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Top Three Videos – February 11, 2024

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Charles Payne: U.S. Dollar Will Lose Its Reserve Status ‘In My Lifetime,’ This is Why & What’s Next (February 8, 2024)

Kitco News...

Summary

 

The US dollar’s status as the global reserve currency is at risk due to unsustainable levels of debt, excessive fiscal stimulus, and the potential transition to other currencies for international trade.

 

Concerns about the US dollar’s reserve status

 
  • “It’s time for us to get back to putting a priority on fiscal sustainability and and sooner is better than later.”
  • The creation of central banks with the promise of no more boom and bust cycles has not prevented economic crises and has led to the printing of more money.
  • The mysterious and rigged system of the Federal Reserve’s decision-making process is a cause for concern for Main Street America.
  • 📉
    The unsustainable level of debt and the US government debt to GDP ratio is a long-term concern that could lead to a rebellion among foreign owners of US government bonds.
  • 💵
    The trend of countries moving away from the US dollar is accelerating, with the potential for it to be equal to or surpass the US dollar in the future.
  • The push to ditch the dollar and conduct trade deals in other currencies, such as the Yuan and Ruble, could potentially accelerate the end of the US dollar as a global reserve currency.
  • The transition of the U.S. dollar losing its reserve status is a process that has already begun with large nations transacting business in their own currencies, bypassing the Dollar.
  • The rest of the world is seen this and they’re really anxious to have options, hence the spiration of the global monetary system with other countries saying we don’t want to use the dollar.
  • Charles Payne predicts the U.S. dollar could lose its reserve status within the next 20-30 years, with a basket of currencies including China and India taking its place.
     

Factors contributing to the potential downfall of the US economy

 
  • America’s role as the world’s policeman and mortgage agent is unsustainable and there is a breaking point that we don’t know where it is.
  • Excessive fiscal stimulus and perceived weakness on the global stage are contributing to the jeopardizing of the US dollar’s Reserve status.
  • “It’s taking a lot longer to drain it out of the system but once it’s gone. I mean think about this we when we get us to spending a certain amount of money as a nation we go berserk.”
  • The path towards socialism and modern monetary theory could lead to the downfall of the U.S. economy.

Andy Schectman: Putin Says America Is Killing The Dollar (Feb. 9, 2024)...

Liberty and Finance...

Summary

 

The United States is facing potential consequences for weaponizing the dollar and its impact on the world, as highlighted by Putin.

 

  • The US is killing the dollar, and people may not even understand what’s happening to their own currency.
  • Putin questions if anyone in the United States knows the consequences of losing the dollar as the reserve status.
  • The leaders of America are making terrible mistakes that are causing the majority of the world to unite against them.
  • Putin validates the consequences of weaponizing the dollar, emphasizing the need for alternatives to the system of coercion.
  • Putin questions if the US military actions are truly in the interest of the American people or if they are serving someone else’s agenda.
  • The US is facing a massive debt crisis, with the need to sell $10 trillion in debt just to cover the deficit and maturing government debt.
  • The rest of the world is mobilizing for a financial war while America is sitting and fiddling, which is very concerning for ordinary people.
  • The weaponization of the dollar and its impact on the world is a concern raised by Putin, highlighting the potential consequences of U.S. actions.

Jonathan Newman: How the Fed Disrupts and Corrupts Society (February. 9, 2024)...

Mises Media...

Summary

 

The Federal Reserve’s ability to finance government spending through money printing leads to cultural and economic consequences, including increased inequality and a shift away from the free market economy.

 

The impact of the Federal Reserve on the economy

 
  • The Fed’s additional role of financing War spending has become a goal of the US Federal Reserve, especially during times of war.
  • The government’s ability to print new money and finance its activities without increasing taxes allows it to extract resources from the private economy without being constrained by the will of the people.
  • The Federal Reserve’s actions lead to cultural and ideological changes that encourage the public’s acceptance of government intervention and decrease reliance on private social institutions.
  • The battle between Andrew Jackson and the central bank was portrayed as feudal, with the cartoonist implying that Jackson was destined to lose.
  • The art of Economics consists in looking at the longer effects of any act or policy, tracing the consequences for all groups, not just one.
  • The process of money trickling through the economy leads to a shifting of wealth and incomes towards the money printer, exacerbating inequality.
     

The role of the free market in economic prosperity

 
  • The free market economy is a complex and interconnected system of peaceful cooperation, leading to an explosion in standards of living and the variety of goods available.
  • The hockey stick of human prosperity occurred when markets were embraced, allowing for the division of labor and the rise in standards of living.
  • Money cannot originate from the state or government, it has to originate on the market because people have to figure out a way to value it and come up with prices for the things they buy and sell.
  • The root cause of economic growth would be saving, capital accumulation, and entrepreneurship, requiring the setting aside of resources for production.
  • Production would only be able to extend based on the availability of resources, not the supply of savings manipulated by the central bank.
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