Much of the world is still reeling from the effects of ‘The Great Recession’ that first hit amid the banking and financial crisis beginning in 2008.
In this discussion with best-selling author and speaker Nomi Prins, she looks ahead to the economic prospects for the world and also gives her opinion about whether the U.S. dollar might eventually collapse.
Prins explains that despite some grim forecasts, she doesn’t think the U.S. dollar is necessarily on the decline at the present time.
“The reason the current level of the dollar has maintained its position is because even though other countries are beginning to form their own trading partnerships outside of the dollar, such as Russia with China, or China with Venezuela, this is happening.”
She adds: “It’s sort of like because of our economic recession, because of the epic amount of government subsidies and Fed subsidies given to a flawed financial system in the form of debt, it has sort of the opposite effect of giving the dollar a little bit of a boost.”
Moving to the present state of the U.S. economy, Prins said she definitely feels the nation has gradually become weaker due to the country’s debt to GNP ratio being over 100 percent, the $17 trillion debt, a stagnation or lowering of wages, rising living costs, etc.
“The infrastructure investment has largely stopped – you know it’s all about where are the bucks going right now? Where’s the speculative money going to go now? And that doesn’t lend itself to long-term planning for the country.
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