Reply To: US dollar no longer world currency

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james # Posted on October 17, 2013 at 6:23 pm

@reinvented2012, 1. The dollar is probably not going anywhere anytime soon. Yeah, this whole government shutdown mess was not good, but there is not a better alternative and there won’t be. Reducing the US to a 3rd world country? What does that even mean?

The United States debt is not an apocalyptic scenario like many in the media will have you believe. The majority of it is owned by the private sector in the US not by China as is commonly stated. Guess how much American debt china holds? Less than $1.3 trillion, which is less than 10% of the total debt. Yes, our unfunded liabilities look bad but they can and will be fixed.

I don’t know how fracking got into this conversation, but the domestic energy sector almost single handedly pulled the US out of the recession. You may not like it, but it is a necessary evil for the time being. If we just said fuck all of our domestic energy, we would just be importing it from Canada, Scandinavia, and the Middle East at a much higher price and the money would be leaving the US economy.