The U.S. debt clock has increased with the rapid growth of student, credit card, and corporate debt. With credit card debt well over 1 trillion dollars, Americans are struggling to counteract this financial turmoil.
How to Protect Yourself from Systematic Debt- Video Transcription
Coy Wells: 00:00
If you're watching the mainstream media today, one of the topics they've been discussing is the national debt of the United States and the thing that they've been reflecting is the US debt clock. So the US debt clock is the US economy in real time. It talks about the national debt. It talks about personal debt and one of the things that they are now discussing is not only the national debt of the United States, but the personal debt inside of the country right now. Student debt here in the United States is now at about $1.5 trillion. We have current individual personal debt. That's persistence. That's every citizen and every child is born, comes up with a debt that's sitting at about $59,000 and some change. Right now, we also know that the debt is continuing to increase and increase. At some point in time, the Piper has to be paid.
Coy Wells: 00:47
Who's going to pay this astronomical amount of money? Credit card debt is now sitting at well over $1 trillion. When we start talking about student loans and credit card debt and personal debt sitting at nearly $60,000 per citizen, how do we come up with a resolution? How do we fix this problem? Or is the problem so far gone that we're not in a position where we can resolve it? And that's one of the things that we continue to talk about. We are continuing to encroach at a level that is unfathomable in a position where we, the average person, does not understand how to resolve the problem. We as individuals and most of us and those who grew up as the conservative group, one of the scariest things about your life growing up is that your credit rating was the credibility of the person. Your credit rating, your ability to be the person that you stood by your entire life.
Coy Wells: 01:35
You being an honest individual paying those debts. Today, the younger generation has none of those statures that stand behind the person or the man or the woman in today's world and that debt continues to mount and mount and mount. If you're a young student that came out of college, maybe a medical student, maybe an attorney, maybe with a business degree and the majority of that college was paid for with borrowed money. They come out, they're making 50 60 70 maybe they're making 120 $200,000 a year. If that's possible for a doctor to come out today and make that without having an established clientele going right into a credible position. How does an individual pay that back? I mean if we go into a major downturn or a major recession and their money is impacted by then or they lose their job and that debt is still there and it's still owed. In the crisis that we're talking about are deep seeded recessions lasting seven, eight, nine, 10, 15 years.
Coy Wells: 02:29
How do they get ahead? They can't, they can't get ahead and that's part of the problem that we've continued to talk about is that the debt here in the United States goes well beyond the debt that the nation carries. The problem is becoming systemic and it's becoming systemic toward the states and the cities and the counties are also borrowing against the money that they've loaned out to their pension plans. And with all these videos that we do, the videos are to educate you, to help promote and protect yourself with all the things that are going on in today's world. And most people know these things are taking place. They feel it. The instinct is there and that's why we continue to preach that in these scenarios when we know that we're encroaching on the scenarios, how do we protect ourselves? You have to be proactive as opposed to being reactive, right?
Coy Wells: 03:15
You have to take a step ahead of the curve to help protect your money. You know? Gold is not always the number one asset, but in these times, gold looks pretty good considering that we know that the world gold council just now put the banks purchased 651 metric tons, more than $27 billion in gold. Banks don't normally do that. Matter of fact, it has not been seen in over roughly 50 years, 1971 Richard Nixon. So when that starts happening, buyer beware. The debt is there, the people know it's there. You have to do something about it. To get more information on this topic, you can pick up US Money Reserve's latest report, ‘the Gold IRA, protection in the risk zone'. So please click on the link below or call the number on your screen to get your copy today. If you're watching from YouTube, please subscribe to the YouTube channel so you don't miss a single episode. For U.S. Money Reserve's Market Insights, I'm Coy Wells, thank you for watching.