US National Debt Explodes $543,000,000,000 in Just Four Months As Ron Paul Warns Iran War Could Trigger New Depression
The US national debt has skyrocketed by more than half a trillion dollars in just four months, according to the U.S. Treasury Department.
Since December 12th, the US national debt has risen by approximately $543 billion, per the U.S. Treasury Department’s Debt to the Penny dataset.
The total US national debt now stands at $38.88 billion, an increase of around 7% year over year.
The rapid growth of the national debt comes as former U.S. Representative Ron Paul warns the ongoing Middle East war between Iran on one hand and the US and Israel on the other will make the situation worse.
“The rate of [debt] increases will be greater as long as the government is spending almost a billion dollars a day, or more, on a regime change war in Iran.”
According to Paul, the rising debt will place the Federal Reserve under pressure to lower the interest rates and may also force it to purchase more of the US government’s debt.
As a result, Paul says, foreign countries could cut their purchases of US debt due to the “US government’s out-of-control spending and by resentment over the US government’s hyperinterventionist foreign policy.”
“These factors could also accelerate the increasing rejection of the dollar’s world reserve currency status. A loss of the reserve currency status will cause a dollar crisis, leading to an economic crash worse than the Great Depression.”
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The post US National Debt Explodes $543,000,000,000 in Just Four Months As Ron Paul Warns Iran War Could Trigger New Depression appeared first on The Daily Hodl.
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