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Got Bitcoin? US Federal Reserve warns that national debt growth is not sustainable



The head of the US Federal Reserve admitted that current economic policies are "unsustainable" – but it is not his job to correct them.

Speech to Congressional Joint Economic Committee on November 13 Jerome Powell noted that US public debt is currently growing faster than nominal GDP.

Powell: Resolving the debt spiral "not to the Fed"

"Ultimately, this is not a sustainable place," he said. Powell continued:

"How to fix that – it's easy to say – how to do that and when to do that is a question that's up to you and not ours."

How Cointelegraph reported US debt has now exceeded $ 23 trillion ̵

1; about $ 70,000 per capita or more than $ 1 million for every bitcoin that will ever exist.

On the night of November 14 alone, the Fed distributed funds to banks worth $ 12.7 million BTC, while its balance sheet expands toward $ 4 trillion.

For Powell, however, the solution to the debt crisis simply means that growth beats debt, and even if that fails, it would not be chaos. [19659002] "I would resign myself not to point out that the consequences of failing to do so are that … our children and grandchildren spend their taxpayers' money on debt rather than the things they really need." , he continued.

Trump wants negative interest rates

The comments came when US President Donald Trump again called for negative interest rates – effectively charging savers for keeping Fiat currencies – and criticizing the Fed for not introducing them.

"Remember, we're competing with nations that openly lower interest rates, so now many are actually paid to repay their loan … who ever heard of it? Give me some of it, give me some of that money, "he said in a speech to the New York Economic Club. The debt-driven economic policy and its consequences were the main motivation for Bitcoin (BTC), which emerged after the 2008 economic crisis.

Hard money with a deflationary supply that can not be tampered with, Bitcoin is increasingly being compared to gold to protect against the continued depreciation of Fiat currencies.


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