Another day another dollar to be made. Hello my fellow bitcoiners, I hope y’all doing well.
Elon Musk has taken the skyrocketed U.S 35.7 trillion debts to X (formerly Twitter) and warned his followers that the U.S is at the brink of “bankruptcy”.
How did that happen?
He sees the now $1 trillion per year interest payment from U.S debt bonds is unsustainable. I mean, he is not wrong.
Interest payments from bonds have to be paid first by default before anything else regardless of what they have planned financing their own country's developments, due to the lender and borrower relationship.
1 trillion dollars for just interest payment is a pretty big number considering their own national population is about 346m x average annual salary nationwide is about 59k = ~20 trillions the total earned by salary.
Taxes can only take so much by percentage from this big cake. And reality is always stranger that it is, U.S open border + inflation that causing personal savings to dry up are some of the important factors we have not yet added into the equation.
What’s more, we all know in reality big companies are doing their best of the best to avoid paying their taxes (21%), apple is a well-known smartie when it comes to tax avoidance, that tells you a lot!
And what I’ve learnt from Harris's new policy is that she is also doing her best to be given out more free money from taxpayers, like the forgivable loan, to win votes from black people.
Thanks to this clueless of knowing little to nothing about economy and governing a nation, Biden and Harris's administration shoot the debt to the moon, it climbs faster than Adam Ondra's all years training combined. New ATH of national debt has unlocked, what an achievement though!
AFK in real life it actually works! 4 years and be doing it at the highest possible job in the world? Darn, reality has always exceeded my expectation!
Hey, did I mention the free loading money to Ukraine?! Trump isn’t wrong about the best salesman of 2024 might just be Zelenskyy.
If I had a company and this guy helped me to earn more than 170b in 3 years, I don’t care if you don’t award him the best salesman of the year, I’ll do it myself!
My heart goes out to the insufferable wars on the north and south truly, but this 1 trillion dollars has to be done and taxes to cover up the deficit can only be done once per year in all seriousness.
Well, It might just be the right time to print more money! (Sheeeeh)
Now, I personally think that the U.S will continue to go on and the debt will be integrated somehow with bitcoin or other newer financial products to extend the tolerance of the debt number.
It’s the fate of fiat money because this fiat game has been so large that if it collapses at least decades of economic depression will follow worldwide.
Why? Every nation on earth is currently printing fiat money to feed the demands of the markets. "We're not going back" At least Harris has got this part right.
No one knows what's look like if a nation fails to pay the interests to the lenders.
Oh wait, Russia did fail to pay interests before its deadline in the past, and it looks like nothing happened....
It's a big club, and you and I ain't in it! If you fail to pay interests back to the bank repeatedly, well, just practice to not dropping the soap okay.
Some suggest that people should just go back to the old method of 1:1 ratio worth of a dollar and gold.
What's the new alternative you asked? Well, as long as there is a pyramid exists in the society, economic equality can never be equal and fast growing desires of things will overtake the slower progression model and anything that works and faster than the slow will be the replacement.
It's a complex problem though, when a network of the entire global money exchange is getting intricate day by day ( included crypto or any other financial products), and only a number of people at the corresponding positions at different nations are tasked to come up ideas trying to "fix" or "transform" the existing problems to the widely used modern monetary systems that posed, you know it's not going to get so far.
A lot of ideas are duct tapes here and there, better than nothing though I supposed! It's not an easy job guys.
The booming has been great though, I cannot lie. The fast growing economy by fiat money since its introduced has exponentially accelerated the developments of all sectors of industries. I’m still amazed by the possibility of people going to Mars in my lifetime. How wondrous we’re capable of.
But besides my marvels on our resilience and capability in many things, I’m watching afar on the bitcoin boat to see the burning grounds of “La La Land” across the map. Damn, bitcoin is really one of the best inventions to people and I ain’t jumping off this boat any time soon.
You side with gold or bitcoin?
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