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The U.S. dollar wobbles on the brink of catastrophe.
For the first time in history, the debt of the most powerful government on Earth, leading the world’s largest economy, has been downgraded by Standard & Poor’s to Double AA from a perfect Triple AAA.
The political grandstanding of the Republicans and Democrats over the debt ceiling made many Americans and others around the world doubt our leadership. And many feel the final deal doesn’t go far enough to reduce US government spending.
US government debt now exceeds the Gross Domestic Product (GDP).
The 2007-2009 financial crisis appears to have been the first step toward a deflationary depression that could destroy the savings of three generations of Americans. We’ve technically been “recovering” since March 2009, but despite all government and Fed actions to stimulate the US economy, unemployment stubbornly remains over 9%.
That is, unless the government’s massive cash creation unleashes a wave of hyperinflation.