Piedpiper, What do you do when you lend someone money and they don't pay you back? What do banks do? They foreclose or ruin the persons rating. The US is the greatest debtor nation dollar in the world. We (the US) owe trillions of dollars. The lenders (people and countries) are getting wise and are deciding to cut their losses. That will mean that the US will not be able to borrow money. So what is a superpower nation to do? Print more money of course. How did printing more money work out for Venezuela? The Weimar Republic? Not so well. That is the fate that will soon engulf the US, unless something unprecedented happens. A "false flag" perhaps?
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What I do is very different than what the world's most powerful organized crime syndicate does. It's not just apples and oranges, it's apples and battleships. When my buddy refuses to lend me money, I can't threaten his entire country with annihilation.
So many people miss this point. It's not gold which backs the world reserve currency. It's violence and air craft carriers.
An individual can do bankrupt, and the bankruptcy laws allow the person to start anew. Some, most, or all of the debt is "washed away".