So This Is How The US Dollar Dies…
The comments below are an edited and abridged synopsis of an article by Michael Snyder
American leaders are killing the US dollar. The House and Senate have passed a $1.9 trillion Covid relief bill, but there isn’t $1.9 trillion to spend. In fact, there isn’t $1.00 to spend on another relief package. Every single dollar that is spent will have to be borrowed, and that will soon push the national debt beyond the $30 trillion mark.
Politicians seem convinced that mountains of dollars can be printed, borrowed and spent indefinitely without any repercussions, and most Americans support what they are doing. In fact, a recent poll found that 78% of Americans support more stimulus checks.
Those in the 78% are wrong, however. While it is nice to get a government cheque in the mail, they are destroying the US dollar, and what they are doing to future generations of Americans is criminal.
Most Wall Street investors are thrilled that another tsunami of cash is coming. One poll found that 37% of Main Street investors plan to pour stimulus money directly into the Wall Street casino. That should be good news for stocks, but a trigger event could crash the market at any time.
Meanwhile, President Biden announced that he will soon unveil the next phase of his administration’s response to the pandemic. Even if more stimulus cheques are not involved, any new programs will cost money, and that involves more borrowing.
The US is printing, borrowing and spending its way into oblivion.