Our exclusive interview with Economist Howard Wiener covers the impact of inflation and money printing on workers. We have covered the topics such as; Shock Events Money Printing Impact on Workers Finding and Fixing Problems in US Dollar National Debt and so on.
When that day comes, the US government will look like Argentina, Zimbabwe or Hungary in World War two era.
The US government has over 22 trillion dollars bonded debt. This is something which US Department of Treasury Bonds has raised issuing treasury bonds and the one thing that people should understand, said Wiener.
In the meantime, everyone including Politician, commentators on the television and others are claiming that the US economy is strong enough.
If so what the government is doing to prevent the next financial crisis? How much the government will have to spend on the next crisis, 2 trillion or 4 trillion dollars a year? ‘I am expecting 3 to 4 trillion dollars will be required in the next crisis recession,’ said Wiener.
On top of the 22 trillion bonded debt we have 120 trillion or more unfunded liabilities, where does that take us? Eventually, it takes us to people who have lent that money to the US government. With frustration, those people will say we do not want to lend money to the government. Same goes for the other countries who are purchasing US bonds.
There is no certainty that the US government is capable of paying the national debt.
“When that day comes, the US government will look like Argentina, Zimbabwe or Hungary in World War two era. ‘I do not wish to happen this kind of financial crisis,’ said Howard sadly.”
Wiener thinks that people are misusing the word inflation. Most people believe that inflation is increasing the costs of living of people, but it is not true. It is just a symptom. Inflation is composed of the three components namely: Money Printing, Circulation of money and human Psychology.
Wiener is worried that no one will buy the US bonds, if the current situation continues. Then the entire monetary system that we are operating now eventually has to be reformed. He hopes we will be going back to sound money system.