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If you thought the interest rates on your mortgage and credit card were bad, wait until you see what the U.S. government has accrued.
The United States has succeeded in creating a yearly interest payment of over $1 trillion on the national debt.
“We can borrow at higher and higher interest rates, so we can make it $2 trillion soon,” Glenn Beck jokes to financial expert Carol Roth.
Roth notes that Secretary of the Treasury Janet Yellen has said that over the next six months, the U.S. will need to borrow almost $1.6 trillion.
Roth has also observed that there’s “absolutely no appetite to cut spending” within the U.S. government.
“We are in a really perilous financial position.”
However, while the U.S. debt rises, there are still many who believe this will not be our downfall.
“People still tell me, 'We’re not going to lose the reserve currency. We’re going to be fine. The dollar is going to be fine. We’re going to come out of this,'” Glenn says, adding, “they can’t explain to me how, but they seem to be right.”
Meanwhile, the world is at war — which Roth notes could bring about a new financial world order.
“Not every war brings about a new financial world order, but every new financial world order has been brought about by war. And to the extent, God forbid, things escalate in a crazy way, that becomes an opportunity to reset,” she says.
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