iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,895 Blog Posts

GENTLE FUCKING REMINDER: America is Bankrupt

We have such a wonderful juxtaposition between the wealthy and the broke-ass bitch-ass government. This relationship leads to us to one road, heavy taxation of the rich in order to subsidize the burdens of government for the purposes of grift and retention of power. How else does one explain how Elizabeth Warren is a presidential candidate? Eventually, and this goes without saying, socialism will grip its tiny wiry hands around America’s neck — out of necessity.

Mathematically, there is zero chance we extricate ourselves from the $23 trillion debt hole, not including the trillions more in entitlements. The idea that rates could go higher in our lifetime is a laughable idea — one that should be met harshly with leather whips to the back and neck. Do not ever suggest rates are going up in my presence.

Rates “bottomed” in an interesting spot, one that has marked the bottom several times the past decade. But it won’t last — because America is fucking flat broke.

Bear in mind, this doesn’t mean stocks go lower. As a matter of fact, stocks will continue to go higher — but the tax burden will too. Eventually there will be a major tax initiative when enough normies hate billionaires enough to seize their shit. Until then, we play the game of cat and mouse — pretending we’re not barreling down this path — celebrating “capitalism” in all of its grande fairness.

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15 comments

  1. awanka

    We are all just pigs at the trough, Mr. Fly.

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  2. soupbone

    An early step was to disrupt off-shore savings in Swiss banks under ‘money laundering’ narrative. That was a fucking premium gig until Washington decided it shall not.

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  3. Black Swan

    https://usdebtclock.org/

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  4. WrongView

    Not even close to being true. US has taken on a lot of debt current estimate is ~$23T.

    But that debt has propelled massive increases in wealth, especially of top 10%.

    Hell the net worth of the top 1% (that’s One Percent) is >$32T.

    It’s a shell game. The money is there.

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  5. teslawasright

    well said the le fly.

    Kind remind – the United Steaks of America Corp. of 1871 will go down by design.

    The rising of the new Atlantis shall occur

    China to announce 20 tons of gold. Stox go up. More confusion and then we see Fly ride in on the white horse of the Apocalypse

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  6. numbersgame

    We’re going to have Trumps and Warrens until the wealth stops trickling up. Falling interest rates are a major contributor to this, and I don’t see why they won’t keep fallign whiel US 10yrs pay less than Greece’s. The FED has even double-downed on the assault against the middle and lower classes. They have explicitly said that they want higher than 2% inflation to make up for low infaltion in the past (ie, lower rates for longer). They are heading staright for an iceberg, bettign that the US is an icebreaker and not the Titanic.

    Besides asset-inflaiton based econ ploicies and a regressive tax structure (there’s more to taxes than income rate brackets), Yang and others are ringing the bell on what AI will do. Educate yourself: https://www.pbs.org/wgbh/frontline/film/in-the-age-of-ai/

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    • soupbone

      How long will a company (utility pipeline for example) be allowed to pay 4% dividends to shareholders whilst interest rates are <2%. That gig is going to get cut short. The utility boards will be under severe pressure to limit the returns of regulated companies.

      Less and less for investors.

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  7. numbersgame

    30-yr graph looks similar, except that it is making lower lows everytime the 10yr hits 1.5%.

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  8. it is showtime

    Elites
    You know I realize there was a general-directive for running up? About 100 S&P?
    You realize I know that only adds to the already existing bubble, not removes it?
    You see my finger?
    You know and realize
    what that means?

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  9. numbersgame

    DIS vs ROKU FTW

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  10. acehood

    Inequality was worse in the 20s. Then what happened?

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    • numbersgame

      Exactly my point.

      FDR, Social Security, New Deal, and a half-century of Democratic dominance in Congress

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