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American national debt increases and becomes unpayable
Lucas Leiroz, research fellow in international law at the Federal University of Rio de Janeiro.
The American national debt situation is reaching an extremely worrying point for the country’s stability. Recently, the debt reached its highest point since World War II, and is currently equivalent to the totality of the American economy itself. Debt has been high for years and the worsening has been progressive, however, with the pandemic of the new coronavirus, spending in the country was raised to the maximum and the crisis due to the national debt became almost inevitable.
Turkish lira collapses as Erdogan distracts with war games (Video)
Via Zerohedge (https://www.zerohedge.com/markets/turkey-hit-bank-runs-currency-panic-locals-sell-their-cars-and-houses-buy-gold-while-lira)…
It has been an miserable five years for Turkish citizens who have seen their purchasing power slashed by more than half, and it’s only getting worse.
Gold Pressures Empire
By Steve Brown…
Ian Fleming wrote Goldfinger for good reason. The most important market in the world is gold. Not US stocks. Not shares in Amazon. Not bitcoin. Not Facebook. Sovereigns use gold – real gold – as the foundation for their most important deals.
Gold’s Historic Rise
Submitted by Steve Brown…
Gold’s meteoric price rise is more about the US dollar’s crash far more than sovereigns and central banks just hoarding gold. Check out the one-month US dollar index here:
https://www.bloomberg.com/quote/DXY:CUR
Can China Dethrone the US Dollar as Global Reserve
Submitted by Steve Brown…
On the US dollar as reserve currency, that is a tough thing to break especially for China since the yuan is not freely convertible. China has renminbi and yuan; one they peg to the dollar and the other is circulated in China. Try converting USD to yuan in Paypal for example? The option is not there. Payments from the west to china sellers by Paypal (for example) are only in dollars.
After years of attack, Wall Street concedes Putin has made Russia “bulletproof” (Video)
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the Russian economy and its transformation away from western institutional control and the dollar hegemony.
Even Wall Street investors are now taking a look at Russia’s well managed economy, low debt and excellent balance sheet.
U.S. – China trade war ushers in new world system (Video)
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the economic and political divorce unfolding between the U.S. and China.
President Trump announced last week that the U.S. would add 10% tariffs on $300 billion of Chinese goods starting Sept. 1. When that tariff takes affect, the U.S. will have imposed elevated tariffs on all goods it buys from China.