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A friend of mine recently introduced me to a very educational video on YouTube on “The Collapse of American Dollar.” The video is too good to keep to myself, so I thought I would share it with the rest of you. Unfortunately, the video is not embeddable, but if you click on the image below, it will take you to the video on YouTube. Here is a summary of what is covered in the video:
- The dollar today is worth one cent vs. the dollar of 1870; two cents vs. 1919, but the lion share of the dollar decline has taken place since 1970 when the dollar was unhinged from gold.
- The US now runs total annual budget and trade deficits exceeding $1.5 trillion.
- Total US debt has grown 5.5 times since 1980 – from $8 trillion to $44 trillion. That is the biggest debt explosion in world history!
- That has lead to large global dollar holders exiting the US dollar. Continuation of this trend will adversely affect US economic and political power.