US Congressional leaders agree to another $1.6 trillion in spending (debt)–‘3 Risks To The Inflation Narrative’
US woman distraught over inflation (Photo from Pexels)
The Congress of the USA is moving, again, towards more debt:
8 January 2024
US Congress leaders have reached a deal over the total amount of spending for the rest of 2024 as they seek to avoid a partial government shutdown.
The $1.6tn (£1.2tn) figure includes $886bn for defence and more than $704bn for non-defence spending, according to Republican House Speaker Mike Johnson.
However, there appears to be some discrepancy over the numbers.
The deal now needs approval from the House of Representatives and Senate. https://www.bbc.com/news/world-us-canada-67908646
Increasing debt is not a surprise–even though this particular proposal has not gotten full approval.
Is inflation truly under control now as many pundits and the US White House suggest?
No.
Consider the following:
3 Risks To The Inflation Narrative
January 8, 2024
Market expectations of rapid disinflation and a soft landing remain, but January has given a few new risks to the optimistic estimates of disinflation with no impact on the economy.
geopolitical risk and assumed the extraordinary and counterintuitive decline in commodity prices in 2023 as something permanent. However, January has shocked analysts with a dramatic increase in freight costs and a significant bounce in oil prices. …
The second risk comes from the significant bounce in net liquidity and effective money supply both in the United States and the euro area. Thus, the following three months will be critical to understanding the real disinflation process and whether market estimates are too optimistic. Unless the money supply declines again, the path to reaching 2% inflation may be challenging. …
The third risk comes from the inflationary impact of government protectionism. As trade barriers continue to build, the monetary disinflation process may be decelerating due to governments implementing trade wars, barriers to commerce, and tariffs …
We need to be careful with excessive optimism about inflation and even more aware of the perils of expecting disinflation with no economic harm. https://www.zerohedge.com/markets/3-risks-inflation-narrative
The spending plan that US Congressional leaders have agreed to will increase the “effective money supply” in the USA, hence be inflationary.
Increased debt as well as risk of inflation were included as part of my 24 items to prophetically watch in 2024:
11. Debt
The Bible teaches that the result of debt accumulation will be far worse than even many pessimists believe. Here is 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. Perhaps it should be noted that the United Kingdom and Canada have about a similar massive per capita debt to that of the USA.
Notice the following levels of official US debt:
- January 20, 2009, $10,626,877,048,913.08, date Obama-Biden Administration inaugurated.
- January 19, 2017, $19,944,429,217,106.77, date Obama-Biden leave office, replaced the next day when Trump-Pence inaugurated.
- January 19, 2021, $27,752,835,868,445.35, date Trump-Pence leave off, replaced the next day when Biden-Harris inaugerated. https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
- December 16, 2021 $29,206,281,597,429.63 https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
- December 8, 2022 $31,310,795,117,652.48 https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
- December 27, 2023 $33,896,083,378,248.05 https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
Official US debt nearly doubled under the Obama-Biden Administration. It also greatly increased in four years under the Trump-Pence Administration. It has also increased in that nearly three years of the Biden-Harris Administration–and further increases are expected. There is also Federal Reserve balance sheet debt that is not counted these figures.
Expect official US debt to increase in 2024.
The USA is walking a dangerous line on its debt that will not end well.
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.
Those who think the current world order with the USA’s dollar on top will last through the end of this century are in error.
Those who will believe the Bible will take the words that God spoke to the prophet Habakkuk seriously
The Bible warns that debt, and having to borrow from foreigners, is a curse that would hit those who received various biblical blessings as they became more disobedient (Deuteronomy 28:15,43-46).
Debt will increase in 2024.
Have you been paying attention to this?
12. US Dollar Dominance will Decrease
Consider the following curse from the Book of Leviticus:
19 I will break the pride of your power; (Leviticus 26:19)
While the above undoubtedly has military & economic possibilities, consider that the US dollar is the pride of the USA’s power.
It is backed by nothing.
So, it is a prideful thing–plus it does project US power around the world.
Debt, trade, weather, morality, leadership, sanctions, and other issues have given various nations motivations to work to dethrone the US dollar as the world’s primary trade and reserve currency.
The economy of the USA has been financed, to a significant degree, by foreigners willing to provide goods to the USA on credit as well as the USA profiting from much of the rest of the world’s international trade that is dollar-based.
When the US dollar ceases to be the world’s primary reserve currency, this will foster massive inflation.
Yes. expect to see more debt in 2024.
Related to USA debt, we put out the following video:
And the Debt Goes On …
On June 3, 2023, US President Joe Biden signed a bill to increase the official debt-ceiling of the United States. According to the US Treasury the “ceiling” has been changed, increased, or delayed 78 other times. The official debt has nearly tripled since the Obama-Biden Administration. The official debt increased about $2 trillion per year under Donald Trump’s Administration and has done close to that in the Joe Biden Administration. While the USA has been able to increase debt with limited consequences (like inflation) so far, does the Bible show this can end in destruction? What did God warn about debt through the prophet Habakkuk? Is getting into high amounts of debt a blessing or curse according to the Bible? Do Democrats or Republicans currently have a plan that will now be implemented to pay off the debt? Has the USA been functioning as an international “leech” consistent with statements in the Book of Proverbs? Does the Bible say it is wicked to borrow money you do really intend to repay? Steve Dupuie and Dr. Thiel cover these matters.
Here is a link to our video: And the Debt Goes On …
Related to inflation, we put out the following video:
Inflation: When Money Fails
Inflation has been higher in 2022 than it has been for decades in the USA, Europe, and many other lands. What are some of the disruptions that inflation can cause? What about hyperinflation affecting places like Venezuela? Did the Book of Haggai predict inflation? Is food price inflation associated with the ride of the third horseman of the Apocalypse? Does sin and government mismanagement cause inflation? Are there physical things one can do about inflation? What about storing food or buying gold? Will gold outlast the USA dollar? Why might some throw their gold in the street as Ezekiel prophesied? What should God’s people do about inflation? What did Jesus teach about food worries? What about seeking the Kingdom of God? Steve Dupuie and Dr. Thiel cover these matters.
Here is a link to our video: Inflation: When Money Fails.
Since many leading, so-called ‘economists’ are political hacks and/or have a political agenda, do not expect too many prominent ones to have sufficient influence to resolve the problems in the USA.
The truth is that the USA is setting itself up for massive inflation and destruction.
Hyperinflation will hit the USA and its results will be worse than almost anyone realizes.
Some items of possibly related interest may include:
24 items to prophetically watch in 2024 Much is happening. Dr. Thiel points to 24 items to watch (cf. Mark 13:37) in this article. Here is a link to a related video: 24 Items to Prophetically Watch in 2024.The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar and Silver, Science, and Scripture.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.
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