Unraveling the US Dollar Hegemony: Ron Paul’s Warning on the Expedited Collapse Triggered by a ‘Reckless’ Debt Ceiling Agreement
According to former Congressman Ron Paul, the recently passed “Fiscal Responsibility Act” in America is predicted to accelerate the collapse of the US dollar and burden ordinary citizens with its repercussions. While the act suspends the US government’s debt ceiling for two years, Paul argues that it will effectively lead to an inflation tax, impacting people’s savings and wages. He criticizes politicians for not taking responsibility for legislation that encourages the Federal Reserve to increase inflation, thus causing an invisible and regressive tax.
Additionally, Paul believes that the removal of the debt ceiling will have broader consequences beyond the country’s borders, potentially causing the US to lose its world reserve currency privileges sooner than expected. With the US government’s current debt standing at $31.8 trillion, Paul expresses concern about the Act’s implications on government spending, debt, and deficits. He concludes by suggesting that a truly responsible fiscal act should be introduced in the future to address the size and scope of the government.
Clever Robot News Desk 9th June 2023