Politics

[Woodcarver]

 

[Wheels]

 

[steve white]

View attachment 488164

If it ever loses reserve currency status, we're screwed

 

[Wheels]

If it ever loses reserve currency status, we're screwed

Yep. The BRICS ++ are working pretty hard on that right now.

 

[Wheels]

 

[Tbitty]

"Watery tart" and "moistened bint" are two of my favorite insults.

I'm a big fan of "your mother was a hamster, and your father smelt of elderberries"

 

[Kevin Peacocke]

If it ever loses reserve currency status, we're screwed

Not likely. The only one that can challenge it is the yuan and that is slipping away daily.

 

[Vintageguy]

Yep. The BRICS ++ are working pretty hard on that right now.

Our idiots in charge seem to be working hard at that too.

 

[CoElkHunter]

If it ever loses reserve currency status, we're screwed

To the tune of our National Debt at $30.7 TRILLION and counting!

 

[Wheels]

 

[Wheels]

Not likely. The only one that can challenge it is the yuan and that is slipping away daily.

There are no strong currencies in the world at the moment. All currencies are being debased at an ever quickening pace. The USD happens to be performing as best of the worst.

Who wants to own an asset that is loosing value at 5+% per year. In my lifetime the USD has lost 92% of it's purchasing power and is considered best for some reason.

What could replace the USD. I don't know. Possibly a gold backed currency. Possibly bitcoin. Possibly something else we aren't familiar with yet.

Unless something significant happens politically in the next ten years, I don't see the USD as reserve currency after 20 years. Perhaps 10. As you know better than most, no one wants to be stuck with an asset that looses value daily. Some country or entity will fill the vacuum IMHO.

 

[igotit]

View attachment 488163

If She/him ever gains freedom, I will like to see if she/he will thank the government that she has hated for years.

 

[Andrew62]

To the tune of our National Debt at $30.7 TRILLION and counting!

In 2009 when Obama took office our country had a debt of 10.6 trillion, Obama added 9 more trillion, now it's just like we're spending money like drunken sailors!!!

 

[fourfive8]

@Wheels posted, "... The USD happens to be performing as best of the worst..."
Yep, that is the way to understand what has been going on with world currencies on trade, exchange rates, investments, etc.

 

[CoElkHunter]

In 2009 when Obama took office our country had a debt of 10.6 trillion, Obama added 9 more trillion, now it's just like we're spending money like drunken sailors!!!

We go from a BALANCED budget under Clinton in the mid '90s to $30+ trillion of debt today. I never liked Clinton, but I do appreciate he and Congress's ability to reign in our debt at that point in time. What has happened since then? May be a rhetorical question?

 

[steve white]

We go from a BALANCED budget under Clinton in the mid '90s to $30+ trillion of debt today. I never liked Clinton, but I do appreciate he and Congress's ability to reign in our debt at that point in time. What has happened since then? May be a rhetorical question?

Balanced is a word as nuanced as Clinton's "that depends on what the meaning of 'Is', is.

 

[Wheels]

 

[marksman]

We go from a BALANCED budget under Clinton in the mid '90s to $30+ trillion of debt today. I never liked Clinton, but I do appreciate he and Congress's ability to reign in our debt at that point in time. What has happened since then? May be a rhetorical question?

51 years ago, Richard Nixon took the US off of the gold standard. It turns out that when someone can play a game of Monopoly where they get to loan themselves unlimited money and make everyone else pay for it, they win every time, and everyone else loses.

 

[jeanes]

Modern Monetary Theory

 

[RTG]

51 years ago, Richard Nixon took the US off of the gold standard. It turns out that when someone can play a game of Monopoly where they get to loan themselves unlimited money and make everyone else pay for it, they win every time, and everyone else loses.

It’s no coincidence that many of our long serving politicians are positioned to benifit from Americas eventual economic collapse. 30 trillion in national debt plus multiples more in unfunded pension liability. We can’t pay for it without destroying the USD completely.

The idea that you can work for 20 years and then retire for 60 years is a complete ponzi scheme. Many will suffer, only question is when.

We go from a BALANCED budget under Clinton in the mid '90s to $30+ trillion of debt today. I never liked Clinton, but I do appreciate he and Congress's ability to reign in our debt at that point in time. What has happened since then? May be a rhetorical question?

Clinton was dragged into a balanced budget by the Republican landslide House and Senate victory of 1994. Bill Clinton in his first two years as president had zero intention of a balanced budget or lowering the national debt. His policies were so horrible that Republicans swept the house and senate for the first time in 40 years.

Newt Gingrich and the Contract With America was shoved down Clinton‘s throat, over and over and over again, until the polls were so overwhelmingly against him that he had no choice but to sign legislation if he intended to run in 1996.

This was the last time Republicans ever stood for anything. 1994 was the last time we had a genuine two-party system. Once the Democrats realized Republicans could win, they knew they either had to buy them, or destroy them. Most were bought.

It’s been a game ever since. Republicans win landslide victories in the House and Senate in 2010 and 2014, but zero legislation was shoved down Obama‘s throat. They’re not there to change anything anymore, just to protect the status quo and the government economy. By doing so they create generational wealth for their families.

Now their main priority is ensuring that “we the people“ never have the ability to elect someone who will challenge their power again.