Indeed. 'Since March, five major banks have collapsed' is
Posted on: May 1, 2023 at 22:55:22 CT
JeffB
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a pretty big one, though.
The fact that there has been a growing tendency to bypass the dollar as the world's reserve currency is also huge.
That puts the Fed between a rock and a hard place. Our government is still hell bent on spending like a drunken sailor and we're already in debt up to our eyeballs.
Counting total federal liabilities, funded and unfunded (such as social security, medicare, etc) came to $1,440,977 per federal taxpayer, back in March 2023. That would be close to $3 million for a household with 2 taxpayers in it. That debt is climbing rapidly.
The US is essentially bankrupt, but is still humming along on fumes until the rest of the world weans itself from the dollar. Then all hell will break loose. Our standard of living will fall like a rock.