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U.S. Treasury has borrowed $155 billion every month of this fiscal year—and is now paying $24 billion a week in interest on its debts (finance.yahoo.com)
submitted 4 months ago by to c/usa@lemmy.ml
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[–] 3 points 4 months ago (3 children)

About $23T USD currently exists, ~90% of that exists only on ledgers.

The US National Debt is just shy of $40T USD

"Printing" money is an asinine suggestion, considering that trying to repay the National debt would require the US to at least double the amount of currency held digitally, if not triple it.

The entire world's monetary system is balanced on a needle point.

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  • [–] [S] 4 points 4 months ago (2 children)

    not the entire world's, just the Western financial system

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  • [–] 1 point 4 months ago (1 child)

    Can’t think of many countries which do not participate in the global economy. You don’t need to use the dollar or trade with the US to be affected by a financial crisis outside of your borders.

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  • [–] [S] 2 points 4 months ago

    Sure, there will be an effect on many countries, but it's also just going to mean that global economy reorients around trade outside the west. China, in particular, has been actively pursuing a strategy of dual circulation ensuring their domestic economy is the primary driver rather than trade. I imagine once there is a financial crisis in the west, countries in BRICS and ASEAN will increasingly focus their trade on China.

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