Tony Barresi joins us for the first time. John Rubino and Michael Oliver return. In 1970, a 1% increase in U.S. treasury interest rates increased the budget deficit by $3.7 billion. Now, with a $22 trillion budget deficit, a 1% rise in rates adds $220 billion annually to America's deficit. A 5% rise would increase the U.S. deficit by more than $1 trillion per year! The U.S. is clearly approaching a state of fiscal bankruptcy even before baby boomer demographic considerations are factored in. But a gaping U.S. budget deficit isn't the only reason rising interest rates are a big deal. They tend
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