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.
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.
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.
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.