The federal government could default on its debt as soon as July, a new forecast from the Bipartisan Policy Center warns, raising pressure on Congress for action.
The prominent think tank forecast Monday that the so-called “X-Date” would likely arrive between mid-July and early October.
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Everyday that passes makes it easier to justify writing out family. Gonna be some hard truths with the family I care about in the near future as various family events are getting planned. But, I don’t hang with fascists, so that’s how it goes.
I get that disrupting family dynamics sucks, but “I don’t hang with fascists” has gotta be like the easiest and most beneficial life rule anyone could ever adopt. My dad’s a piece of shit. I walked away and have never looked back.
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I’ll forgive them when they earn it through action!
Could.
It won’t.
It’s very unlikely to happen. Republicans don’t want it to happen while Trump is in office. Democrats don’t want it to happen at all; this isn’t like a government shutdown - it would be a catastrophe. The only question is what riders will slip in.
I’m afraid there are American oligarchs who do want it. They could end up owning everything. They don’t care how much people suffer if it consolidates wealth and power for a few.
Is it good or bad?
It’s actually difficult to state how bad it would be. People use the United States dollar as a reserve currency because it’s a trusted currency. It generally maintains its value.
It’s in a precarious situation because it’s not backed by anything but the Word of the United States Government. As soon as that government starts to default on loans there’s absolutely nothing propping up the dollar as a reserve currency.
People will start to look for alternatives immediately. Which will absolutely tank the value of the dollar which will lead to more people looking for alternatives which will take the value which will lead to more people looking for alternatives which will tank the value…
Essentially you’re looking at runaway hyperinflation until the value of the dollar reaches somewhere between literally shitting in your hand and a punch directly in the face…
You think the price of eggs are high now? Imagine how high they’re going to be when nobody will accept cash for them, only barter. Literal fucking Pokémon cards are going to be worth more than the dollar very very soon. And the worst part of that statement is it’s barely an exaggeration.
It would be very, very bad.
If that happens we might as well do a Communist Revolution and do away with money entirely because at that point the whole system’s fried, literally dysfunctional
Trump is doing great at lowering those egg prices…
We need to stop invoking this mantra. Joe didn’t really do much to make egg prices go up [or down] and Trump clearly isn’t trying on that front either. If/when they do come down you’ll just vindicate the other side. I actually have seen lower prices at my local grocery. 2022 prices? IDK, but definitely lower than a couple weeks ago.
So hmm, how should I be investing my money now to avoid being screwed if this happens…
Nobody knows. The world economy is built around America always paying its debts.
But there is one thing: build mutual aid networks that can thrive without money being involved.
