U.S. Debt and The U.S. Bond Market will Kill Bretton Woods
Just like with The Brits with their fiat funny money! Good bye to The U.S. Reserve currency & Get ready for a crisis and a new Central Bank Digital Currency with no cash available.
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The bill is now coming due. The aftershocks of this moment will cost the government — which is to say, taxpayers — enormously in the form of higher interest payments. How much more? Total interest payments on the government’s debt could come in at nearly $580 billion this fiscal year, up from $399 billion in recently-completed fiscal 2022.
That would bring the total interest cost in 2023 to roughly the same level as the federal government’s 2022 budget for Medicaid.
The increase is caused partly by the U.S. government’s rapidly increasing national debt, as well as by the Federal Reserve sharply increasing interest rates to hold down inflation. The government has more than $31 trillion in debt and ran a $1.4 trillion deficit in fiscal 2022 (a figure that represents the gap between spending and revenue).