Empires Fall, Currencies Collapse, Humanity Survives
Guest Post by Dennis Miller at Miller On The Money
Much has been written about politicians spending our country into oblivion – the empire and currency is about to collapse…. Woe is me!
Wikipedia provides seven pages about “Empires That Fell.” Most I’ve never heard of – from the “Empire of Vietnam,” (lasted 5 months) to the big winner, “Kanen-Bornu Empire,” lasting 1193 years.
Merriam-Webster’s empire definition:
“A major political unit having a territory of great extent or a number of territories or peoples under a single sovereign authority.”
When currencies and governments fall, the people survive, continuing to work to provide for their family.
Chuck Butler is in good company predicting the weight of our huge debt will eventually cause the currency to collapse, including significant government upheaval. Empires rise and fall – the people survive – and so will we!
Since Nixon took our dollar off the gold standard, government debt as a percentage of Gross Domestic Product (GDP) has nearly quadrupled.
Economists proclaim that once the debt to GDP ratio passes 100%, you are at the point of no return.
The St. Louis Federal Reserve explains how it’s (theoretically) possible for a government to bring the ratio down:
“Essentially, the debt-to-GDP ratio can be reduced in three ways:
- Fiscal austerity (i.e., spending cuts, tax increases or both)
- Negative real return on bonds (i.e., a nominal interest rate that is less than the inflation rate)
- Economic growth (i.e., GDP growing faster than debt)
For example, the high level of inflation after 2020 lowered the real rate of return on bonds, which ultimately led to the reduction of the debt-to-GDP ratio.”
Cut the crap – get real!
- Our current, most optimistic growth estimates fall woefully short of any meaningful reduction.
- Congress is unable/unwilling to cut spending or raise taxes.
- Inflate away the debt remains; however, it’s likely to lead to a currency collapse.
Politicos are incentivized to create inflation to cover their sins; and only get concerned when the public storms the ballot box.
My Prediction….
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Author: Dennis Miller
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