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Phasing out the American dollar

Written by Taylor Stone

 

Here’s a scenario: You give me a $100 bill, I take it, I make a copy of it and I hand it back to you. Now we both have $100, right? Wrong. I have just cut the value of your $100 bill in half simply by making a copy of it.

 

Take that scenario and multiply it by hundreds of billions, and say hello to quantitative easing and the disaster that is the current American economy.

 

It isn’t a secret that over the years, our government has been constantly borrowing incredible amounts of money. The scary part is that pretty soon, we won’t even be able to afford the interest on these loans.

 

Information provided by the University of New Mexico Bureau of Business and Economic Research states that if every single U.S. citizen were taxed 100 percent of their income for the duration of a year, it still wouldn’t be enough to pay off our debts. There would still be trillions of dollars left to pay. That doesn’t sound like an economy that has rebounded.

 

Research has proven that today, in this country, our government is in more debt than any country in history—more debt than all of the countries in the European Union combined.

 

For some unknown reason, our politicians believe that the way to stimulate the American economy is by increasing government spending. They believe that by continuing to manipulate our currency, all of our debts can simply be avoided.

 

The concept of what money does is very simple, but when our money can’t be trusted we will see a collapse in capitalism and life in the United States as we know it.

 

The only thing that has saved our economy so far is our country’s exclusive ability to print more money. As the world’s reserve currency, we are the only country in the world that can print U.S. dollars. The only reason the United States can’t go broke now is because we can just print more money to pay our debts, and we do.

 

Our creditors are taking notice, and that’s exactly why China and other countries are taking steps to phase out the dollar. This would result in the dollar losing its status as the world’s reserve currency.

 

In Britain, the sterling was the world’s reserve currency for 200 years until people intentionally began to devalue it, and we’re blindly following in their footsteps. As the value of the U.S. dollar continues to decline, the price of everyday essentials will skyrocket, and this will continue until inflation becomes worse than ever before in this country.

 

The most unsettling detail is that we are trapped. There is no possible way the government can stop printing money because there is absolutely no way we can afford our debts without doing so.

 

When our currency collapses, everything goes with it. If you destroy the currency, you destroy the nation.

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2 comments

  1. Here are the non-partisan CBO’s projections for public debt for the next decade. They project debt as a % of GDP to rise less than 5% by 2023: http://www.cbo.gov/publication/43905

  2. “Research has proven that today, in this country, our government is in more debt than any country in history—more debt than all of the countries in the European Union combined.”

    That’s an incredibly misleading statement. The US economy is the largest in history, so the levels of debt are expected to be high when compared to other economies. Additionally, your fears of inflation are unwarranted, as rates have been extremely low for years.

    Your debt argument totally ignores one major fact: economies grow. As they grow, the ratio of debt to GDP decreases. You have to spend to get out of a recession. Now is not the time for austerity, which simply makes a bad situation worse and increases human suffering.

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