Buckle up.
Interesting times lie ahead.
A couple weeks back, America had its third bank failure in just the past two months—First Republic failed and was acquired by J.P. Morgan…
First Republic is the second largest U.S. bank ever to fail… a title that was held until Monday by Silicon Valley Bank, which—if you remember—collapsed just 10 weeks ago.
Events move fast in the “rolling crisis” that is the United States these days…
Three large U.S. banks have collapsed in just the past 10 weeks.
Meanwhile, the U.S. government is about to run out of money to pay its debts.
America could run out of cash by June 1, Treasury Secretary Janet Yellen has warned.
The U.S. government has this little thing called the “debt ceiling.”
It sets a limit on the amount of debt the government can take on to fund its runaway spending… The U.S. national debt currently stands at more than US$31 trillion.
If Congress doesn’t raise the limit soon, America will not legally be able to borrow more money, and will not be able to pay its bills…
If the U.S. defaults on its debt, we really are in uncharted territory for the whole world…
Nobody knows what happens when the world’s financial superpower can’t pay its bills.
But it ain’t good.
First off, our creditors—including foreign governments and overseas investors—will get burned, undermining faith in the whole U.S. economy.
Stocks will plunge… Capital will flee to other markets…
On the most basic level, the U.S. government may not have the cash to pay Social Security and veterans’ benefits, military and other government salaries…
Remember: This nightmare scenario isn’t some far off possibility decades in the future…
It’s just weeks from now, according to Biden’s own Treasury Secretary.
I’m so concerned about what’s happening in America right now, I’ve put together an emergency summit to discuss how you can protect your retirement income…
Endless Crisis
President Biden and the Republican-led House of Representatives are locking horns over who’s to blame for this crisis and how to solve it…
Biden has refused to even discuss spending limits or cuts until Congress passes a “clean” debt ceiling increase.
Even if some last-minute compromise is reached, and America miraculously does not default… we’ll face the exact same crisis again in another few months or years, with the new arbitrary debt ceiling limit… just like we did in 2013… just like we did in 2011… and in 1995…
Does this seem like a sane way to run the world’s largest economy?
And it’s far from certain that a deal can or will be reached.
Start Your New Life Today, Overseas
Do you have faith in America’s current crop of Washington geniuses to act in your best interest—rather than their own?
Some of them (looking at you, Senior Senator from California) aren’t even showing up for work anymore… supposedly for health reasons… but refuse to step down… and are still taking their taxpayer-funded salary.
It’s crazy what you can get away with if you are part of the Washington elite… while the rest of us deal with the consequences of the decisions they make, or refuse to make.
I’ve said it before, and I’ll say it again: You don’t want all your eggs—i.e. all your wealth—in this U.S. “basket case.”
Nobody Asked For This—But We’re Getting It
Sadly, it doesn’t look like politics in the United States will be improving anytime soon…
The 2024 election cycle has already kicked off… and nobody is excited about what’s to come…
President Biden has announced he’s running for reelection… Because apparently only he can keep the United States on this great path that it’s on…
There is no serious Democrat to challenge him, despite the fact that 70% of Americans—including a majority of his party—don’t want him to run again.
Sixty percent of Americans don’t want Donald Trump to be the Republican nominee…
And yet, right now, the 2024 election is looking like a rematch of 2020…
A Quinnipiac poll from February shows Biden beating Trump by two points, 48% to 46%.
Twenty-eight percent of Americans say they’re “exhausted” by the very thought of this rematch… And I don’t blame them.
What other country in the world has two-year election cycles?
None.
In the U.S., the political fights are constant and exhausting… it’s almost impossible to escape.
I, for one, want to live in a place where politics doesn’t interfere with my day-to-day life…
The financial and political dramas in the States—with real-life consequences for all Americans—are set to go on and on… I wish I had better news for you.
Well, I do have better news, in a way…
No matter what’s happening in Washington, or on Wall Street, there are things you can do to protect your wealth and your retirement income—and make sure your quality-of-life is protected…
I’ve spent 30 years looking for these kinds of opportunities… Watch it—for free—right here.
Stay diversified,
Lief Simon
Editor, Offshore Living Letter