The state of the dollar, in simple terms
July 10th, 2011 by Ken Hagler

The Immi­nent Dol­lar Col­lapse, Explained To An 8‑Year-Old. It’s the ele­phant in the room. The Unit­ed States is utter­ly bank­rupt and has been liv­ing off of bor­rowed mon­ey since 1971, when it default­ed on its loans — though of course, it wasn’t word­ed like that. Not even an income tax of 100% is enough to cov­er the expens­es, and the US is about to go the way of the Sovi­et Union. [Falkvinge on Infopol­i­cy]

I came across this nice sim­pli­fied expla­na­tion of the cur­rent state of the US Dol­lar a while back. It was orig­i­nal­ly writ­ten in Swedish, so it does­n’t have the “Ameri­ka über alles” view­point that pret­ty much any­thing writ­ten in the US does. I thought it was rel­e­vant today giv­en the cur­rent fuss in the main­stream media about whether the gov­ern­ment will have to “default” if they can’t bor­row yet more mon­ey.

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