Paper currency: for decades the US dollar has been off of the gold standard, in other words it doesn’t have any intrinsic worth. It’s just paper. As long as the dollar has been detached from the gold standard, the US has in effect been betting on its reputation. It has, with characteristic hubris, taken on monumental debt without any plan of ever paying it back, under the ridiculous and tragic assumption that the US is too big to fail. It continues to sell bonds to raise money that it doesn’t have.
Can it just continue to finance social programs by selling debt forever? No, but empires always fail by assuming the opposite. How long can this debt-financing last? I optimistically predict two years, but anticipate it will be much sooner than that. How? The US’ bond rating will be lowered, causing bond prices to drop dramatically. They’ll be more difficult to sell and won’t get us as much money. This will cause a cascading effect which will disrupt the very foundations of US and world society as funding for government programs dries up.
No, Obama, that’s fine, spend more money. Spend our way out of the depression. Spend our way to a better healthcare system. Ignore that cliff ahead of us and hit the gas.
Nobody listens, nobody listens, nobody listens, the US is dead and we let it happen. We let parasites chew her away from the inside, and now she’s just a beat-up shadow of her former glory. Guys, there are disasters coming. Please listen, please try and take steps to prepare yourselves and protect yourselves.