In many ways we've been on the brink for decades but it really comes down to the value of paper currency. Put it like this, would any sane investor ever extend credit to our government, or any other government if you had to use the normal credit standards that you or I have to live with.
Just as an example of the richest, most prosperous nation in the world the U.S. Imagine the U.S. was your son who just landed a new Job: (all numbers divided by $10mil so we can put in our life)
Son: Hey Dad I just got a new job that pays $318K a year!
Dad: I'm proud of you. How much are your yearly expenses.
Son: They're $416K but next year will be better.
Dad: Oh
Son: Yeah but my mastercard is only at $2.18 million and theres still room.
Dad: Oh sheet.....
This game can go on forever.
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