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BloombergOpinion/Noah Smith/6-29-2020
“If capital begins to abandon the U.S. and the dollar in large amounts, the currency will crash and Americans will find themselves paying much more for everything from cars to televisions to gasoline to imported food. Interest rates will be raised in an attempt to lure back investment capital, and the country might undergo a period of stagflation worse than the 1970s. Large-scale unrest would undoubtedly result and — in the worst-case scenario — the U.S. could collapse like Venezuela.”
USAGOLD note: Smith starts this opinion piece with the idea that the United States is already in a decline but that it has occurred slowly, barely noticed. He ends with the assessment posted above.