BeachMilk: Putin is absolutely correct!
🗣️ DI$CU$$ION 💬
Biden’s action of banning Russia from trading in the world’s Reserve Currency (ie the US dollar) has sent shockwaves throughout the world, and significantly eroded trust in the dollar, because other countries now know this could happen to them also.
If the US fails to retain reserve currency status, the USA is finished because that status is the only thing preventing the US from being crushed under the weight of their enormous debt.
This is not only the way, it is probably inevitable
Yes, considering compound interest, to which Albert Einstein referred to as the "most remarkable thing in the universe".
I'll use year a calculation from the year 2022 I did.
If one penny had been borrowed at 6 percent compound interest in the year Jesus of Nazareth was born and no payments were made, how much would be owed today in year 2022?
The formula for annual compound interest is: FV = PV(1 + i)^n where PV is the present value $0.01, i is the interest of 6% and n is the number of years- 2022. FV is the future value of the debt owed in the year 2022.
We substitute the amounts in the equation thus:
(.01) x (1.06)^2022 = 1.06 x 10^2020 dollars (1.06 followed by 2020 zeroes)
Let's determine how much money this is?
If we think of it in terms of gold, divide the amount by the current price of gold ($1838.70/oz) we get:
1.47 x 10^49 troy ounces of gold
How much gold is that?
There are 14.6 troy ounces in a pound and 1,205.6 pounds in a cubic foot of gold, we get:
1.22 x 10^46 cubic feet of gold
To imagine that much gold, we need to think in terms of astronomy. The sun has a diameter of 865,000 miles. Its volume is 3.388807852×10¹⁷ cubic miles or 2.302307922×10⁶ cubic feet. Dividing into the above figure gives us:
5.31 x 10^39 solid gold suns
If we assume that an average galaxy like the Milky Way contains one billion stars like the sun, we get:
5.31 x 10^30 galaxies of a billion solid gold suns!!!
All this from a single penny borrowed in the time of Christ.
Now you know why compound interest as the most remarkable thing in the universe. Can you now see how the world's debt has become a "mere" 250 trillion dollars?