I don’t disagree with any of it, however, I’ve been hearing since the Reagan years how deficit spending is going to wreck the economy, yet 40 years later we are still spending like drunken sailors and there seems to have been no discernible impact. We are at $30T and counting. What is the inflection point, if there is one?
Yeah, ditto. That said, Zimbabwe, Argentina, Greece, etc., etc., etc. suggest and indicate that despite this being the Great and powerful US, continuation of deficit spending amounting to trillions a year over what the US brings is unsustainable. It ultimately is not of ‘if’, it’s a matter of ‘when.’
Well he looks at GDP and compares to Greece from a few years back. We’re at 102% already, Greece failed at 130%.
The argument is that once we reach the tipping point is when the reset happens to the digital dollar along with the haircut to your bank account and investments.
That is exactly the point. As long as the US dollar remains the world’s reserve currency, it is essentially backed by the world’s economy. It gives Americans incredible access to the output of the world’s goods and services. There is no “controlling authority” to prevent its debasement. However there is an end point when the world will no longer accept the US dollar as a reserve currency. Cryptocurrency is just one of many challenges to soon come. However for the immedeate future , there is no real challenger to the US dollar’s primacy. Hence the politicians can continue to print, spend, incur debt and not pay the real price until their careers are over.
Yes,
Same thing I have been thinking....A lot was said about this happening during Obamas “stimulus”....
The US government is borrowing at less than 1%. All goid for them. I would borrow at that rate and buy assets all day long.
The artificially depressed interest rates destroy retirement savings and kill the middle class.
This is totally by design.
I sort of liked Chuck's "For The People" show, which at the time featured a lot of Pat Choate and Larry Nichols (remember the Whitewater days?).
He did have a bit of the huckster in him though. Always pitching his cheesy newsletter and the American-made shortwave radio, which I actually bought, which was an utter piece of crap. I threw in the garbage and bought a Grundig (which still works fine to this day).
I guess someday the predictions will come true but like you said, we've been hearing the drumbeat of imminent doom for literally decades now.