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Welcome to today's financial news with a frightening prediction from US economic expert and investor Jim Rogers about the US dollar. Never before in history has debt been as high as in 2021, and the United States is now the biggest debtor nation in world history. We're talking about the highest debt any nation in human history has ever had.
It's been known for many years that America was accumulating debt. It's been known that politicians acted incompetently and without oversight. But no one expected it to become this extreme. We will experience a collapse. History teaches us how this happens. The new trend is called MMT ( money to day).
More money today. The government and the Fed simply print it. There's absolutely no problem, if you listen to them. You really don't need to worry. But if you 've studied a little history, you know that whoever accumulates gigantic debts eventually causes a crisis. We had a problem like that in 2008, as you may recall.
Since then, debt has skyrocketed everywhere. In 2008, China helped the world out of a tight spot, but even China now has a lot of debt, so nothing can be expected from there this time. Let's assume we have a new Bretton Woods agreement. What happens if the debts are simply written off? Well, a lot of creditors won't be particularly happy if they write off the debts—foundations, insurance companies, pension funds.
They also won't be happy if they write off all the debts at once. But the debts will be paid off. What's the answer? Debt is at its highest level in history. America is the biggest debtor nation. How will this end? At the moment, almost all markets around the world are shooting up, but this party will end eventually.
You can see that beautiful bubbles are forming in many assets. We already know this film, the Leaf, several times. You know the ending. No one knows when this horror movie will end this time, but it will be in the next few years. It will end pretty much everywhere in the world at the same time, and that wo n't be funny.
America is indeed a We're the main characters in the film, but we do n't play the only role. Cupid-19 has weakened all countries economically enormously; it has definitely made things worse. No nation has been spared; all countries are suffering the consequences. It's not over yet, at least not in most countries.
A universal basic income could now be introduced, as desired by some politicians. I wish everyone could have it; it sounds wonderful, but who is supposed to pay for it? Where is all that money supposed to come from, especially now in this situation with MMT? Simply print more money—that 's the government's solution.
And we citizens are gradually losing faith in our money. So we just stack some gold and silver in our closets at home or under the bed. We prefer to forget what the politicians say, or the scientists paid by politicians. We will hoard gold and silver and thus ride out the crisis. The most important thing is that we are prepared because it really wouldn't be fun.
Believe me, compared to the last crisis, everything will be even worse because the debts are even higher this time. Money isn't really meant to be spent; it should be saved, and finally... Many people are destroying their lives because they don't understand, they've taken on debt and have no savings, they have n't invested.
For these people, our current crisis will be a hammer blow. What should have been conveyed is that money can't just be spent, it also has to be saved and invested. You can't do enough homework, research, and prepare for such a crisis. There's always more to do, better things to do, to be prepared for the apocalypse.
Belief doesn't help; you have to know. Believe in facts, believe in reality, question yourself until you're convinced you're right. Passion and hope alone wo n't put you on the right path; instead, you'll probably suffer greatly. My most important advice to all shoemakers: stick to your lasts, don't believe every bit of nonsense, always try to keep both feet on the ground.
When the business blows up, you'll know what to do to get your finances through the crisis with as few losses as possible, or even better, you'll have already made provisions. Acting is better than reacting. Nobody likes to hear this advice, but I Stick to what you know. If someone told you that you could only make five investments in your entire life, you would n't be so risk-prone about investing in various pipe dreams.
You wouldn't rush into things you've just picked up on TV. But on the other hand, you'd be better prepared for things to go wrong because with those few investments, you'd have a better understanding of what's going on. You've dealt more thoroughly with those few options. Nobody really wants to hear this, but if you want to be successful, you have to be boring instead of following every new trend.
Whenever hard times come, people look for simple answers, and the Pied Pipers thrive. Socialism, communism—great ideas! These ideas sound wonderful, and we tried them. It was a great idea, but unfortunately, it didn't work. Many people liked this idea, but we know today that socialism doesn't work. Nevertheless, there are always people who either have n't had the experience, or do n't study history in depth, or don't want to see what really happened with socialism.
All these People simply love the illusion; they think they know the city, and these people will always exist. Given human nature, these people will try to experiment with socialism again when things go badly economically. They believe it could save us, but Milton Friedman once aptly said, "In economics, there's no such thing as a free lunch." You don't even have to travel the world to see the failure of socialism; you just have to study a little history.
People have looked for convenient answers and chosen socialism, and that makes everything worse. In the USA, huge amounts of money have been printed and spent over the past 15 years. After 2008, many thought that was the only thing we could do: print and spend a lot of money. Skeptics warn us that printing money will ultimately make things worse.
Right now, it's not a very good time to be young. All young people will be faced with huge, gigantic debts and problems; they will pay the price.
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