“World Financial Collapse- Inevitable! Only Question is WHEN?”
Thirty four trillion dollars- that is the total debt of the USA at this time. The interest paid amounts to more than the US Defense Budget or Social Security payments!
Canada is not that much better! Canada’s federal debt is over 1 trillion dollars. The interest being paid is $46 billion! This is greater than the Federal government transfers to the provinces for health care and is more than Canada’s defense expenditure.
The question is:
How did this come about? And how long will it continue?
To understand this, we have to go back to 1971 when President Nixon off the gold standard and removed the restraint on public spending.
Two years later, in 1973, Henry Kissinger persuaded the leaders of Saudi Arabia to accept only US dollars in payment for their oil, in exchange for providing security. This was extended to the Gulf States.
As a result, the demand for US dollars from around the world made it possible for the USA to run deficits with little restraint because there was always a demand for dollars to purchase oil! The USA asked the oil producing countries to put their excess dollars into treasury bonds.
This started to change in 2014, when Putin invaded Crimea and the USA and the West began to initiate sanctions on Russia including cutting Russia off from the world financial system.
This alerted the rest of the world to the danger they faced if they did something that the USA and the West did not approve of and led to a group of countries getting together to form BRICS. (Brazil, Russia, India, China and South Africa.)These nations were joined in 2023 by Saudi Arabia, UAE, Dubai and Iran. The BRICS countries are starting to trade among themselves in other currencies than the US dollar.
No longer are dollars being sent to the USA to buy treasury bonds and the BRICS countries are selling their US treasury bonds for gold! China has reduced its US treasury bonds from $3 trillion to $750 million. In addition, the USA has told Saudi Arabia that America is going ‘Green’!
The world now regards the USA as hypocrites because they are now proposing to seize all Russian assets outside Russia and pass them to Ukraine.
When nations no longer use the US dollar for world trade, there will no longer be a base for the US debt and the US financial system will collapse.
This will precipitate a Financial Collapse Worldwide! Isa 30:13 applies here
Remember Isa 30:13
Isa 30:13 (NLT) calamity will come upon you suddenly—like a bulging wall that bursts and falls. In an instant it will collapse and come crashing down.
— David Townson —
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