US Economy is doing great

[FatCity]

I know this because the people in power that screw kids tell me so, but I was looking for the political scientists of ECCIE that copy & paste news articles and mindlessly cheer their team on to give me the real scoop.


What does this mean?
https://www.globaltimes.cn/page/202307/1294900.shtml
BRICS to discuss dollar alternatives at August summit

As South Africa will host the 15th BRICS Summit in its financial hub Johannesburg from August 22 to 24, the five BRICS countries - Brazil, Russia, India, China and South Africa - will discuss establishing sustainable payment mechanisms for mutual trade, among the key issues to be discussed at the summit.

The move comes as more and more developing countries are seeking alternatives to reduce their dependence on the US dollar. Experts said that the dollar, used as a tool for the US to exercise international hegemony, has resulted in great uncertainty for the recovery of the world economy.

Does this mean will see increases/decreases to the price of whores?

[Why_Yes_I_Do]

Originally Posted by FatCity

...Does this mean will see increases/decreases to the price of whores?

Mo ho's means lower prices. Though I would still avoid S/Ws in San Fran Nan's district.

[Tiny]

Russia saw something like 300 billion of its reserves confiscated in response to its invasion of Ukraine. Iran had $150 billion confiscated if I recall correctly. China, Brazil and other countries see the writing on the wall. The solution for them is to stop using the dollar, and secondarily the Euro and Yen, as a reserve currencies and figure out an alternative to the SWIFT system for international payments, which the U.S. and Europe can manipulate to sanction countries like Russia.

It would be interesting to know Texas Contrarian's and Lusty Lad's view on this. I suspect that if the USD were no longer the world's predominant reserve currency, the effect would be negative, on interest rates and our ability to finance our debt at least.

Originally Posted by FatCity

Does this mean will see increases/decreases to the price of whores?

Do you travel to other countries for poontang? If so, I expect the effect would be negative. You'll pay more in US dollar terms for that Colombian hooker. On the other hand, if you predominately bang USA poontang and have a lot of Swiss Francs or whatever and not many dollars, it could be positive.

[biomed1]

Of The Following . . .

#10 - Topics regarding children, and certain images depicting children are not material for an adult-themed board. You must be at least 18 years of age to register and participate here, and along those lines, our subject matter is to surround individuals of the proper age range. Any mention or reference to underage sex is strictly forbidden and may result in loss of your posting privileges.

[Why_Yes_I_Do]

We are about to approach a never before seen epoch where just the interest payment on the National debt will be $1Trillion dollars. Imagine the size of that number if converted to Pesos or Yen.

No earthly idea why the images (graphs) are not embedding as per usual. I could report it to management, but I would not like to distract them from fixing the Search feature at this time.

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion
Published: July 15, 2023 Source: ZeroHedge

There was a shocking number in today's latest monthly US Budget Deficit report. No, it wasn't that US government outlays unexpectedly soared 15% to $646 billion in June, up almost $100 billion from a year ago...

https://assets.zerohedge.com/s3fs-pu...?itok=SThHQwUN

.. while tax receipts slumped 9.2% from $461 billion to $418 billion, resulting in a TTM government receipt drop of over 7.3%, the biggest since June 2020 when the US was reeling from the covid lockdown recession; in fact never have before tax receipts suffered such a big drop without the US entering a recession.

https://assets.zerohedge.com/s3fs-pu...?itok=R-FDEki4

Needless to say, surging government outlays coupled with shrinking tax revenues meant that in June, the US budget deficit nearly tripled from $89 billion a year ago to $228 billion, far greater than the consensus estimate of $175 billion. One can only imagine which Ukrainian billionaire oligarch's money laundering bank account is currently enjoying the benefits of that unexpected incremental $50 billion US deficit hole: we know for a fact that the FBI will never get to the bottom of that one, since they can't even figure out who dumped a bunch of blow inside the White House - the most protected and surveilled structure in the entire world.

And with the monthly deficits coming in higher than expected and also far higher than a year ago, it is also not at all surprising that the cumulative deficit 9 months into the fiscal year is already the 3rd highest on record, surpassed only by the crisis years of 2020 and 2021: at $1.393 trillion, the fiscal 2022 YTD deficit is already up 170% compared to the same period last year.

https://assets.zerohedge.com/s3fs-pu...?itok=wueKcr7H

Again, while sad, none of the above numbers are surprising: they merely confirm that the US is on an ever faster-track to fiscal death, but not before the Fed is forced to monetize the debt once again (one wonders what financial crisis the Jekyll Island folks will invoke this time to greenlight the next multi-trillion QE).

No, the one number that was truly shocking was found all the way on page 9, deep inside Table 3 of the latest Treasury Monthly Statement: the only highlighted below, and which shows that in the 9 months of the current fiscal year, the US has already accumulated a record $652 billion in gross debt interest.

https://assets.zerohedge.com/s3fs-pu...?itok=cvFwcStn

This number was more than 25% higher compared to the Interest Expense payment for the comparable period a year ago, which amounted to $521 billion.

Soaring interest rates, driven by the panicked Fed's scramble to undo its epic policy failure of 2020 and 2021 when the Fed kept rates at zero for far too long while injecting trillions into various asset bubbles, have been the key driver of the deficit, with the Federal Reserve boosting its benchmark rate by 5% since it began hiking in March last year. Five-year Treasury yields are now about 3.96%, versus 1.35% at the start of last year. As lower-yielding securities mature, the Treasury faces steady increases in the rates it pays on outstanding debt: that's right - even when the Fed starts cutting rates, due to the delay of rolling over maturing debt, actual interest payments will keep rising for the foreseeable future.

For context, the weighted average interest for total outstanding debt at the end of June was only 2.76%, a level that’s not been surpassed since January 2012, according to the Treasury. That’s up from 1.80% a year before, the department’s data show, and if the Fed indeed keeps rates "higher for longer", the blended rate on the debt will surpass 4% in one year.

That would be a complete disaster for the US, and it would mean that interest payments on total US debt of $32.3 trillion would hit $1.3 trillion within 12 months, potentially making interest on the debt the single biggest US government expenditure and surpassing social security!..