Posted 6 months ago | by @devadmin
The U.S. government money printer is getting ready to go brrrrrrrrrrrrr again with 1.8 trillion in coronavirus stimulus proposed to be airdropped.
This is about, about $400 billion less than the $2.2 trillion bill previously passed earlier this month. However, that legislation was stopped up in the Republican-controlled Senate. The two sides have struggled to find a consensus to pass a funding bill, The Wall Street Journal reported.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held a discussion on Friday for more than 30 minutes, the California Democrat’s spokesman, Drew Hammill, said. Mnuchin offered a proposal “that attempted to address some of the concerns Democrats have,” Hammill added.
“Of special concern, is the absence of an agreement on a strategic plan to crush the virus. For this and other provisions, we are still awaiting language from the Administration as negotiations on the overall funding amount continue,” Hammill said in a tweeted statement.
In a tweet before the meeting, Trump urged negotiators to “Go Big!” Trump later added more confusion to a chaotic week of discussions over aid.
“I would like to see a bigger stimulus package frankly than either the Democrats or Republicans are offering,” Trump told radio host Rush Limbaugh, hours after signing off on the offer that costs $400 billion less than the Democrats’ bill.
Trump previously said to kill the negotiations in a fleet of Tweets.
One of the quagmires faced for example, Pelosi has insisted on at least $436 billion in relief for cash-crunched state and local governments, while Trump has resisted sending them more than the $150 billion they received earlier this year. Another issue is Democrats want to reinstate the enhanced federal unemployment insurance at $600 per week through January. Mnuchin last offered a supplemental benefit of $400 per week.
Other areas of dispute between the two parties include tax credits and food aid.
The U.S. economy is already suffering from historic debt, which is burdened upon by the American people.
In a previous video, Ben discussed how the Federal Reserve was created to control the economy through inflation and deflation. However, what was done since its creation has created the biggest bubble in history in all markets from Bonds, to Mortgages and especially the stock market itself, with an added bonus of the U.S. dollar not being backed by the gold standard. In other words, it’s the perfect storm and it can strike at any time.
Our debt was just recently calculated at a federal debt held by the public of $20.83 trillion and intragovernmental holdings were $5.88 trillion, for a total national debt of $26.70 trillion. Prepare to have your mind blown, to put that into perspective for you, in 2004, that number was only $7.5 trillion according to the Treasury Department. That means in under 20 years we have more than doubled our total national debt.
Winklevoss twins recently noted in an article, “From July 2009 up to the pandemic, the line item for mortgage-backed securities on the Fed’s balance sheet grew approximately 3x from $545 billion to $1.6 trillion. Similarly, the book entry for Treasurys with a maturity date of greater than five years grew almost 3x from $315 billion to $872 billion. Together, these assets represent $1.6 trillion dollars printed out of thin air.”
The Winklevoss twins go on to state that just the recent moves by the Fed due to the pandemic causes hyperinflation.
“Examining the The Fed’s balance sheet uncovers that it added $344 billion more mortgage-backed securities and $820 billion more long-term Treasurys (i.e., debt monetization) from February 2020 to July 2020. In other words, of the $3 trillion increase, $1.1 trillion was printed. To put this into perspective, the Fed printed two-thirds as much money in the last 6 months as it did over the prior 11 years.”
Coindesk notes, if another stimulus deal is reached, BTC may rise further. However, the U.S. economy could start imploding at any moment, watch Ben discuss why in the video below.
You can also watch Ben discuss why Bitcoin is betting on the stimulus package to pump and why many are trading with that in mind.
Bitcoin is currently trading at: [FIAT: $11,360 ] at the time of this report according to Coin Gecko.