 Former U.S. Secretary of State James Baker says the country's debt problem is a "ticking time bomb." He describes the U.S. as "broke" and says if it wasn't for the dollar as the global reserve currency the U.S. would be "Greece." |
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And that situation dates back to the early 70's when Nixon got us off the gold standard.
Baker's statement is absolutely ridiculous.
There are many reasons why the US is nothing like Greece. 1st the political corruption is a tradition and numerous. 2nd the number of people who should paid tax but don't is massive. The retirement age is like 50 with full pension. Greece's debt is 125% while the US is 75%.
Do I need to go on?
Making a comparison with Greece is not the point that is useless. The issue is the US cannot keep printing dollars to the infinite with the sole backup of its economy. No one can do that but the US, however Its like a balloon it will soon blow up. They will have to stop and start cutting the spending for the big bucks that is defense and that may cause to lose the geopolitical influence Mr. Baker is pointing out.
Why is CNN uncritically broadcasting the lies of this shyster? The U.S. is not broke. Its politicians are beholden to a club of oligarchs, whom it refuses to tax.