“The U.S. national debt is rising by $1 trillion every 100 days,” Michael Hartnett, chief strategist of Bank of America, wrote in a note to clients seen by CNBC, adding it’s “little wonder ‘debt debasement’ trades closing in on all-time highs, i.e. gold [at] $2077/oz [and] bitcoin [at] $67,734.”
Hartnett predicted the newly created spot bitcoin exchange-traded funds (ETFs) that have taken Wall Street by storm over the last month are on course for a “blowout year,” in part because of the collapse of the U.S. dollar.
(I don’t think the dollar is in a collapse yet but the rate of increase in the national debt is astounding…we should be aware and concerned.)
A trillion dollars/100 days is a huge number but hard to relate to. I figure it amounts to an increase in debt of $30 per American per day. That’s on top, of course, of all the taxes we already pay.
It also doesn’t include state and local debts, which for some of us are quite substantial.