"...Perhaps when the US was 40% of Global GDP, we could have gotten away with it but now we are 20% and falling fast yet we still attempt to run our foreign and economic policies as if we are large and in charge.
This is not the way the rest of the World sees us anymore. To the rest of the World we are unrealistic children with dangerous spending habits who happen to owe them A LOT of money. We borrowed $15Tn and our "plan" is to pay them back with hyper-inflated dollars that are already discounted 33% from where we began cranking up the borrowing in 2002 (to pay for wars and tax cuts).
Already, other nations are refusing to lend us more money so we have begun to engage in what Bill Gross, the world's biggest bond buyer, calls "a brazen Ponzi scheme" in which the Federal Reserve of the United States "buys" whatever notes the Treasury Department of the United States chooses to print to pay for their continual borrowing (currently $100Bn per month) and the joke of it is that the Federal Reserve doesn't actually have ANY money. In fact, they themselves are $2.5Bn in debt as every check they write is technically just another IOU, backed by whatever assets they purchase AFTER they write the check..."
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