Addendum; With the Fed printing money like there is no tomorrow the US dollar could lose reserve currency status and if that happens then it will make the '29 crash look like a cake walk. Overnight the US standard of living will drop 20-30% and slowly grind even lower over the next decade.
Silver lining? It will finally put an end to the parasitic Military Industrial Complex and endless "regime change wars" (as Tulsi Gabbert would say) but also end the welfare state overnight. There will no longer be Magic Monetary Theory money to fight over for either political party.
Losing reserve currency status is not a fait accompli at this point so watch the dollar/bond market and price of gold as this will tell the tale. Because there is no real alternative to the dollar at this point, they could still pull a rabbit out of their hat and save the system. Beware that your precious 401K/IRA money is not your money and is the only pile of cash that the politicians can use to slow a dollar sell off. Look for bank bail-ins and mandatory 401K/IRA purchases of US Bonds as cover for Fed bond buying.
Addendum; With the Fed printing money like there is no tomorrow the US dollar could lose reserve currency status and if that happens then it will make the '29 crash look like a cake walk. Overnight the US standard of living will drop 20-30% and slowly grind even lower over the next decade.
Silver lining? It will finally put an end to the parasitic Military Industrial Complex and endless "regime change wars" (as Tulsi Gabbert would say) but also end the welfare state overnight. There will no longer be Magic Monetary Theory money to fight over for either political party.
Losing reserve currency status is not a fait accompli at this point so watch the dollar/bond market and price of gold as this will tell the tale. Because there is no real alternative to the dollar at this point, they could still pull a rabbit out of their hat and save the system. Beware that your precious 401K/IRA money is not your money and is the only pile of cash that the politicians can use to slow a dollar sell off. Look for bank bail-ins and mandatory 401K/IRA purchases of US Bonds as cover for Fed bond buying.