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.
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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.
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.
“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 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.
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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.