Three months ago, Ray, you said that we were about three years away from the US going broke. A lot has changed since then. The tariffs, liberation day, the markets, no spasms from that.And Moody's downgraded the US debt. They were the third of the ratings agencies to do so. How close are we now, if not 3 years away.>> Well, it really depends on how we're going to deal with this. We are at a juncture right now. If we can soon, very soon, while the economy is still good, cut the deficit to 3% of GDP, which is ...

The Dutch rose to defeat the Hapsburg Empire and become superbly educated. They became so inventive that they came up with a quarter of all major inventions in the world. The most important of which was the invention of ships that could travel around the world to collect great riches and the invention of capitalism as we know it today to finance those voyages.They like all leading empires enhance their thinking by being open to the best thinking in the world. As a result, the people in the country become mo ...

I want to just give you the Japan example. Some people say, well, Japan didn't have a debt problem. Um, and um, of course, Japan had um, and still does have a lot of debt.But what did they do. What they did was um, to print a lot of money and buy those bonds. And in the process of doing that, they gave the bond holders an average of 3% lower interest rates than in the United States. And they devalued the currency by an average of 4% over this period of time.And so that caused them to lose 45% Japanese bonds ...

Economic Cycles - The industry observes that economic cycles occur approximately once in a lifetime due to breakdowns in established systems [1] - These breakdowns create cyclical patterns [1] Debt and Monetary Systems - The industry notes the existence of monetary systems and debt cycles [2] - One entity's debt represents another's assets [2] - The industry identifies a debt issue arising from unsustainable debt accumulation [2]

US Debt Outlook - US government debt is projected to reach $55-60 trillion in 10 years [1] - The projected debt will be 7-75 times government revenue [1] - The debt burden will amount to approximately $425000 per American family [1] Potential Economic Problems - There are concerns about insufficient buyers for the US debt [1] - The lack of demand for US debt could lead to significant economic challenges [1] Call to Action - Urgent action is needed to avoid the worst-case scenario [1]

Book Overview - The book "How Countries Go Broke: The Big Cycle" explains the mechanics of countries going broke, particularly focusing on the United States [1] - The book aims to help readers understand the situation and what actions can be taken individually or collectively [2] - The book was selected by Barnes & Noble as one of their best business books of the year [1]

Economic Cycles & Debt - Excessive debt coupled with economic downturns can lead to financial bubbles bursting, forcing countries to choose between defaulting or printing money, which devalues currency and raises inflation [1] - History shows cycles of debt-financed booms and busts, with central banks intervening [2] Internal Conflicts & Political Extremism - Economic hardship, declining living standards, and wealth inequality exacerbate internal conflicts among different groups, leading to political extremism [3] - Left-wing populism seeks wealth redistribution, while right-wing populism aims to maintain wealth concentration [3] Wealth Flight & Government Response - Rising taxes on the wealthy during turbulent times can trigger capital flight to safer assets and locations, reducing tax revenue and leading to economic decline [4] - Governments may eventually outlaw wealth flight as conditions worsen [4] Societal Impact & Leadership - Turbulent conditions undermine productivity, shrinking the economic pie and intensifying conflicts over resource allocation [5] - Democracy faces challenges as populist leaders emerge, promising order and control, potentially leading to a shift towards strong, centralized leadership [5]

Tariffs & Trade Policy - Tariffs are a symptom of underlying changes [1] - Well-executed tariffs of reasonable size can be beneficial [2] - The US aims to generate tax revenue from tariffs [2] - Tariffs are intended to boost US manufacturing for employment and security [2] Global Economic Shift - The world is moving away from efficient, globalized production and free-flowing capital [3] - The shift is towards a less efficient, more controlled global economy [3] - This transition may lead to higher inflation and slower growth, potentially stagflation [3] Manufacturing & Economic Impact - The potential for tariffs to develop US manufacturing remains a question [4]

Over the last few years, three big things that hadn't happened in my lifetime prompted me to do this study. First, countries didn't have enough money to pay their debts, even after lowering interest rates to zero. So, their central banks began printing lots of money to do so.Second, big internal conflicts emerged due to growing gaps in wealth and values. This showed up in political populism and polarization between the left who want to redistribute wealth and the right who want to defend those holding the w ...

Government Debt Management Strategies - When countries face excessive debt, governments are likely to devalue their currency and lower interest rates [1] - Devaluing currency is a subtle method for governments to reduce wealth, as it makes goods cheaper in markets and stimulates the economy [2][3] - Lowering interest rates is stimulative [3] Risks and Alternatives - Devaluing currency reduces buying power because the value of the currency is less [3] - Balancing the budget is an alternative to devaluing currency for offsetting debt problems [4]