World Affairs in Context

World Affairs in Context

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World Affairs in Context
China Sanctions U.S. Companies, House Bans CBDC, National Debt Hits $34.7 Amid Out of Control Deficit Spending
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China Sanctions U.S. Companies, House Bans CBDC, National Debt Hits $34.7 Amid Out of Control Deficit Spending

Weekly Recap - Friday, May 24, 2024

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Lena Petrova
May 24, 2024
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World Affairs in Context
World Affairs in Context
China Sanctions U.S. Companies, House Bans CBDC, National Debt Hits $34.7 Amid Out of Control Deficit Spending
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Behind The Numbers With Lena Petrova, CPA is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

The U.S. House of Representatives just passed a bill banning the Federal Reserve from establishing a Central Bank Digital Currency:

- 213 Republicans in favor of the CBDC Anti-Surveillance State Act

- 3 Democrats voted for the bill

- 192 Democrats opposed it

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The Fed admits that U.S. consumers are growing weaker.

  • 52% of US adults could not cover an unexpected bill of at least $2,000 using savings

  • 18% could only pay for an expense that's under $100

Moreover, the percentage of borrowers in credit card delinquency has more than doubled in just 10 years:

Additionally, the share of U.S. adults who feel they are doing “okay” financially continues to decline, according to a survey conducted by the Federal Reserve:


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The housing affordability crisis in the United States continues as mortgage rates remain elevated and home prices have not declined to the pre-pandemic level.

Meanwhile, the number of individuals experiencing homelessness has risen across all states:

You are welcome to watch one of my recent videos with further details:

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The median US home sale price hits a new record high of $433,558 in April 2024.


US national debt hit a new high of $34.7 trillion in May; it’s now on pace to reach $40 trillion by 2025 if the current level of government deficit spending continues.

To put this in perspective, total US debt has increased by $11 trillion, or 47%, in 4 years. Interest expense has become one of the top five biggest expenses annually.

US debt-to-GDP ratio is 124%. CBO estimates the US debt-to-GDP ratio will be 131% in 2034.

Since 1800, 51 out of 52 countries with a ratio above 130% have defaulted.

Yet, the public is presented with an alternative reality:

The main stream media, of course, doesn’t skip a beat and continues to gaslight Americans for stating the obvious, ie. that the U.S. economy is in a recession:

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