treasury is issuing record levels of debt, with $7 trillion issued in just 3 months and $23 trillion in a year. This has bloated the treasury market, raising concerns about a potential crash. The economy is propped up by debt, with federal debt rising by $1 trillion every 90 days. US treasuries are seen as cash but are actually promises to pay back in the future. The illusion that all debt will be repaid is crucial, as any doubts could lead to a financial system collapse. Fiscal trends are worsening, with a $2 trillion deficit that will increase during a recession. Collapse seems inevitable without intervention. Visit profsaintonj.com for more details.

The federal government is overspending, with deficits hitting record highs due to wars, welfare, and interest on debt. Tax revenue is not keeping up with spending, leading to a ballooning national debt. Interest payments on debt are consuming a large portion of tax revenue, making the situation unsustainable. The government shows no signs of cutting spending, leading to predictions of inflation, defaults, and debt crises in the future. This financial Ponzi scheme could end in disaster if not addressed soon.

This hearing of the Oversight Subcommittee on Doge will focus on bringing full transparency to waste, fraud, and abuse within the federal government. Our national debt is $36 trillion, and the compounding interest is growing out of control, projected to exceed our entire military budget. These interest payments don't serve Americans; they enslave us to those who own our debt, driving inflation and crippling small businesses. This debt results from Congress and elected administrations, betraying the American people. Unlike private businesses that depend on customer service and smart financial management, the federal government takes our tax dollars regardless of its performance. We must tackle this problem together, setting aside political theater. This subcommittee will fight the war on waste with President Trump, Elon Musk, and the Doge team, starting with improper payments in Medicaid and Medicare. The American people are watching.

The national debt is projected to reach $144 trillion in 30 years, causing concern about its impact on the economy. The US federal government is on an unsustainable fiscal path as the debt grows faster than the economy. Borrowing from future generations is worrisome, and it's crucial to prioritize fiscal sustainability sooner rather than later. Two important factors for American prosperity are the dynamic and innovative economy, which sets it apart from other countries, and the role of the United States as the leading voice in supporting and defending democracy and security arrangements globally. Politics does not influence the Federal Reserve's decisions on timing, as incorporating politics could lead to worse economic outcomes. The Federal Reserve values integrity and plans to maintain it.

The Federal deficit is much larger than reported due to the way Biden's team hid student loan cancellations. The deficit for the previous fiscal year was $1.7 trillion, a 20% increase from the previous year. However, the actual increase was $600 billion, making the deficit $2 trillion. This puts the US on track to be $45 trillion in debt by 2033 and $144 trillion by 2053. Debt service, recessions, and wars further contribute to the deficit. Debt service costs are rising, recessions increase spending and decrease tax revenue, and wars add to the financial burden. With additional plans for global warming funds, corporate welfare, and welcoming illegal immigrants, the Treasury will continue to be looted until there are consequences.

The speaker expresses disbelief at being involved but feels compelled to address the growing $2 trillion federal budget deficit. The speaker's "wake up call" was realizing that interest payments on the national debt now exceed the Defense Department budget. The speaker fears that if the debt issue isn't addressed, the U.S. will be servicing debt indefinitely, leaving no funds for other priorities. The speaker states the goal is to prevent American bankruptcy. Despite difficulties managing other businesses, the speaker is focused on making government more efficient and eliminating waste and fraud, reporting good progress so far.

The speaker discusses the impact of the budget increase under President Biden, highlighting the disparity between spending and income for Americans. They mention rising inflation rates, job losses, and increasing debt relative to GDP. The speaker questions the sustainability of the current economic direction, emphasizing concerns about high taxes, job losses, and growing debt levels.

I didn't hear any mention of spending or national debt, which is concerning. We need to control spending to address broader issues. The national debt is a symptom of the nanny state, which consists of three parts: the entitlement state, the regulatory state, and the foreign policy nanny state. To tackle the entitlement state, we should attach work requirements to government aid. For the regulatory state, we need to reduce the number of federal bureaucrats and eliminate unconstitutional regulations. Lastly, we should implement zero-based budgeting for federal expenditures, including foreign aid. By dismantling these areas of unnecessary spending, we can effectively address the national debt and restore self-governance in the country. The focus should be on these root causes, as resolving them will lead to a healthier economy and civic responsibility.

Speaker 0 argues Republicans pretend to care about the debt yet vote for spending, noting they would "expand Social Security by a $100,000,000,000" while "Social Security's already gone bankrupt." He warns of a possible "sudden loss of confidence in the dollar" and cites debt costs: "a trillion dollars a year" in interest (18% of tax revenue). He says Democrats rely on "modern monetary theory" while Republicans "pretend to care" but keep spending. His cure is the "penny plan"—freeze, then 1% cuts, then a "6% cut of everything" across the board, with means testing for Social Security/Medicare and a gradual retirement age to 70. He criticizes the "$500,000,000,000" "not so beautiful bill" and backs a "rescission package" to roll back existing approvals, e.g., capping Obamacare expansion and shifting Medicaid costs to the states, saving about $1 trillion over ten years. He outlines three scenarios: deflation, domestic unrest, and war, and notes currencies, gold, and crypto havens. He praises Elon Musk; Mille could not run for president because he was born in Argentina.

The speaker argues that US fiscal deficits are unstoppable due to a decoupling of unemployment and deficits since 2017. Historically, deficits rose during recessions and fell during economic booms, but now deficits remain high despite low unemployment. This matters because deficits impact asset prices, especially scarce ones like gold and Bitcoin. Real interest rates and gold prices have also decoupled, with gold soaring despite high interest rates, indicating a shift. Federal debt growth now consistently outpaces private sector debt growth, impairing the Fed's ability to control credit growth through interest rates. Raising rates now increases the federal deficit faster than it slows private sector credit growth. This is driven by high debt levels, the end of structurally declining interest rates, and the spending down of the Social Security trust fund as baby boomers retire. The current fiat system relies on continuous debt growth, making deleveraging nearly impossible. The speaker concludes that large fiscal deficits will persist for the next decade due to this system and human nature, making scarce assets like Bitcoin a valuable protection.

I wear a debt badge synced to the treasury to highlight the urgency of our national debt. It's hard to grasp trillions, but seeing the numbers climb rapidly makes it real. We're essentially launching cyber trucks of debt into the ocean every second. Lawmakers are apathetic, but we can't keep ignoring it. We're taxing the world by printing money as the reserve currency, but that won't last. We're weaponizing the dollar with sanctions and seizing assets, discouraging other countries from using or buying our debt. Some colleagues understand the problem, but vote for it anyway because it's popular. Our military-industrial complex drives endless spending, creating ill will and creating enemies. I try to make people realize there are consequences to their actions on the floor of the House, but I still am against sending our money overseas for these purposes.

America is going bankrupt quickly, but nobody seems to notice. The Defense Department budget is a trillion dollars a year. Interest payments on the national debt have exceeded the Defense Department budget and are over a trillion dollars a year and rising. The U.S. is adding a trillion dollars to the debt every three months, soon to be every two months, then every month. Eventually, the only thing the U.S. will be able to pay is interest. This situation is like a person with too much credit card debt and does not have a good ending. Spending must be reduced.

The speakers discuss a sharp warning signal they see in precious metals and the implications for the broader economy. Speaker 0 notes that gold prices have more than doubled in the last year and silver prices have nearly tripled. They interpret this as a major warning of an impending financial and economic crisis. They compare this to the subprime crisis warning in 2007, when Ben Bernanke said the issue was contained to subprime and many did not grasp its significance. The speaker explains they were short the market and anticipated the crisis, which subsequently materialized about a year later. Based on the current situation, they believe gold and silver’s rise signals a forthcoming dollar crisis and a US Treasury crisis, suggesting it could hit next year and emphasizing that people need to take action while there is time. The core message is that the metal price increases are not merely inflationary signals but warnings of structural vulnerabilities in US sovereign credit and the dollar, with a potentially tight timeframe for response. Speaker 1 adds that a significant portion of our debt remains sustainable in part because we can trade global currencies, which allows politicians to continue spending more than would otherwise be possible. This point underscores how the international currency system enables higher debt levels and ongoing fiscal expansion, contributing to the conditions that the speakers warn about. Key assertions include: 1) gold and silver surges reflect a looming US dollar and US Treasury crisis rather than just typical commodity inflation; 2) the crisis could emerge within a short horizon, possibly next year; 3) historical parallel to the 2007 subprime episode is used to support the claim that seemingly contained problems can escalate into a major crisis; 4) the global currency system’s flexibility enables continued high spending, contributing to fiscal vulnerabilities. The overall message is a warning to prepare for a potential financial crisis tied to sovereign credit and dollar stability, emphasizing swift consideration of actions in light of the perceived urgency.

I'm wearing this debt badge that syncs to the treasury, showing the debt to the penny and how fast it's growing. It's a hundred thousand dollars a second, like launching cyber trucks into the ocean continuously. Lawmakers are apathetic, but I'm trying to make them realize the consequences. We're able to finance this because we're the world's reserve currency, effectively taxing the world through inflation. But this won't last. Ironically, sanctions are pushing countries away from using the dollar. Seizing other countries' assets is immoral and shortsighted, discouraging them from buying our debt. Some colleagues understand this, but vote for things anyway because it's popular. I keep dissenting, voting against foreign aid and proxy wars. It's not about right versus left, but honesty versus falsehood.

We are working to cut a trillion dollars from the deficit because if we don't get the deficit under control, America will go bankrupt. A country is no different than an individual. If you overspend, you will go bankrupt, and the massive waste and abuse that has been going on has led to a $2 trillion a year deficit. That is what the President was handed on January 20th: a $2 trillion deficit. It's insane.

A significant goal of this presidency is to restore democracy by fixing the feedback loop between the people and the government. Currently, an autonomous bureaucracy often overrides the will of elected representatives, which contradicts the essence of democracy where the public, through the president, house, and senate, should decide what happens. Additionally, we must address the $2 trillion deficit. The interest payments on the national debt now exceed the defense budget, which is unsustainable. Reducing federal expenses isn't optional; it's essential for America's solvency. Without addressing this, we risk bankrupting the country and losing the resources needed to serve our citizens, because we will be stuck servicing vast amounts of debt.

Peter Schiff and the hosts discuss how surging gold and silver prices relate to potential banking instability and a broader dollar crisis. Key points: - Silver production is about 800,000,000 ounces per year, while bank shorts on silver are claimed at 4,400,000,000 ounces according to some reports. The implication is that if silver continues to rise, the biggest banks in America could face severe coverage challenges for their short positions. The discussion notes that many banks are “barely covering their asses to stay afloat.” - Gold and silver price levels are highlighted: gold at about $4,600 per ounce after a bounce, and silver at about $92 per ounce. Peter Schiff, introduced as a silver and gold expert and economist, has authored The Real Crash, How to Save Yourself and Your Country, and America’s Coming Bankruptcy. The host mentions the book. - Peter Schiff’s perspective on timing and crisis: he says the 2013 book predicted the current situation and that gold and silver have risen significantly—gold up, silver up substantially. He believes the price moves signal a major warning of a financial or economic crisis, comparing it to the subprime warning before the 2008 crisis. He asserts this time the warning concerns the U.S. government sovereign credit and a potential dollar crisis and U.S. Treasury crisis, possibly unfolding next year. - Connection to global debt and the dollar: Schiff explains that much debt is sustainable because the U.S. dollar serves as the global reserve currency, enabling continued spending. He notes foreign central banks buying gold instead of U.S. Treasuries, moving out of dollars into gold, and cites U.S. intervention in oil-rich Venezuela as part of broader moves to keep oil prices down. He argues that the dollar’s reserve status is eroding, and a meaningful decline in the dollar relative to other currencies could soon impact consumer prices and interest rates, leading to higher costs for Americans. - Impact on the average person: Schiff asserts that the reserve currency status has long supported a standard of living that relies on importing goods paid for with dollars created “out of thin air.” As the dollar collapses and the world shifts away from the dollar, the dollars earned and saved by ordinary people will buy less, with price spikes across goods and services. He suggests a future scenario where prices rise dramatically while wages do not keep pace, giving an example of a hamburger potentially rising from $15 to $30 or $50, and services versus goods diverging in price movement. - Preparation and investment stance: Schiff emphasizes that gold and silver have performed well since the turn of the century, outperforming the Dow in real terms. He argues for moving wealth into real money rather than paper assets and notes, in general terms, opportunities in mining stocks as a hedge, including juniors and mid-tier producers. He references the broader strategy of diversifying out of U.S. stocks, bonds, and dollars to protect wealth during what he describes as a coming real crisis; he stresses focusing on real assets rather than relying on the dollar. - Final remarks: Schiff reiterates that the crisis is coming and that some Americans should consider protecting wealth through precious metals and mining opportunities, while the hosts acknowledge the outlook and thank him for the insights.

The speaker joined the Trump campaign and administration due to alarm over high government spending, unprecedented outside of war or recession. The Biden administration continued this spending, which was uncriticized due to its allocation towards green programs and overseas engagement. The current goal is to correct course by deleveraging the government and releveraging the private sector through spending cuts and lowered interest rates. Deregulating the banking system will allow banks to lend to the private sector, especially Main Street and community banks. As the government shrinks, the private sector will expand, with the private sector absorbing excess labor from the government.

The speaker expresses concern about $2,000,000,000,000 deficits, claiming they are destroying the future for children and grandchildren, contrasting them with previous $400,000,000,000 deficits. They state Donald Trump cares about balancing the budget, which they believe will lower interest rates. The speaker suggests the world leans on and breathes off the U.S. economy, which has a $29,000,000,000,000 GDP and consumes $20,000,000,000 a year. They propose that since the U.S. buys everyone's goods and services, other countries should pay a "membership fee." They suggest reducing or eliminating taxes, including taxes on tips, overtime, and Social Security. The speaker claims Trump's goal is no tax for anyone making less than $150,000 a year.

Jerome Powell, the Fed chair, criticized federal spending, stating that the current path is unsustainable. This is significant because Powell has been supportive of Congress's spending habits. The US is facing massive deficits and increasing debt, which is draining the economy and posing a threat to the financial system. The Fed's role is not to manage the economy but to print money and deliver it to Wall Street and Congress through cheap debt. Powell's criticism is noteworthy as it shows concern about excessive printing. However, Congress continues its spending spree without any checks or balances. The media fails to address this issue, leaving most Americans unaware of the impending crisis.

Speaker 0 argues Republicans pretend to care about the debt but vote for all the spending: "We're gonna expand Social Security by a $100,000,000,000." "Social Security's already going bankrupt." He warns of "cataclysmic" events and a possible loss of confidence in the dollar. Speaker 1 adds: "The US right now is paying a trillion dollars a year just for the interest on its debt, which is about $36,000,000,000,000." They discuss three scenarios—"deflating the currency," "domestic unrest," and "war"—and a possible bond-market collapse. The plan: a "penny plan"—"1% cut" rising to a 6% across-the-board reduction, with "means testing," raising the Social Security/Medicare age, and capping Obamacare expansion by shifting Medicaid costs to the states. He praises Elon Musk and opposes ending legal immigration as "morons."

The American people are sick of the lies, cheating, and spending. We're seeing the climax of living beyond our means, fueled by the dollar's reserve currency status. The country is bankrupt, morally and financially, with moral bankruptcy leading to abuse of power. Some in Congress want to cut back spending, but there are loopholes. Congress is not doing its job by passing appropriation bills. Trump is asking Republicans to vote for a bill that largely maintains current spending levels, with an additional $8 billion for military spending. They are always trying to kick the can down the road, they are not cutting spending. The whole system is massive, abused, and immoral. It's going to take some time to fix this issue.