Re: the future long term financial apocalypse of the USA

On Fri, 10 May 2024, Lynn McGuire wrote:

On 5/10/2024 3:21 PM, D wrote:

  On Fri, 10 May 2024, Lynn McGuire wrote:
 

For those who are interested in the future long term financial apocalypse of the USA, I recommend reading “The Mandibles: A Family, 2029-2047” by Lionel Shriver:
 https://www.amazon.com/Mandibles-Family-2029-2047-Lionel-Shriver/dp/006232828X/
 For those who do not like Lionel Shriver, I recommend “Distraction" by Bruce Sterling:
  https://www.amazon.com/Distraction-Bruce-Sterling/dp/1857989287/
 For those who just want a short term financial apocalypse of the USA, I recommend “Buck Out” by Ken Benton:
  https://www.amazon.com/gp/product/1514666979/
 Lynn
 

 For those of us who are interested, but not ready to pick up a book, what do you think will happen?

>
At some point, the USA Treasury will try to sell tbills to finance the USA debt but, there will be no buyers.  The Fed will buy the tbills but at some point this will become absurd.  At that point, questions will arise about the actual value of the USA Dollar.  Especially when those Dollars start flooding back into the USA.  I do not know how many Dollars are outside the USA but it is a significant amount.
>
Lynn

Got it. Thank you Lynn. I think it shows how defective the political system is. Everyone can see that it is not sustainable, but no one does anything about it, since it's a long term question, and politics only works with short term problems.
In dark moments I always wonder if some "rough" democract will try to grab X% out of every bank account in order to pay off the debt and justify it with the future of our children and our country as a stable and advanced nation or something like that.
2 trillion is a big number, but the GDP of the US is 25.44 trillion. So getting that number down is doable, but very painful.
Another thing that always annoys me is that countries insist on counting debt as a percentage of GDP but that's another story.
No, you should really have a law that creates a kind of "debt ceiling" that should solve it for the moment at least. ;)