Here\u2019s your \u2018reserve currency\u2019 thought for the day:\u00a0Every US dollar is a check written on an account that is overdrawn by 30 trillion dollars.<\/p>\n
It\u2019s true. The \u201cfull faith and credit\u201d of the US Treasury is largely a myth held together by an institutional framework that rests on a foundation of pure sand. In fact, the USD is not worth the paper it is printed on; it is an IOU flailing in an ocean of red ink. The only thing keeping the USD from vanishing into the ether, is the trust of credulous people who continue to accept it as legal tender.<\/p>\n
But why do people remain confident in the dollar when its flaws are known to all? After all, America\u2019s $30 trillion National Debt is hardly a secret, nor is the additional $9 trillion that\u2019s piled up on the Fed\u2019s balance sheet. That is a stealth debt of which the American people are completely unaware, but they are responsible for all the same.<\/p>\n
The post The War in Ukraine Marks the End of the American Century<\/a> appeared first on PopularResistance.Org<\/a>.<\/p>\n\n