Since 1971, The Federal Reserve attained the right to print money to cover the need for external nations to pay for oil in U.S. Dollars. This meant that the United States could become a debtor nation and not care. This meant that the Federal Reserve could print money, devalue the dollar through inflation and not care because no nation would cash in the difference.
The U.S. Dollar has become a magic checkbook in which foreign nations needed to keep a reserve amount on hand in order to cover their oil purchases. Thanks to an Iraqi decision, when the Dollar no longer represented the only means to buy oil with, the value of the Dollar switched as countries flocked to banks to convert their Dollar reserves into Euros. Hence, the Federal Reserve's worst nightmare of a recession begins, and with it, the dollar crash-breaks resulting in the next Great Depression.
It would seem that you checked last time before television had become anything more than a novelty.
Since 1971, The Federal Reserve attained the right to print money to cover the need for external nations to pay for oil in U.S. Dollars. This meant that the United States could become a debtor nation and not care. This meant that the Federal Reserve could print money, devalue the dollar through inflation and not care because no nation would cash in the difference.
The U.S. Dollar has become a magic checkbook in which foreign nations needed to keep a reserve amount on hand in order to cover their oil purchases. Thanks to an Iraqi decision, when the Dollar no longer represented the only means to buy oil with, the value of the Dollar switched as countries flocked to banks to convert their Dollar reserves into Euros. Hence, the Federal Reserve's worst nightmare of a recession begins, and with it, the dollar crash-breaks resulting in the next Great Depression.
@anomaloustango Productive? The US domestic economy is service based. Production is outsourced, ask any businessmen or economist.
lipsync is out!
Americans are the most productive? What about sweatshops in asia?