Only Way Out is a System Collapse

 We have been writing about the shaky, global financial system for quite some time now.  And let me tell you with 100% certainty...it's much worse now than it was 15 years ago when we first started writing about it.  The Lord can do what the Lord will do and He could certainly keep America above water for as long as He wants, BUT the math equation of the USA's financial mess simply doesn't add up.  It would appear that the debt spiral has started where the USA has to borrow more money simply to pay the interest and make payments on it's existing debt.  And American consumers are now doing the same thing, taking out credit card debt to purchase their everyday needs.

I truly wish that headline was an exaggeration.  Unfortunately, for decades Americans have been extremely irresponsible with their finances.  

As a result, credit card debt is at an all-time high, auto loan debt is at an all-time high, mortgage debt is at an all-time high, corporate debt is at an all-time high, state and local governments all over the nation continue to get into absurd amounts of debt, and the federal government has piled up the single largest mountain of debt in the history of the world.  

Our whole society is absolutely drowning in debt at this stage, and the only way out is for the entire system to collapse.

On Tuesday, we learned that the total amount of credit card debt in the U.S. has now reached a new record high of 1.08 trillion dollars...

Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.

Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found.

"Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth," said Donghoon Lee, the New York Fed's economic research advisor.

Student loan debt, meanwhile, increased by $30 billion while mortgage balances jumped by $126 billion to $12.14 trillion.

Overall, U.S. households are now more than 17 trillion dollars in debt.

I can't even begin to describe how foolish we have been.

The only way to keep the party going is to borrow even more money, but thanks to higher interest rates we are not going to be able to purchase as much.

This is something that Kevin O'Leary pointed out in a recent interview...

"We're looking at a downsized America. I tell it like it is," O'Leary said on "The Big Money Show." "Three years ago, even 24 months ago, you get a mortgage at 4.5%. You're lucky to get one at eight today. So that means the size of the house you're going to buy is 20 to 25% smaller. That's a downsize."

"You want to borrow for a car? Sorry, that's 8 to 9%. Used to be five," the O'Leary Ventures chairman added. "So, smaller, less expensive car. That's happening at the same time."

He is right.

But we just can't help ourselves, and so we are going to continue to borrow more money.

The same thing is true for our corporations.

Today, corporate debt is at the highest level ever recorded.

And state and local governments continue to borrow money as if tomorrow will never come.

But the biggest offender of all is the federal government.

The national debt is currently sitting at 33.6 trillion dollars, and it is constantly going higher.

You can watch the national debt clock race upwards right here.  To me, that debt clock is actually a countdown to the financial destruction of America.

Once upon a time, I warned that the U.S. would be paying a trillion dollars in interest on the national debt by the year 2030.

Well, guess what?

We got there early.

According to Bloomberg, we have already crossed that ominous threshold...

Estimated annualized interest payments on the US government debt pile climbed past $1 trillion at the end of last month, Bloomberg analysis shows. That projected amount has doubled in the past 19 months from the equivalent figure forecast around the time.

Here;  Americans Are Absolutely Drowning In Debt - Only Way Out Is A System Collapse (prophecynewswatch.com)

When the finances or America come crashing down and the US Dollar is no longer in great demand around the world...then the Great American Experiment will be over.  As we have said a dozen times in the past few years, we HOPE this doesn't happen until AFTER the rapture...BUT there is no guarantee that this will be the case.  So cling to Jesus and give thanks for our daily bread every day he gives it to us.