HomeMcAfee Found Dead In Spanish Prison Cell, The Fed Destroyed Money As We Knew It, How Can They Stop?tbdMcAfee Found Dead In Spanish Prison Cell, The Fed Destroyed Money As We Knew It, How Can They Stop?

McAfee Found Dead In Spanish Prison Cell, The Fed Destroyed Money As We Knew It, How Can They Stop?

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John McAfee dies at 75 after the announcement He was to be extradited back to the US , He was found unresponsive in a Barcelona prison cell. He was initially arrested by Spanish authorities on Oct. 3, 2020 at the El Prat airport, just as he was about to take a plane to Turkey. He was arrested at the behest of the US, where he is wanted for evading millions of dollars in taxes. Spanish judge José de la Mata reportedly ordered his arrest.
The US has over $28 Trillion dollars in debt and it continues to grow at an alarming rate. Even before the recent spending spree, the problem was becoming unwieldy. Ironically, despite adding $4T+ in debt over the last year, the pandemic may have given the US Government a short-term reprieve as it gave the Federal Reserve a green light to drop rates back to zero.
The reasons are simple, First and foremost, this took pressure off the Treasury as it refinanced the ballooning short-term debt outstanding at lower rates. However, even more relief occurred as the Federal Reserve absorbed +90% of the long term debt issued since last March. This allowed more room in the private markets to purchase the issuance of new short-term Treasury Bills. Because the Fed pays interest revenue back to the Treasury, and since interest rates on Treasury Bills are sitting at 0%, this has effectively given the Treasury a $4.5T loan at 0% interest in 15 months!
The US Government cannot stop spending money. Spending is now far in excess of what is being collected in tax revenues. The US economy continues to experience nominal increases in growth, which has increased Federal Tax receipts, but Federal Spending is growing far faster.

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