US Fed Warns National Debt Growth Unsustainable
You don’t say? Meanwhile, let’s just keep printing Monopoly money that has little to no value.
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.”