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Coin Stories with Natalie Brunell
News Block: Powell Says U.S. on 'Unsustainable Path,' Investors Sound Alarm on CRE, EIA Declares Bitcoin Mining an “Emergency,” Pro-Bitcoin President Nayib Bukele Re-Elected in El Salvador
Feb 6, 2024
11:19
Snipd AI
Nayib Bukele, Pro-Bitcoin President of El Salvador, re-elected in a landslide victory. Topics include Powell's concerns about US national debt and currency debasement, risks in commercial real estate, concerns over energy usage in Bitcoin mining, and positive impact of Bitcoin mining and re-election of pro-Bitcoin president in El Salvador.
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Quick takeaways
- Fed Chair Jerome Powell admits that the US national debt is on an unsustainable path and the government has limited options to address it, including cutting spending or attempting to inflate their way out through currency debasement.
- Easy monetary policies have contributed to inflated asset prices and decreased competition in the commercial real estate sector, leading to potential losses of around $1.2 trillion and increased vulnerability for smaller regional banks.
Deep dives
The Unsustainable US National Debt and Potential Solutions
During an interview, Fed Chair Jerome Powell admitted that the US national debt is on an unsustainable path. The Congressional Budget Office projected that the debt could reach $144 trillion over the next 30 years. The government has limited options to address this issue, including cutting spending and entitlements, defaulting on the debt (which would be catastrophic), or attempting to inflate their way out of it through currency debasement. Powell mentioned that the Fed is no longer planning on inflation returning to its 2% target before cutting interest rates, but striking the right balance is crucial.
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