The US dollar has been dubbed one of the strongest currencies globally. But with recent ballooning debt metrics and numbers in sight, the USD’s reputation as a global reserve currency has landed in troubled waters.

Per recent reports, in March 2024, the US Treasury paid out $89 billion in interest, which roughly means shelling $2 million per minute. 

The distressed debt metrics have compelled analysts to voice their woes. Now, one leading billionaire has joined the debate and confirmed that the US dollar’s demise is now closer than ever. 

Also Read: U.S. Dollar vs Indian Rupee: INR Forecasted To Fall 84.76

Billionaire Reiterates the USD’s Impending Fall

Image Source: Watcher Guru

The Tesla Supremo, Elon Musk, known for making bold predictions and forecasts, is back again. Musk took to X (formerly Twitter) to share his opinion on the US dollar, adding that the inflating debt may propel the USD to encounter a vicious death spiral. 

We need to do something about our national debt or the dollar will be worth nothing

— Elon Musk (@elonmusk) May 3, 2024

Musk shared that the consistent money printing mechanisms add pressure to the US dollar, inching it towards its demise. The money printing narrative has amped up the prices of dollar alternatives, particularly crypto & gold, gnawing at the dollar’s presiding legacy. 

NEW: In the last year, investors made almost $900 billion in annual interest from US gov. debt, double the previous decade’s average

In March alone, the Treasury Dept. paid out ~$89 billion in interest to debt holders, roughly $2 million every minute

— Bitcoin News (@BitcoinNewsCom) May 6, 2024

“We need to do something about our national debt or the dollar will be worth nothing,” Musk posted on X. 

Additionally, a video of Biden’s chief economic advisor, Jared Bernstein, has been making the rounds on X, adding more fuel to the debt fire. In the video, Bernstein discusses the rising debt narrative, claiming that the US can never go bankrupt because it can print more money.

Bernstein’s stance on the current monetary vertical of the US has sparked an array of speculations. The development has unleashed a wave of skepticism about Biden’s regime and governance. 

“The U.S. government can’t go bankrupt because we can print our own money.”

This is @JoeBiden’s chief economic advisor at the @WhiteHouse.

God help us.

— Cody Sargent (@codydsargent) May 3, 2024

The US Debt Crisis

The debt burden on the US economy has been rising to an alarming level. The debt metrics have already crossed $34 trillion, with numbers inching towards adding another trillion to the league.

Also Read: China and Russia Limit Trading In The US Dollar

Per The Game of Trades, the GIE metrics are worsening each day and may hit $1.7 trillion. If this pace continues, the US economy may encounter a sizable meltdown, worsening all leading economic verticals on all fronts. 

You can’t make this up:

US government interest expense has crossed $1 TRILLION

And at this rate, is expected to hit $1.7 trillion by by April 2025

US debt crisis is now becoming a major concern

— Game of Trades (@GameofTrades_) May 2, 2024


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