What has made the US so great?
A two party system?
Or was it having the reserve currency of the world since 1945?
No, that would not have been enough. Was it taking that reserve currency off the gold standard on August 15th 1971? And then being able to simply double her debt every seven and a half years for the past four decades?
America is the most powerful county this Earth has ever known. Not even the Ming Dynasty came close to the power and influence that modern day America has.
So how did this happen?
Are Americans smarter, taller, faster or better looking than the rest of the world? Maybe Americans just work harder or longer than anyone else on this planet, maybe that’s it. Or maybe Americans are just better at educating their kids…maybe that’s it?
Well, I went looking to figure out if there was one thing, one thing that set America and Americans apart from the rest of the planet.
And guess what? I found it.
I found the one thing that Americans have over every other county. They didn’t always have this “one thing”. But once America acquired it, they exploited it.
And I mean America exploited it, like Sarah Palin exploited her Vice President nomination in 2008.
So what is this “one thing”?
What do you think? Was that what made the difference?
Let me ask another question, do you think the world will allow America to double her debt again (read: will they continue to buy America’s debt)?
What does this mean for the stock market? The bond market? The commodities market? The price of houses sitting in the middle of two of America’s deserts (Las Vegas and Phoenix)?
What does it mean for the conventional big box financial advisors’ clients? And what should I do? If the US cannot or is not allowed to double their debt again, what does it mean for people’s retirement…and for the future of the US?
I want to be clear. There are a few people that are not only avoiding the pain but are getting richer. Their accounts are growing and their retirement has never looked better. Just because the US is detoxing doesn’t mean you have to.
What happens to the American Miracle when America can no longer take on more debt?
Source: RC Peck