Joe Biden will be sworn in as the 46^th President of the United States today.

He is inheriting a mountain of U.S. debt that exceeds $27 trillion. Indeed, the U.S. has a debt-to-GDP ratio of 130%. By way of perspective, this is where Greece was when it blew up in 2010.

Biden’s solution to this dilemma is to issue even MORE debt via what will be one of, if not THE largest fiscal stimulus program in history. He has already proposed:

1. A new stimulus program of $2 trillion.
2. An infrastructure program of $2+ trillion.

Beyond this, Janet Yellen, his Treasury Secretary, has stated that she believes climate change is an “existential threat” and will use policy measures to fight it.

This means even MORE money printing and credit issuance.

And this comes at a time when the U.S. is already running a $3 trillion deficit.

All of this is going to unleash an inflationary storm.

Gold has already figured this out.

At the end of the day, this isn’t an attack on Joe Biden or the Democrats. The COVID-19 pandemic has revealed that policymakers will deal with any and all issues going forward by PRINTING MONEY.

The fact the U.S. is doing this at a time when it is perched atop the largest debt mountain in history will only accelerate things.

After all, with this much debt, there is no way on earth the U.S. can pay it off.

INFLATING it away is the only answer. Which is why I believe the Biden administration is going to make the already debt-crazed Trump administration look like amateurs when it comes to printing money.

Best Regards,

Graham Summers
Editor, Money & Crisis