'True' US Debt Is $175 Trillion: Former Coinbase CTO On 'Unpayable' Crisis
Portfolio Pulse from Natan Ponieman
Balaji Srinivasan, former CTO of Coinbase, claims the true US debt is $175 trillion, far exceeding the official $35 trillion figure. This includes entitlements like Social Security and Medicare. The Federal Reserve has made more emergency loans in 2023 than during the COVID-19 pandemic and 2008 financial crisis. Interest payments are now the second-largest government expense. Major economies are moving away from the US dollar, with China, Russia, and India increasing gold reserves. Government officials like Fed Chair Jerome Powell and Treasury Secretary Janet Yellen believe current debt levels are manageable, but others, including JPMorgan CEO Jamie Dimon, warn of potential risks.
August 14, 2024 | 1:48 pm
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NEUTRAL IMPACT
Balaji Srinivasan, former CTO of Coinbase, highlights the severe US debt situation, which could impact investor sentiment towards financial markets, including cryptocurrencies.
As a former CTO of Coinbase, Srinivasan's comments may influence investor sentiment towards cryptocurrencies. However, the direct impact on Coinbase's stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
JPMorgan CEO Jamie Dimon warns that the rising US debt to GDP ratio could lead to a 'rebellion' against the US dollar, potentially affecting the banking sector.
Dimon's warning about the debt to GDP ratio and its potential impact on the US dollar could negatively affect investor confidence in the banking sector, including JPMorgan.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70