So, the US has (once again) averted going into default. Good news? Sure, on the face of it... but...
Is this what should be the headline news for the world's largest economy? For the issuer of the global reserve currency? For the world's largest debtor? That it averted bankruptcy?
Hmmm... let me think about it... NOT?????
Well, the whole mess was just a sideshow created by a few traitors.
ReplyDeleteIn the 70s, US 'defaulted' by going off gold standard and closing the gold window. I am curious how they will 'default' when the debt can no longer be serviced. CBDC??
ReplyDeleteBy H. I have never been a huge fan of the gold standard, it seemed outdated even in the 70s - though I do remember the newspaper headlines back then (vaguely, I was very young).
DeleteCentral bank digital currency? Basically, it is already here. Our credit/debit cards are 100% traceable and in some countries paper money is almost extinct (Scandinavian, in particular).
I strongly object to cryptos - it is private currency, basically a throwback to the era before the Fed albeit in digital form.
What could we do instead? Hmmmm… this is good topic for a next post!