The article discusses the implications of the escalating US national debt, which has surpassed $37 trillion. It argues that this unprecedented level of debt poses a significant threat to the global financial system. The article highlights the paradox of the world’s reserve currency being issued by a nation grappling with immense debt and a declining credit rating.
It suggests that the existing system, dominated by the US dollar, is inherently unstable due to the US government’s reliance on borrowing to finance its operations and maintain its economic dominance. The author points to the historical context of the gold standard and Bretton Woods system, arguing that their collapse signaled a shift towards a fiat currency system susceptible to inflationary pressures.
Furthermore, the article emphasizes the increasing power of financial markets and their influence on economic policy. It contends that the US government’s response to financial crises, such as the 2008 meltdown and the COVID-19 pandemic, has been to further inflate the money supply, exacerbating the debt problem. The article concludes that this unsustainable trajectory could lead to economic instability and global financial crises.
find the original article here: https://www.wsws.org/en/articles/2025/10/08/zsdd-o08.html
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