I believe so. It is also what allows us (Americans) to live well beyond our means through exporting our debt to other countries.
That stops if we are no longer the world's reserve currency.
The way I understand the situation is that our way of life will drastically change should this come to pass. Mortgages, car loans, personal credit cards - we are a debt based society.
Hopefully most on this site have been eradicating their debt as much as possible these past few years as part of their prepping.
Consider the shock and behavior shift it would take to move back to one where if you didn't have the money, you would do without until you did because the credit just is not available.
Let's be real, we aren't living beyond our means. We have one of the largest landmasses in the world, and it is replete with resources.
We would've been and should have been totally self sufficient, as American companies have basically made most innovations the world has seen and had we not allowed them to give them to China for cheap manufacturing, we would have had essentially a world monopoly on everything.
Which we could do again.
Bring jobs back to the U.S., cut frivolous spending on social bullshit and we would generally be fine.
Without skilled labor at all levels, those 'resources' will stay where they are and not become intermediate or final goods.
We have 10 lawyers for one engineer. Twenty (or more) realtors per engineer. Paper pusher to producer ratio is about 100 to 1, and rising. Most engineers are old, getting older. Plants are closing, technicians aren't replaced.
But tattoo 'artists' are increasing in numbers.
It's not that easy to come back from a loss of technical knowledge. It takes a while.
Just starting out of college, I was talking with an older engineer about a well known company that was in the process of going down the tubes. I asked him what he thought was causing that company's demise, and he said "They lost their technology". I'm like "what??" Then he said "They lost their 3 key engineers, and would never recover from the lost talent". He was absolutely correct. Some people are very hard to replace, in spite of what some managers like to think.
Correct. We have more people with skills in getting food stamps and medical for free than any other country. Those who comes from other countries don’t want to work or want to be an executive without working and no skills. That’s the type of people are coming plus terrorists and thieves murderers, etc.
Really? Have you taken a look at our national debt? We are living beyond our means.
Every spending bill passed does not have a corresponding tax $ coming in to cover it.
And this isn't just by a little, the national debt is 14 digits according to the Massie interview. We totally are living beyond our means.
The things that you state - Large land mass, resource rich, innovation, US based companies, jobs, etc. All true.
We should not be where we are. We could get out of this (I believe) - however, we would need to shift massively to do so. Our thinking up until now is spend and spend more.
According to Massie, even congress is apathetic about it.
The “classic monetary reasoning” that the only way to get out of this amount of National Debt, is to “monetize” that Debt. That means print the shit out if money and dilute/devalue the existing debt. That also means they will dilute and devalue EVERYTHING denominated in US dollars. EVERYTHING. Property, investments, currency, everything. That also means the COST of EVERYTHING after every single time that ‘printer’ cranks out US dollars goes up just a little bit. After they do that over and over and over, then you are paying $4 for a carton of 12 eggs. Economics: the slow burning fuse.
The realtors? The insurance agents? The 'health care' workers (you know the ones in the reception that can barely speak)? The tattoo 'artists'? The lawyers? The MBAs?
Who?
The illegals?
The most important resource of a country is its human talent. This country has been blowing it away on shit paper pushing jobs for the last 80 years. And now we're in the terminal phase.
Romans could build aqueducts and had cities with > 1M inhabitants. Check what happened after the fall of the western roman empire in the west.
Hovels & mudhouses.
Loss of technical knowledge & skilled craftmanship is a real thing and it takes DECADES to get it back.
Correct me if I'm wrong but isn't that the only thing giving the dollar any value?
I believe so. It is also what allows us (Americans) to live well beyond our means through exporting our debt to other countries. That stops if we are no longer the world's reserve currency.
The way I understand the situation is that our way of life will drastically change should this come to pass. Mortgages, car loans, personal credit cards - we are a debt based society.
Hopefully most on this site have been eradicating their debt as much as possible these past few years as part of their prepping.
Consider the shock and behavior shift it would take to move back to one where if you didn't have the money, you would do without until you did because the credit just is not available.
Let's be real, we aren't living beyond our means. We have one of the largest landmasses in the world, and it is replete with resources.
We would've been and should have been totally self sufficient, as American companies have basically made most innovations the world has seen and had we not allowed them to give them to China for cheap manufacturing, we would have had essentially a world monopoly on everything.
Which we could do again.
Bring jobs back to the U.S., cut frivolous spending on social bullshit and we would generally be fine.
Without skilled labor at all levels, those 'resources' will stay where they are and not become intermediate or final goods.
We have 10 lawyers for one engineer. Twenty (or more) realtors per engineer. Paper pusher to producer ratio is about 100 to 1, and rising. Most engineers are old, getting older. Plants are closing, technicians aren't replaced.
But tattoo 'artists' are increasing in numbers.
It's not that easy to come back from a loss of technical knowledge. It takes a while.
Just starting out of college, I was talking with an older engineer about a well known company that was in the process of going down the tubes. I asked him what he thought was causing that company's demise, and he said "They lost their technology". I'm like "what??" Then he said "They lost their 3 key engineers, and would never recover from the lost talent". He was absolutely correct. Some people are very hard to replace, in spite of what some managers like to think.
Correct. We have more people with skills in getting food stamps and medical for free than any other country. Those who comes from other countries don’t want to work or want to be an executive without working and no skills. That’s the type of people are coming plus terrorists and thieves murderers, etc.
Really? Have you taken a look at our national debt? We are living beyond our means.
Every spending bill passed does not have a corresponding tax $ coming in to cover it.
And this isn't just by a little, the national debt is 14 digits according to the Massie interview. We totally are living beyond our means.
The things that you state - Large land mass, resource rich, innovation, US based companies, jobs, etc. All true.
We should not be where we are. We could get out of this (I believe) - however, we would need to shift massively to do so. Our thinking up until now is spend and spend more.
According to Massie, even congress is apathetic about it.
The “classic monetary reasoning” that the only way to get out of this amount of National Debt, is to “monetize” that Debt. That means print the shit out if money and dilute/devalue the existing debt. That also means they will dilute and devalue EVERYTHING denominated in US dollars. EVERYTHING. Property, investments, currency, everything. That also means the COST of EVERYTHING after every single time that ‘printer’ cranks out US dollars goes up just a little bit. After they do that over and over and over, then you are paying $4 for a carton of 12 eggs. Economics: the slow burning fuse.
Drill baby, drill. And accept only gold or repatriated dollars.
Who will do the drilling?
The realtors? The insurance agents? The 'health care' workers (you know the ones in the reception that can barely speak)? The tattoo 'artists'? The lawyers? The MBAs?
Who?
The illegals?
The most important resource of a country is its human talent. This country has been blowing it away on shit paper pushing jobs for the last 80 years. And now we're in the terminal phase.
Romans could build aqueducts and had cities with > 1M inhabitants. Check what happened after the fall of the western roman empire in the west.
Hovels & mudhouses.
Loss of technical knowledge & skilled craftmanship is a real thing and it takes DECADES to get it back.
lol, no its not