Editor, Gazette-Journal:
With the world’s debt in excess of $300 trillion, and with a decline in global GDP, the western central banks have lost so much value that they are becoming insolvent. The Federal Reserve alone lost $114 billion in 2023.
Meanwhile, the BRICS nations (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates) are contemplating the introduction of a gold-backed currency. The U.S. dollar has lost 98 percent of its value since the 1971 closing of its gold backing.
Since 1700 over 500 of the world’s national currencies have become extinct, most due to hyperinflation. It can happen to the dollar as well. Recall that $500 billion was created out of thin air in September of 2023 while the national debt has increased from $5 trillion to $34 trillion since 2000.
On average, the U.S. debt has doubled every eight years. Current estimates forecast a national debt of $100 trillion by 2036.
Consider the difficulty of servicing a debt of $1...