February 24, 2024 10:31 am

Media’s Silence on Looming Debt, Banking Chaos, and Economic Turmoil – Citizen Watch Report

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The legacy corporate news media remains disturbingly silent as the United States hurtles toward a financial abyss, ignoring the glaring signs of an impending debt crisis, potential banking collapse, and an economic downturn that threatens the nation’s stability.

Recent data exposes the grim reality: US banks are grappling with an alarming 22% surge in unrealized losses, skyrocketing to an eye-watering USD 683.9 billion in Q3. Shockingly, the national debt has ballooned from $31.4 trillion to a staggering $33.9 trillion in less than six months, amassing an additional $2.5 trillion. The interest on this mounting debt is spiraling out of control, resembling a hockey stick graph. Yet, Washington D.C. seems impervious, with plans for an additional $100 billion in spending for Ukraine and Israel.

As Americans face the economic fallout, recent analysis of government data reveals an urgent truth: citizens now need an extra $11,400 just to cover the basics. A staggering 67% report that their income isn’t keeping pace with inflation, and a troubling 42% admit to a decline in their standard of living, painting an ominous picture of the economic landscape.

Even more alarming is the revelation that Gross Domestic Income (GDI) has plunged into negative territory year-over-year, while Gross Domestic Product (GDP) remains positive. This dangerous pattern, observed only in 2001 and 2007, raises urgent red flags, signaling a potential hard landing on the near horizon.

The FDIC’s report on overdue office loans adds another layer to the growing crisis, exposing a new vulnerability for banks. The Federal Reserve’s Beige Book mirrors these anxieties, noting an unsettling rise in consumer delinquencies and a bleak economic outlook for the next six to twelve months, with expectations of continued price increases.

In the face of these dire indicators, the CEO of the largest US bank starkly characterizes the nation’s economy as being in a “sugar high,” underscoring America’s perilous addiction to debt. As the financial storm gathers momentum, the urgent need to address these challenges becomes undeniable, with the nation standing at the precipice of an economic disaster that demands immediate attention.

Sources:

Overdue Office Loans Are New Pain Point for Banks in FDIC Report

Fed Beige Book: “some banks noted a slight uptick in consumer delinquencies.” “The economic outlook for the next six to twelve months diminished over the reporting period.” “Most Districts expect moderate price increases to continue into next year.”

 



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Original Source: Media’s Silence on Looming Debt, Banking Chaos, and Economic Turmoil – Citizen Watch Report

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