No. of Recommendations: 3
Everyone, soooner or later, has to pay the Piper. That said, the US seems too be unique, at least currently, that like the alchemists of old, we can create money from a vacuum. This is primarily based on the world agreeing that the US dollar is a backup for their own legal tender. China, with Russia's assistance, is trying to pull the rug out from under that idea. If that rug disappears, the Wizard behind the curtain will be shown to be a wizened vestage of its past and the king will have to admit to his nakedness.
We'll have to pay the piper, but for different reasons I think. We owe most of our debt to ourselves, and it's denominated in a currency we control. Foreign central banks own dollars mostly because it helps them maintain their currency pegs, but that's for their convenience.
The piper's name is inflation. We got a little burst of it during COVID and it never fully went away. If we don't get some adult leadership soon we're going to be sorry.
