Read more at https://www.channelnewsasia.com/news/world/republicans-confident-tax-bill-to-become-law-this-week-9506356
(Updated: )
Ricky Lim ·
One US senator say that US growing debt is the greatest security threat.
In actual fact, it is a great economic threat to the World that hold US $ as reserve and as financial hub to service trade and business where export and import are paid in US dollars.
One day if US declare bankrupt, US $ value will plummet and our foreign reserve will be depleted - triggering a worldwide financial crisis and world recession will follow.
This is the economic demon that will rear its head in every 5 year vicious economic cycle of boom and bust that this fiscal budget bill is introducing.
Those holding US bonds become worthless, junk bonds when US default repayment.
The whole world creditors is financing this bill if US default repayment.
Do you think US business empire and tycoons will sell their business assets to repay their national debt?
Or does IMF has $21.4 trillion to lend to US to repay their debt and undertake austerity measures to get their economic fundamental and financial fundamental right like Greece?
Or will US print more money to repay causing the dollar value to plummet further and depleting foreign reserves in US dollars?
Previously, US discover large reserve of shale oil to back their $ and maintain the values of US dollars.
In future will US be so lucky?
山不在高，有仙则灵。
寺不在大，有菩萨则兴。
国不在小，有觉者则明。
In actual fact, it is a great economic threat to the World that hold US $ as reserve and as financial hub to service trade and business where export and import are paid in US dollars.
One day if US declare bankrupt, US $ value will plummet and our foreign reserve will be depleted - triggering a worldwide financial crisis and world recession will follow.
This is the economic demon that will rear its head in every 5 year vicious economic cycle of boom and bust that this fiscal budget bill is introducing.
Those holding US bonds become worthless, junk bonds when US default repayment.
The whole world creditors is financing this bill if US default repayment.
Do you think US business empire and tycoons will sell their business assets to repay their national debt?
Or does IMF has $21.4 trillion to lend to US to repay their debt and undertake austerity measures to get their economic fundamental and financial fundamental right like Greece?
Or will US print more money to repay causing the dollar value to plummet further and depleting foreign reserves in US dollars?
Previously, US discover large reserve of shale oil to back their $ and maintain the values of US dollars.
In future will US be so lucky?
山不在高，有仙则灵。
寺不在大，有菩萨则兴。
国不在小，有觉者则明。
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