The US dollar has been dubbed one of the strongest currencies in the world. But with the recent explosion in debt indicators and figures, the dollar’s reputation as the world’s reserve currency has found itself in troubled waters.
According to recent reports, as of March 2024, the US Treasury paid $89 billion in interest, which equates to approximately $2 million per minute.
Distressed debt indicators have forced analysts to voice their woes. Today, a prominent billionaire joined the debate and confirmed that the fall of the US dollar is now closer than ever.
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A billionaire reiterates the imminent fall of the dollar
The Tesla Supremo, Elon Musk, known for making bold predictions and predictions, is back. Musk took to X (formerly Twitter) to share his thoughts on the US dollar, adding that debt inflation could send the dollar into a vicious death spiral.
Musk explained that consistent money printing mechanisms add pressure to the U.S. dollar, pushing it toward demise. The talk of money printing has driven up the prices of alternatives to the dollar, particularly crypto and gold, eating away at the presidential legacy of the dollar.
“We have to do something about our national debt or the dollar will be worthless,” Musk posted on X.
Additionally, a video of Biden’s top economic advisor Jared Bernstein made the rounds on X, adding even more fuel to the debt fire. In the video, Bernstein discusses increasing debt, saying the United States can never go bankrupt because it can print more money.
Bernstein’s position on the current US monetary vertical has sparked a whole host of speculation. The development sparked a wave of skepticism toward Biden’s regime and governance.
The American debt crisis
The debt burden weighing on the American economy has reached an alarming level. Debt metrics have already topped $34 trillion, and the numbers are poised to add another $1 trillion to the league.
Also read: China and Russia limit trade on the US dollar
According to The Game of Trades, GIE indicators are deteriorating every day and could reach $1.7 trillion. If this pace continues, the U.S. economy could experience a considerable collapse, worsening all major economic verticals on all fronts.
reference: watcher.guru