Beginning October 1, the House Republicans’ fiscal 2018 budget plan will pose the next major political test for President Donald Trump’s legislative agenda by combining tax reform with controversial spending cuts.
This is the first attempt at a budget in nine years, so credit is due. The budget allows for significant overhaul of US tax code, as well as a partial repeal of the 2010 Dodd-Frank law, and savings from federal programs such as food stamps in the next 10 years. The GOP’s own 1-page summary can be found here.
The Congressional Budget Office reports this budget will actually raise the deficit. The problem is that no one will buy US Treasury bonds but the Central Banks, and they are leading us to perdition. Already results can be seen as Wells Fargo Bank – rife with fraud from creating fake credit accounts – has just announced it’s closing 450 branches country-wide. I would expect this to occur across the board for major banks.
The elite who run these banks cannot commit fraud and get away with it. The closures are an attempt to trim their budgets and to get rid of cash.
In other financial news…
(S)ince the financial crisis, there has been only one buyer of stock: the companies themselves, who have engaged in the greatest debt-funded buyback spree in history.
The Fed has purchased 18% of stocks, and as Reuters explained some time ago, “Stock buybacks enrich the bosses even when business sags.” So the stock market is being sustained by the companies that own the stocks and pay nothing to shareholders.
Jim Wille recently reported in his subscription newsletter, The Golden Jackass, that Global Currency Reserve At Risk. “Debt operating as the core asset for the global banking system is utterly reckless and insane and bound to force a systemic breakdown.”
Such is the heresy from the banking Cabal – this was all set up to collapse! This will be a slow strangulation over the next year to 15 months. Meanwhile, we will see problems with the supply chains. If there are problems with the dollar in August, we can expect real bad problems October through April. Please protect your assets. (See my last post about Russia & China using gold-backed trade.)
We will see an additional 30% inflation (we’re at 20% now), which means everything will double in price. This will cause shortages in food, car parts, and electronics – parts for your washer, furnace, and refrigerator. Can we handle life without these things?
Then I heard what sounded like a voice among the four living creatures, saying, “Two pounds of wheat for a day’s wages, and six pounds of barley for a day’s wages, and do not damage the oil and the wine!”