‘Fed to Congress: It may soon be your turn to save the economy, so get your finances in better shape’

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Jerome Powell (Wikipedia)

There is a change of leadership at the US Federal Reserve as the economy faces inflationary and other risks:

November 14, 2019

The head of the United States Federal Reserve has admitted current economic policy is “not sustainable” — but that it is not its job to fix it.

Speaking during testimony before Congress’ Joint Economic Committee on Nov. 13, Jerome Powell noted that currently, U.S. national debt is growing faster than nominal GDP.

Powell: Solving debt spiral “not up to the Fed”

“Ultimately in the long run that’s not a sustainable place to be,” he said. Powell continued:

“How to fix that — it’s easy to say that — how do you do that and when do you do that is an issue that is up to you and not to us.”

As Cointelegraph reported, U.S. debt has now topped $23 trillion — around $70,000 per head of the population, or more than $1 million for each Bitcoin that will ever exist.

On the night of Nov. 14 alone, the Fed distributed funds to banks worth 12.7 million BTC, while its balance sheet is expanding towards $4 trillion.

For Powell, however, resolving the debt crisis simply means making growth beat debt, and even failure to do so would not equal chaos.

“I would be remiss in not pointing out that the consequences of not addressing it is just that… our kids and grandkids will be spending their tax dollars servicing debt rather than on the things they really need,” he continued. https://cointelegraph.com/news/got-bitcoin-us-fed-warns-national-debt-growth-is-not-sustainable

Fed to Congress: It may soon be your turn to save the economy, so get your finances in better shape.

Federal Reserve Chairman Jerome Powell warned lawmakers Wednesday that the ballooning federal debt could hamper Congress’ ability to support the economy in a downturn …

“The federal budget is on an unsustainable path, with high and rising debt,” Powell told the Joint Economic Committee. “Over time, this outlook could restrain fiscal policymakers’ willingness or ability to support economic activity during a downturn.” https://www.usatoday.com/story/money/2019/11/13/interest-rates-powell-tells-congress-federal-debt-unsustainable/2582302001/

So, while admitting that the US debt spiral is “unsustainable,” the head of the Federal Reserve essentially says that is not his problem to solve and says that Congress needs to.

Well, the US Congress has historically failed to that. And, for a some time, seems to have a focus on investigating matters related to US President Donald Trump (as the impeachment inquiry is doing).

But the problem is not JUST Congress. Former US President Obama and current President Trump have also encouraged (or at least gone along with) massively increasing US government debt.

But the problem is not JUST the US government. State and local governments have debt problems too.

But the problem is not JUST government entities. Notice the following:

US households are now sitting on a record $14 trillion in mortgages, credit cards, student loans and other forms of debt.

Household debt ticked up 0.7% during the third quarter, the New York Federal Reserve said on Wednesday, continuing a five-year climb encouraged by low unemployment, strong consumer confidence and cheap borrowing costs.

Consumer debt is now about $1.3 trillion higher than the previous peak set in 2008, although these figures are not adjusted for inflation nor the larger size of today’s economy. Household debt has climbed about 25% from the post-recession low of $12.7 trillion. …

Student loans climbed by 1.4% to $1.5 trillion, while credit card balances rose $13 billion during the third quarter.

All of that borrowing, particularly credit cards and mortgages, support consumer spending — the biggest part of the US modern economy. But that debt will also become harder to repay during the next recession when unemployment rises.

Federal Reserve Chairman Jerome Powell warned Wednesday that business debt is “historically high,” but signaled he’s not particularly concerned about consumer borrowing. https://www.cnn.com/2019/11/13/business/household-debt-student-loans-fed/index.html

With low interest rates, debt is rising.

Yet, one day, increased interest rates will lead to increased debt as well for the USA. Ultimately, this will cause a destructive vicious circle that the US economy will not get out of.

Fed Chairman Powell is correct that US debt increases will prove to be unsustainable.

Yet, he seems unaware of what the extant of the cost will be.

Consider an end-time prophecy given to the prophet Habakkuk by God over 2600 years ago:

2 And the Lord answered me:

“Write the vision;
make it plain on tablets,
so he may run who reads it.
3 For still the vision awaits its appointed time;
it hastens to the end—it will not lie.
If it seems slow, wait for it;
it will surely come; it will not delay.

4 “Behold, his soul is puffed up; it is not upright within him,
but the righteous shall live by his faith.

5 “Moreover, wine is a traitor,
an arrogant man who is never at rest.
His greed is as wide as Sheol;
like death he has never enough.
He gathers for himself all nations
and collects as his own all peoples.”

6 Shall not all these take up their taunt against him, with scoffing and riddles for him, and say,

“Woe to him who heaps up what is not his own—
for how long?—
and loads himself with pledges!”
7 Will not your debtors suddenly arise,
and those awake who will make you tremble?
Then you will be spoil for them.
8 Because you have plundered many nations,
all the remnant of the peoples shall plunder you,
for the blood of man and violence to the earth,
to cities and all who dwell in them. (Habakkuk 2:2-8; English Standard Version)

The USA is the most indebted nation in the history of humanity and those in it should try to understand this prophecy–rising interest rates mean that it will cost the US government more to service its debt–this will one day be truly unsustainable. Perhaps it should be noted that the United Kingdom seems to have the second highest amount of total debt (about 1/2 that of the USA).

The Anglo-American world order will come to an end. Accumulation of debt, and then having to pay historically ‘normal’ interest rates will strain the national economies of the USA and UK more than almost anyone will believe. It will be a financial crisis beyond what Jerome Powell would consider possible.

Those who think the current world order with the USA’s dollar on top will last several decades are in error.

Those who will believe the Bible will take the words that God spoke to the prophet Habakkuk seriously.

Do not believe that there will not be anymore financial crises.

There will be.

And one is coming to the USA and its Anglo-Saxon descended allies that is far worse than what most politicians believe is possible.

Repentance is needed. The USA and its Anglo-Saxon allies will not last to the end of this century (watch also End of the Anglo-American Order).

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