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Ron Paul Liberty Report

U.S. Government Credit Rating Downgraded - What Does It Mean?

Ron Paul Liberty Report

Ron Paul Liberty Report

News

4.92.3K Ratings

🗓️ 4 August 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

This week, the U.S. federal government received a credit rating downgrade. Given the unsustainable levels of government spending and debt, as well as the skyrocketing interest payments to merely service the debt, should anyone be surprised? Endless wars and endless welfare promises come at a cost. It's obviously very easy for politicians to focus on the short-run and let future generations deal with the long-run. But the long-run always arrives, and is rarely expected.

Transcript

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0:00.0

Hello everybody, and thank you for tuning into the Liberty Report.

0:04.8

With us today is Chris Rosini, our co-host, Chris, welcome to the program.

0:09.9

Great to be with you, Dr. Paul.

0:11.9

Good.

0:12.9

You know, big news this week, if you're interested in finances, which we are especially interested

0:18.3

on Fridays because that's Birch Gold Group Day and we talk a little bit about gold always,

0:26.6

but there's usually something in the market, something going on that makes it much more

0:32.2

necessary to emphasize the importance of gold.

0:35.9

Because a major event occurred this week, and it's long time coming because it probably

0:42.0

could have been said years ago that the dollar and the bonds are being downgraded.

0:49.3

US bonds are downgraded by a major grading service, Fitch.

0:53.9

They say, no more triple A stuff, double A plus a little bit more.

0:59.7

They have to be cautious, they don't want to cause a panic, but this is a significant

1:04.8

event.

1:05.8

But it's something that most people know, and I was mentioned to Chris, I said, you know,

1:10.9

I think even the ones that act differently on it, they know what it is, but they have

1:15.4

to figure, what's the market going to do?

1:17.7

Today we're going to do this.

1:19.1

So there's a lot of that short time thinking.

1:22.2

Long term, it was very easy, matter of fact, these kinds of events, I thought much more

1:29.2

seriously about way back in the early 1970s and even in the 1960s because the handwriting

1:35.7

was on the wall.

...

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