The debasement of our currency is now occurring at a rapid case. One factor is the reckless policy of using our dollar as a weapon against countries such as Russia. This weaponization results when we seize U.S. Dollar denominated reserves of adversaries like Russia. That is waking up other countries to the risks of owning our currency. They begin to wonder if they will be next on the U.S.’s hit list!
Some of you have no doubt heard of the new BRICS agreement. BRICS is the acronym for Brazil, Russia, India, China, and South Africa. These five nations have agreed their trade dealings will now be settled – not in dollars – but in Oil, Gold, and other commodities.
Look for these foreign reserves (holding U.S. Currency abroad) to come back to our shores, further devaluing the dollar since there will be fewer buyers of our Debt. If the United States loses our revered status as the World’s Reserve Currency, we may very well see interest rates soar as well as hyper-inflation. Our fiscal fate will have been sealed! This will become Rome — Version 2.0!
Washington is deaf to our current fiscal situation and there is no effort currently being made to balance our budget. Other nations around the world such as Brazil, India, China, Russia, and 25 others have agreed to dump the U.S. Dollar and become independent of a failed U.S. policy!
There is no easy way out of the debt time bomb except through fiscal legislation, which includes balancing our budget as well as transferring some of our obligations back to the States. The Cato Institute recently published a briefing paper: Reviving Federalism to Tackle the Government Debt Crisis (dated January 25, 2024) that shows exactly how this can be done. We can no longer spend $2 trillion dollars more per year than we take in with taxes, etc. Only if we accomplish this task, will other nations know that we are serious about our fiscal calamity and will further trust our currency.
Let us all recall what President Regan once stated: ” We are the shining city on the hill,” and God has shown endless mercy towards the citizens of our great land.
Our founding fathers recognized that our future is in the hands of the Almighty and that we must elect leaders that are moral in stature. If we continue to abuse our finances and continue to allow corruption at all levels of government, then surely we will be destined to the ash pile of history.
Romans 1:21-22: “Their thinking became useless. Their foolish minds were filled with darkness. They said they were wise, but became fools”.
We no longer want to be on a Ship of Fools whose Captains are fools themselves! It is our Constitutional duty to rise up and speak up to the current foolishness and vote the current administration in DC out of office as well as other political leaders who desire to see our Nation fail!
Yes, it will take courage and action on your part, but it will be worth it in the end. America is far too great to fail! Please take the time to call and write your Congressmen and Senators and implore them to adopt new policies to strengthen our Republic.
Gary Timco is a frequent contributor to the County Compass.
