With the national debt of the world’s reserve currency soon expected to exceed $32 trillion, some are predicting a potential $20 trillion dollar global financial collapse.
Note: I am not a Wall Street investment banker. I have never “run” money like a myriad of folks that ply their skill sets in that trade. The last 15 years was a false financial reality imposed to keep banks afloat after the GFC of 2007-2009, using Japan’s model. Ostensibly, these FED folks used what they saw the Japanese do throughout their Lost Decade(s) as a zombie economy (labeled: Modern Monetary Theory to give this an air of respectability). Entangling together their key corporations, government ownership, business elites, a keiretsu model – enhancing cross ownership ties, think: Blackrock/Vanguard/State Street (for a U.S. corporate ownership example) – while keeping their interest rates at zero (or negative) while the Bank of Japan slowing acquire more and more (over 50% in June 2022) of all their outstanding bonds and activity. (Trading short in Japanese bonds is called the Widow-maker trade.)
The U.S. went bust in 2009 – technically. Since then, the hope by our enemies (internal and external) was to drive the U.S. dollar out of its role as reserve currency. It is not hard to understand why (for them) on many fronts, both legit and purely dictatorial.
First, our foreign policy, ran by British-US Neocons, is based off warmongering, secret operations, and brutality that has killed millions since 1945. (Not all our acts were heinous – but the preponderance of the evidence weighs against us, especially since 1991.) This is a bitter truth to swallow as a U.S. Navy veteran from a long, long line of veterans back to the U.S Revolution. [Some won’t agree here – I get it.]
Second, our neocon/neoliberal greed-driven, short-sighted crony capitalists thought their forays into China were going to ameliorate that pesky Communism had there. These clowns of corruption can’t get it through their heads that the Chinese are an old kingdom of hierarchical structuring with a pretty lackluster history of respecting rights of individuals and they didn’t get to harmony without cracking a few eggs a la Lenin. (One knows how this sounds after the paragraph above.) But the Chinese are also renown for their disregard of the individuality – as they still foster a subtle “ Confucian-styled harmony” through a oneness to collective(ism) of right thoughts and purpose channeled to obedience to a hierarchy no matter how bad the “Emperor” or Paramount Leader is. Look at their propaganda pieces – and their emphasis in them.
Treasury Secretary Janet Yellen warned in a quote to CNN that the US dollar may lose its dominance if nations are sanctioned.