Elon Musk Issues a Warning for the U.S Dollar

The United States has its fair share of challenges - from the drastically increasing debt, to the real estate crisis.

U.S. debt is almost at $35 trillion – or around $103,000 per citizen. These numbers are frightening as the government apparently is still trying to work on a plan to avoid an economic crash.

The International Monetary Fund (IMF) has expressed concerns over the United States’ significant fiscal deficits and the rising public debt-to-GDP ratio, indicating potential risks for both the country and the global economy.

The IMF emphasized the importance of implementing a “frontloaded fiscal adjustment” through both revenue and spending measures, while also allocating some fiscal savings to poverty alleviation programs. It also suggested that a comprehensive and long-term strategy is needed in order to tackle issues related to the debt ceiling.

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The statement also pointed out the growing trade restrictions and the emphasis on domestic content in various fiscal programs as risks to both the US and global economy.

In the meantime, the excentric billionaire Elon Musk also commented on the current direction of the economy – and it does not look good.

In his recent tweet he suggested that the U.S. dollar is losing its value and it might become like the Zimbabwe dollar.

Where are we with dollar value destruction, you might ask? pic.twitter.com/0LD8OggFqu

— Elon Musk (@elonmusk) July 22, 2024

He is not the only one that thinks America is on a downward spiral – other CEOs, economists and financial experts share his opinion. “Rich Dad, Poor Dad” author Robert Kiyosaki has been stating for quite some time, that the american economy will inevitably crash and people should seek safe-haven assets such as Bitcoin and gold.

The Federal Reserve’s policy to wait for the appropriate time to cut down rates is also hurting the economy.

Although such predictions of a nationwide and even global crisis seem extreme to some point, they are probable, especially if the U.S. continues amassing this huge debt and doesn’t come up with a way to tackle these economic challenges – and soon.

Alexander Stefanov