By Mac Slavo
With the debt obligations of the United States at over $118 trillion dollars, it has become obvious that the collapse of our economic powerhouse, starting with the U.S. dollar, is a foregone conclusion. While it’s impossible to predict when such an event will occur or what the final trigger will be, at this point it won’t take much to send the whole thing tumbling down.
And when it finally does happen, as noted in the short video report from Future Money Trends, the resulting shift to a new system could very quickly devolve into the worst of what humanity has to offer.
A major market bubble is brewing…
The entire monetary system is dollar based. So even though the U.S. is running around bankrupt this will continue until the world is ready for a massive shift to a new system – something that could cause riots worldwide, wars and extreme volatility in markets… even a global depression.
The dollar paradigm will likely be postponed for as long as possible, but have no doubt, the end of dollar dominance will happen in our lifetimes.
(Video contributed by Future Money Trends)
We can only support this debt-based behemoth for so long. The jig is already up, in fact, but countries like Russia, China and the BRICS nations can’t pull the plug just yet because doing so will crush their existing trading mechanisms, many of which are dependent on the U.S. dollar. But what these countries have going for them is that they are actively moving to minimize their dependency on the United States and the dollar’s reserve currency status.
When it finally does happen and our foreign lenders pull the plug we are going to see catastrophic world-wide ramifications. Everyone is going to be hurting – but the United States is going to take the brunt of the hit.
It’s quite simple, really. When we can no longer borrow money, it’s over.
Even the U.S. Treasury has acknowledged and warned of the disastrous consequences that will follow the day the credit card is maxed out and we can’t pay the bills:
“In the event that a debt limit impasse were to lead to a default, it could have a catastrophic effect on not just financial markets but also on job creation, consumer spending and economic growth,” the report said.
“Credit markets could freeze, the value of the dollar could plummet, US interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse.”
“Considering the experience of countries around the world that have defaulted on their debt, not only might the economic consequences of default be profound, but those consequences, including high interest rates, reduced investment, higher debt payments, and slow economic growth, could last for more than a generation,” the report states.
As you can imagine, elite Western banking conglomerates and business interests won’t go down quietly. History has proven time and again that shifts of this magnitude are wrought with violence, poverty, widespread despair and often end in massive military confrontations.
Of course, this is all just rampant speculation and not a real possibility because “this time it’s different.” The United States is perfectly capable of managing the largest debt load in the history of the world, the Russians and Chinese are not ramping up their military build outs, and if something completely unforeseen like a global depression were to happen the government will be ready and willing to help the little guy.
So, no need to worry or make preparations.
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Contributed by Mac Slavo of www.SHTFplan.com.
When it hits the fan, don’t say we didn’t warn you. Mac Slavo is the editor of SHTFplan.com, a resource hub for alternative news, contrarian commentary and strategies that you can take to protect yourself from the coming global paradigm shift.