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Re: FedEx Founder Fred Smith: U.S. record debt 'unsustainable'
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Biden Drugs
Feb 17, 2024, 3:31:15 AMFeb 17
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On 15 Mar 2022, Rudy Canoza <notg...@gmail.com> posted some
news:o84YJ.82407$Mpg8....@fx34.iad:
> Democrats are robbing the USA. Execute all Democrat politicians. Soon.
FedEx founder and executive chairman Fred Smith is adding his name to the
list of business leaders sounding the alarm over America's surging
national debt, telling FOX News this week it is "unsustainable."
During an interview on "Special Report" Tuesday evening, host Bret Baier
asked Smith for his take on the level of federal debt held by the U.S.
government, which is now above $34 trillion.
"Federal debt held by the public was 97% of GDP in 2022, projected to
equal 195% of GDP by 2050," Baier noted. "Eventually, you have to turn the
aircraft carrier a little bit."
JPMORGAN CEO JAMIE DIMON WARNS US DRIVING TOWARD A CLIFF AS DEBT SNOWBALLS
"Well, I think a lot of people are saying that," Smith responded. "The
chairman of the Federal Reserve said it Sunday evening, a week ago. The
head of our largest bank, I believe, JP Morgan, Jamie Dimon, has said it
repeatedly, and hopefully I'm adding to the chorus and saying this is
unsustainable."
Baier then pointed to remarks Smith made during a speech at the Calvin
Coolidge Presidential Foundation in December, when the FedEx founder said,
"To avoid a catastrophic fiscal crisis. I fervently hope that next year,
our political process produces leaders who recognize the extreme and
unprecedented dangers we face in terms of our political and financial
instability, not to mention military challenges around the world, which
require a grand compromise and resolution of these problems."
US NATIOANL DEBT TOPS $34T: HOW MUCH DEBT IS TOO MUCH DEBT?
The host asked Smith if he is seeing those leaders as of today.
"No, quite the contrary," he replied. "The political process is really
focused on the extremes of both parties."
"No one is supporting trade, which made America great, really, since
Roosevelt and his secretary of State Hull passed the first major trading
bill in 1934,' Smith said. "And then we led opening the world and restored
Germany and Japan, our enemies, to prosperity through trade and the
American alliance system. And then on top of that, our financial
capabilities to print money at will is dependent on the dollar remaining
the reserve currency."
"The so-called BRICs alliance – Brazil, Russia, India and China – have set
out on a deliberate course to dethrone the dollar," Smith continued,
warning, "If that happens and we can't sell our bonds, I can assure you
the living standards that we all enjoy today are going to be a thing of
the past."
https://www.foxbusiness.com/economy/fedex-founder-fred-smith-u-s-record-
debt-unsustainable
news:o84YJ.82407$Mpg8....@fx34.iad:
> Democrats are robbing the USA. Execute all Democrat politicians. Soon.
FedEx founder and executive chairman Fred Smith is adding his name to the
list of business leaders sounding the alarm over America's surging
national debt, telling FOX News this week it is "unsustainable."
During an interview on "Special Report" Tuesday evening, host Bret Baier
asked Smith for his take on the level of federal debt held by the U.S.
government, which is now above $34 trillion.
"Federal debt held by the public was 97% of GDP in 2022, projected to
equal 195% of GDP by 2050," Baier noted. "Eventually, you have to turn the
aircraft carrier a little bit."
JPMORGAN CEO JAMIE DIMON WARNS US DRIVING TOWARD A CLIFF AS DEBT SNOWBALLS
"Well, I think a lot of people are saying that," Smith responded. "The
chairman of the Federal Reserve said it Sunday evening, a week ago. The
head of our largest bank, I believe, JP Morgan, Jamie Dimon, has said it
repeatedly, and hopefully I'm adding to the chorus and saying this is
unsustainable."
Baier then pointed to remarks Smith made during a speech at the Calvin
Coolidge Presidential Foundation in December, when the FedEx founder said,
"To avoid a catastrophic fiscal crisis. I fervently hope that next year,
our political process produces leaders who recognize the extreme and
unprecedented dangers we face in terms of our political and financial
instability, not to mention military challenges around the world, which
require a grand compromise and resolution of these problems."
US NATIOANL DEBT TOPS $34T: HOW MUCH DEBT IS TOO MUCH DEBT?
The host asked Smith if he is seeing those leaders as of today.
"No, quite the contrary," he replied. "The political process is really
focused on the extremes of both parties."
"No one is supporting trade, which made America great, really, since
Roosevelt and his secretary of State Hull passed the first major trading
bill in 1934,' Smith said. "And then we led opening the world and restored
Germany and Japan, our enemies, to prosperity through trade and the
American alliance system. And then on top of that, our financial
capabilities to print money at will is dependent on the dollar remaining
the reserve currency."
"The so-called BRICs alliance – Brazil, Russia, India and China – have set
out on a deliberate course to dethrone the dollar," Smith continued,
warning, "If that happens and we can't sell our bonds, I can assure you
the living standards that we all enjoy today are going to be a thing of
the past."
https://www.foxbusiness.com/economy/fedex-founder-fred-smith-u-s-record-
debt-unsustainable
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