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Old 19th February 2020, 08:56 PM
Contrition Contrition is offline
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Default National Debt: $23 trillion

https://www.foxbusiness.com/money/bi...financial-risk

The biggest financial risk that no one wants to talk about
The national debt now stands at over $23 trillion


“So why is this such a major risk? For many reasons, but here are just three that are increasingly timely: soaring debt and deficit levels could create a global crisis of confidence in the U.S.; they could impair the ability of the government to deal with the next crisis; and they could lead to rising debt service that forces restrictive taxation or spending policies upon us.
Erosion of global confidence in the U.S. from rising debt and deficit levels could result in the government having to pay meaningfully higher interest rates, eventually leading to still greater debt and deficit levels and, ultimately, increased taxes and/or decreased spending. Even the status of the dollar as the world’s reserve currency could be threatened.”

This article is more evidence that our current monetary system will eventually fail because history has shown that all fiat currencies fail. When the U.S. dollar loses its world status, my opinion is that our economy will go haywire and be forced to reset. Will this reset contribute to hard times or famine?
The next question is what will the government use to replace the dollar and the confidence that the world has in it? Will it be precious metals, crypto, or another form of paper money?

The information below was from a former post, and is good to review. __________________________________________________ ____________


Video Title: Top 10 Reasons I Buy Gold & Silver by Mike Maloney
https://www.youtube.com/watch?v=FI7NnOg2rxo


Some of the main points Mike makes are:

1. Every 30-40 years, the world has an entirely new monetary system.
2. There have been four monetary systems in that last 100 years:

A. Classical Gold standard (1875)……………….. Full Gold Backing
B. Gold Exchange Standard (1922)………….…..Partial Gold Backing
C. Bretton Woods World Standard (1944)….. Less Gold Backing
D. US Dollar Standard (1971-?)…………………….No Gold Backing

3. This is the only time the world fiat currency is based on faith (No Gold Backing)
4. History has shown that fiat currency systems always fail.
“Before the end of this decade, history will repeat.” We are in uncharted territory.
5. A US dollar crisis would cast doubts on all fiat currencies possibly causing all other fiat currencies to follow like dominoes.
6. If the fiat currencies fail, the pendulum will swing back to gold and silver as money.

My Take: In my mind, if we are going to have a future worldwide famine, the only thing that connects the world is fiat currency. What could trigger the current fiat system to fail?
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Old 20th February 2020, 12:28 PM
Ron Conte Ron Conte is offline
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The only thing that will retain its value from now until Christ Returns is good fertile cropland.
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