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not only are things going to be much more expensive because we no longer have the products but you're not going to be able to put them on a credit card you're going to have to buy the products and pay for them with cash forget about this buy now pay later crap that's over you got to buy now and pay now and you got to pay three four five times what you used to pay if you look at where interest rates are and what the interest on the national debt is likely to be at the end of next year we really need to cut government spending by about 50% in order to balance the budget that shows you to how out of whack it is and how far we're living beyond our means um nobody is willing to cut the budget at all let alone by 50% so you know there is no political way out of this it's just not going to happen so the reality is inflation is what's going to happen right the the the money is going to lose a lot of value the key is going to be to prevent hyperinflation that's going to be the key to prevent the dollar from losing all of its value so people are going to lose the value of government benefits so let's say you're getting Social Security the real value of those benefits at a minimum is going to be cut in half you know that that's reality but the worst case would be if the value of your Social Security benefits go down by 90% or 99% right so they're basically worthless because the currency is completely destroyed so that's the outcome that we have to prevent but I don't think there's any political chance that we're going to do the right thing I mean what I would do personally is I I would I would give a big haircut to everybody including the bond holders I I would not pay the treasuries off 100% on the dollar I you know we'd have to restructure because everybody has to participate in the pain including people who bought us treasuries and if that means us Treasures are are downgraded well that's what it means you know I don't it doesn't matter uh because the government can't pay because if we're going to cut Social Security if we're going to cut Medicare if we're going to cut government pensions if we're going to ask middle class Americans to take a big haircut we have to ask wealthy investors you know who own us treasuries to take a haircut too you know that's you know they took a risk they loan money to the US government the US government was clearly bankrupt you know they they deserve what they get first of all the biggest threat is that the pensions aren't even pensions it's a Ponzi it's not a pension if it was a pension it would be funded now some pensions are underfunded and there's problems with those but Social Security isn't funded at all it's not like it's underfunded it doesn't have any funding its funding is future taxpayers right so it's not like there's any income that's being generated on investments that were made with money on a normal pension if I pay into a pension when I retire I'm getting my own money back plus the the income that's been earned uh through Investments of my money that I've been putting in over the years well when somebody gets money from Social Security they're not getting back their own money their own money was spent you know a long time ago they're getting back the new money that somebody else puts in and the only chance that new guy has of getting his money is if the government finds somebody in the future to put that money in right so it's a whole Ponzi scheme but it can't work you know you can look at the nature of the Ponzi when it first started out there were like 50 people paying taxes for every one person that was collecting a benefit so okay it worked now it's more like two to one pretty soon it'll be one to one right it can't work this you you can't uh one person can't support himself and an entirely other additional person that the numbers just don't make it and so it's all going to be paid for by printing money which just destroys the value of everybody's money not just the Social Security money when the government wipes out Social Security benefits through inflation it wipes out everything all dollars lose value doesn't matter where they are even if they're stuffed under your mattress right they're all going to lose but I still don't think the mainstream really understands the significance of what this means and how life in America will change so profoundly if the dollars or when the dollars Reserve currency status is lost well first for consumers the reason that our uh consumption-based economy works is because of the dollar status you know we're able to export dollars and import real Goods we have a trillion dollar a year trade deficit and we pay for all that merchandise just by printing money so we don't have to expend any resources yet we can import a trillion dollars worth of goods that the rest of the world uh consumed considerable resoures resources producing so the first thing that's going to happen is we're not going to be able to run these trade deficits anymore our trade is going to have to be brought into balance and that means basically let's say a trillion dollars worth of merchandise every year disappears from our shelves and there's really nothing to replace it with so what's left is just going to be that much more expensive because not that you know many people will be able to buy what's there right so your prices have to go way up because the supply of goods has gone way down also credit is going to become far less plentiful because the reverse of this right we've been able to send out these dollars that we just create out of thin air and get a trillion dollars a year worth of goods that are produced in factories by real workers right and then we give them these dollars and then what do the Chinese or everybody else do with those dollars they lend them back to us right they buy mortgage back Securities they Buy securitized credit card debt or all these uh debt instruments that are created they buy them so they FY us with goods and then they loan us the money right back after they after they get paid and so what's going to happen is we're not going to get the goods anymore but we're also not going to get the credit and so interest Consumer Credit rates are going to Skyrocket so not only are things going to be much more expensive because we know longer have the products but you're not going to be able to put them on a credit card you're going to have to buy the products and pay for them with cash forget about this buy now pay later crap that's over you got to buy now and pay now and you got to pay three four five times times what you used to pay and of course A lot of people are going to lose their jobs there's going to be massive unemployment initially when the dollar loses its Reserve currency status because that Reserve status has supported this consumer economy that is really just a gigantic Distribution Center where we import goods from the rest of the world and then we distribute it uh throughout the country and you have all these stores that people go to to buy all this imported stuff that is has been you know distributed so it's it's all Logistics and shipping and Retail but when you take away the underlying products that all this service sector economy is based on then everything that was built on top crashes down so if you don't have any more merchandise on the shelves at Walmart you don't need all these Walmarts anymore there's too many of them we we got nothing to put on the shelves we don't need all the people that work there we don't need all the people that we delivering the goods we don't need all you know all all this stuff collapses when you pull out the bottom which is the stuff and so unemployment is going to be widespread we're going to have to rebuild a legitimate economy that is self-sufficient meaning that if we want to consume we got to produce if we want to borrow somebody else in America has to save we can't rely on the world's manufacturing capacity and we can't rely on the world's savings we have to rely on ourselves like we did in the 1940s the 19 1950s 1960s or go further back when we were an exporting Nation when we were a creditor Nation we have to get back to what where we were but we can't get back there with today's level of government we need a dramatic reduction in the size and scope of our government we need lower taxes we need fewer regulations but in order to make that possible we need massive Cuts in government spending now again if we don't get that we just get inflation that wipes everything out and then we're going to have to start all over again uh but it's going to be very difficult to start over again especially given the way the political winds have been blowing given how dumb down the electorate is it's very scary uh to be in this situation because America may end up going all in on socialism I mean we've been you know going down that road uh to Surf them for a long time and we may finally get there you know and and and just blame all this on freedom and capitalism and just say the solution is the government has complete control over the US economy and you know then you know then we Cuba you know or Soviet Union or something like that I mean so it's it's it's very scary where where this might may eventually head
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