This week, Fitch downgraded the U.S. government’s long-term credit rating from AAA to AA+, despite the protestations from Treasury Secretary Janet Yellen. In reality, our long-term credit shouldn’t even be worth a D rating.
There’s a reason why Jerome Powell not only raised interest rates but indicated that rates will be elevated for quite a while and possibly go up again later this year. Despite the fake data from the White House suggesting inflation has been defeated, Powell knows exactly what is coming. His predecessor, Janet Yellen, who is now secretary of the treasury, plans to issue a biblical level of debt this year, which will induce endless inflation. Unfortunately for Powell, no number of interest rate hikes will be able to curb the inflation tidal wave rising from the debt tsunami. High interest rates will just further depress the economy and government revenue, thereby making the debt even more […]
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