“Budget Will Add at Least $20 Trillion to Debt over the Next Ten Years” (Uncut) 02-27-2025

“Budget Will Add at Least $20 Trillion to Debt over the Next Ten Years”, Says Rep. Thomas Massie.

Thursday February 27th 2025 monco 64 home of alternative economics and contrarian views well today we’re going to look at uh the budget resolution that passed in Congress and how it could actually add $20 trillion uh to the deficit in the next 10 years and that’s according to uh Republican uh very conservative uh representative Thomas Massie so we’ll look at that today uh before uh we we go into that just uh talk about a few things in in the news a and before that as well just wanted to thank all of you for the

interest in the channel uh your interest in the channel and uh if you enjoy my content and haven’t subscribed yet uh think about doing so think about also hitting the little notification Bell uh to be notified of all my new videos I post a video virtually every day and we also do a live stream uh Clive Thompson and I on Sunday nights at 8:00 P.M uh UK time or 300 p.m Eastern Standard Time so uh one interesting piece of news that came out late yesterday I think in the US is that the Attorney General Pam Bondi she will

release the uh Epstein files and the transcripts I think of the flights to uh Lolita Island whatever it’s called where they used to go to in the Caribbean uh one thing that I would say about this Epstein list uh it was out uh years ago on scribit and uh I went through it that was even before uh Epstein was arrested or or anything happened it’s probably 2017 2018 and uh so it’s nothing uh it won’t be anything new to me I I don’t understand why there’s such a big deal about it maybe the uh department of

justice has more information more juicy information um but uh one thing that I noticed though being here in the UK is that a huge number um maybe even more than half of all the names in there belong to the British Elite British aristocracy people like Tony Blair and uh people who have titles in front of their names so uh that that’s something to uh keep an eye on of course and the other thing I would say about Epstein and his scheme is that uh and I’m not going to get too deeply into this but I

think it’s all got to do with black male at the highest level I’m sure the uh mainstream media will probably not been covering it anyway the other piece of news I wanted to talk about is about Boolean Banking and not the lbma uh kind uh but the Indonesian kind uh uh Bloomberg published a story yesterday uh Indonesia home to Giant Gold Mine launches bullan banking uh I I’ve had I’ve read through the story and uh Indonesia is a big country uh for those of you who don’t know their population um is uh let’s see here

almost uh 300 million people 282 million so it’s almost the same population as the US just a little less they’re uh purchasing power parody GDP uh which is a good way of uh comparing uh GDP is uh the uh eighth biggest in the world at $4.6 trillion so it’s a very significant country and uh the reason for this bullan banking move uh and this is by the uh government uh it says here Indonesia has launched its first bullan banks in a bid to draw tons of priv privately held gold in the financial system of Southeast

Asia’s largest economy uh the Region’s L largest gold producer on Wednesday inaugurated gold banking services at state owned PT Bank Siara uh Indonesia and pawn broker PT padan um I’m sure I didn’t pronounce that right uh president praboo subianto speaking alongside dozens of ministers and other officials at a launch event in central Jakarta said he hoped the move would accelerate savings and boost gold reserves which he said were already the world’s sixth largest well that’s like uh if you add the Public’s uh Holdings

which I think it says here 1,800 tons which is quite significant but a as a country itself uh official reserves uh they’re way down uh on the list here uh they they only have like uh 40 47 tons uh yeah so what do I think is happening here uh well I think Indonesians who hold gold physically should be very uh careful of this you cannot Trust Banks especially bullan Banks and that they’ve tried to do this as the article says here um in other countries uh the Advent and I’m quoting this story the Advent of bullying

banking in Indonesia Echoes similar efforts by turkey and India in recent years to bring the large stashes of gold owned by ordinary citizens citizens into the financial system both scheme schemes met with mixed Success With Many gold owners opting to still keep their precious medals at home yes Indonesians I I would follow uh in the footsteps of the Turkish people and the Indian people and why do I say that well because you can’t trust buling Banks we’re seeing what’s happening in London at the

lbma uh so how could how would I advise the Indonesian government on how to use its gold uh to boost the economy to boost the currency it’s very simple and a lot of times unfortunately politicians go for the complicated uh route and why do they do that well because there’s always a scam involved so the simplest way is to follow the US Constitution which unfortunately the Americans aren’t following at the moment and to open uh mints all over the country in Indonesia and Define the Indonesian rupe

as a way to gold and allow Indonesians uh to take take their gold to take their jewelry to the mint and and have it minted into coins of any denomination that they want and how would that be financed well it’s really simple the the mint would take 1% of that gold and it’s called seniorage Uh and that would be in my opinion the best way to go about it that’s what uh helped America develop into an industrial Powerhouse in the 19th uh century and earlier early 20th century before unfortunately the Federal Reserve Act

was passed so I wanted to put that out there be careful Indonesians uh so back to the US budget res resolution uh just you need to be careful the budget hasn’t been passed it’s just a resolution um still has to go through the Senate uh and then it has to be voted on uh as a full budget and then signed by President Trump um so I’m I’m going to take this article here from the Ft from yesterday US House passes budget resolution to cut taxes and spending by trillions sounds good uh bill would lead to large increases in

government deficit says independent analysts and uh I’m not trying to put uh president president Trump or the Republicans are maggot down uh because I I think they’re doing great things that uh wouldn’t have been done by a democratic Administration case in point usid going after uh corruption in government cutting the size of government that’s a good thing uh releasing this file today let’s hope uh it’s all like out in the open uh many things that they’re doing trying to stop the war in Ukraine which

for some reason the Europeans don’t want to to stop which is crazy but anyway uh let’s go through uh this uh article really quick and uh uh see what’s going on here uh US House of Representatives has passed a budget resolution that calls for trillions of dollars in tax and spending cuts in a significant victory for president Donald Trump as he seeks to enact sweeping changes and fiscal policy resolution passed by 217 to 215 votes after campaigned by house Speaker Mike Johnson uh to push Republican holdouts to back Trump’s big

beautiful bill and I quote that says the bill uh which will kick off another round of budget talks in the Senate proposes $4.5 trillion in tax cuts and you might be asking don’t you like tax cuts of course I do but the only problem is the next uh part of this sentence which says about 2 trillion in spending cuts and allocating hundreds of billions of dollars for more for the military and border security over a decade so I would have I would much rather have seen that the spending cuts were 4.2 trillion to balance it so why didn’t

they do that well there’s a few reasons if they cut federal spending uh that much uh 4 and a half trillion it’ll probably SN the economy into a recession unfortunately over the past 50 years government has gotten bigger and bigger and the bigger government gets uh the more dependent on government the economy becomes and if you cut the size of government very quickly you’re going to drive the econ into a Hole uh so I think what they’re hoping happens here is that the tax guts encourage uh economic

growth in the private sector and I think it’s a a big gamble today House Republicans moved Congress closer to delivering on President Trump’s full America First agenda not just parts of it house Republican leaders said well I really hope it works and uh that um Republican representative Thomas Massie is wrong and why do I say that well because I’ve uh watched uh Thomas Massie on uh with Tucker Carlson I I’ve listened to what he has to say he has a lot of common sense uh he’s uh well he’s a pro Trump uh

Republican and he voted against it and and this is uh what he says here um from the Ft article it says Thomas Massie was the only Republican to vote against it before the vote Massie po posted on X and I quote if uh the Republicans budget passes the deficits uh get worse not better so there you go uh what else does it say here well there’s another uh post on act that he made uh he says Congress just passed a republican budget that will add at least 20 trillion to the debt over the next 10 years so that’s an nexted two trillion a

year which is huge it just goes to show how difficult it is once you inflate a big debt bubble and you’re under a fiat currency system and the the economy becomes more and more dependent on debt how difficult it is to wean off that debt and I think that’s what’s happening here uh well Thomas Massie and I could be wrong uh I’ll stop right here and uh we’ll quickly look at where uh the markets are this morning it’s well it’s 10: to 9:00 a.m. London yeah we are 2884 so down $31 in Gold but uh we could very

easily go back up above 2900 like we’ve just done the high overnight is 2921 and the low is 2880 in terms of technicals I I I like to look at this chart here that I’ve been uh following for the last uh few months because uh or last year because we finally broke out of it it’s a long-term uh quarterly chart of gold uh and it’s logarithmic and it shows how gold is broken out uh and uh I’ve spoken about this before I I think this is showing that the bullan banks are losing control of uh yeah manipulating the

price setting the price and I think we’re going to have uh price Discovery uh by the free market that’s going to be explosive I I still believe in that so yeah just uh think of that and I’ve made videos as well uh that uh talk about how now when the boo Market re gets really going and I’ve done that years ago and I’ve repeated it over the years and the title of these videos are hold on to your gold and silver for dear life and why dear life well because I think without them uh your financial uh situation will be a

lot worse going forward silver actually is not really doing that badly you’d think silver would be down like over 2% but uh Silver’s outperforming on the on the downside which is unusual uh it’s at 3171 only down 13 C uh the stock market I see the Dow futures up 100 NASDAQ is up 120 and S&P up 30 I I saw the Nvidia results were good but the the stock did nothing I I it looks to me like the stock market is looks topheavy so I don’t think it looks good for the stock market the currencies are fairly steady

um yeah with the exception of the Yen the dollar is pretty much enchanged the dollar is up against the Yen uh the other uh Commodities uh crude is up uh half a percent WTI just below 69 so we’ve come below 70 uh highr copper is up half a percent at 460 key level there is still 480 and and the bond market um yeah let’s have a quick look at the 10-year yield uh in the US that is up five basis points at 430 uh I think we could still see uh the bond market continue to rally and yields continue to drop but longer

term I I think uh uh bond yields uh and are on their way higher and uh bond prices are on their way down and I think uh government spending and deficit spending has everything to do with it uh so with that I’m going to wish you all a very good day take care bye