Blue Rate has now hit 100 per dollar

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Everybody knew that one day a virus would get on a plane in China and get off in New York or MIlan. But no governments were motivated by the voters to make preparations. The result, we have lockdowns, respirators, unemployment, bankruptcies, deaths. And me cancelling two great upcoming vacations and likely spending my 79th year on Earth locked inside with only my dog and you expats to talk with.

Everybody knows that the US is fiscally irresponsible. How can the result not be another catastrophe?
I fully agree with you though am only 74. The catastrophe which you allude to may be prevented only by the fact that the rest of the world is quickly headed to the bottom of the toilet and no doubt will beat the USA there. Luckily we've the world's reserve currency and as long as other suckers want that fiat more than any other, the USA will survive. Until someone pulls the curtain back!
 
there will have to be a reckoning one day with the US debt problem. i can't imagine it will be pretty. but no politicians are ever interested in tackling that problem.
 
I don't think so.

1. Reducing spending is not possible. 62% of US Government spending is mandated and growing rapidly ie: Social Security. 8% is Interest which must grow, not shrink.
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2. Taxes cannot be raised enough to matter. In 2019 Washington took $3.46trillion out of a $20Trillion GDP and still had a $trillion deficit. A 33% increase in revenue would only eliminate the deficit.

3. The attitude of the American people is moving towards spending alot more, not less ie: Free healthcare, free college, give everyone $1.000/month, etc.

4. Selling assets? Yellowstone park? The Lincoln Memorial? How about selling Capitol Hill? Even better sell Washingto, D.C. to Disney and let them turn it into a theme park.

5. That leaves inflation as the only way to address the debt. Following in the footsteps of Venezuela, Argentina and the Weimar Republic.
Hey, we in the USA have the best politicians money can buy....and they don't come cheap.
 
Tired of incompetent politicians, yet they are holding up a Trump 2020 sign...
Obviously you don't know what you're talking about as they're protesting an incompetent governor. But that's okay, I really didn't expect much from a reply.
 
5. That leaves inflation as the only way to address the debt. Following in the footsteps of Venezuela, Argentina and the Weimar Republic.


That doesn't turn the US into any of those countries. The US has had high inflation and used it to reduce it's debt before and it did not lose it's world reserve status or become like the mentioned countries. The period of time was the 1940s. The US will likely do it again and continue dominating the currency landscape. Many of the other major economies will likely be doing it at even faster rates.
 
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