It will happen, sure, but it has been happening for decades. (notice how a million used to be a lot, and now we speak of trillionaires?)
Don’t worry about the amount exactly. It sounds like a lot, but remember, the dollar is devalued all the time. In fact you have to continuously create more debt in order to be able to service old debts. People worried about the national debt don’t understand the financial system well. (I don’t either, I only know better than that)
The debt is growing all the time, but the value of the dollar doesn’t remain constant, so 1 trillion today is not the same as it would be in the year 1990.
Aside from that, the reality is that the dollar is a global currency and is relied upon by far more countries than just the US for trade.
Without inflation, not only would the US be very uncompetitive in trade with the rest of the world (who are also inflating), but other countries would collapse as they would be unable to service their debt. (a rising dollar, when your debts are denominated in dollars, means your obligations just grow and grow)
Think of it this way, until the system fails and you replace it with gold or Bitcoin, or something of a deflationary nature, preventing inflation from happening will kill your economy and implode the third world. (remember, the US dollar as the reserve currency is exceptional)
It will happen, sure, but it has been happening for decades. (notice how a million used to be a lot, and now we speak of trillionaires?)
Don’t worry about the amount exactly. It sounds like a lot, but remember, the dollar is devalued all the time. In fact you have to continuously create more debt in order to be able to service old debts. People worried about the national debt don’t understand the financial system well. (I don’t either, I only know better than that)
The debt is growing all the time, but the value of the dollar doesn’t remain constant, so 1 trillion today is not the same as it would be in the year 1990.
Aside from that, the reality is that the dollar is a global currency and is relied upon by far more countries than just the US for trade.
Without inflation, not only would the US be very uncompetitive in trade with the rest of the world (who are also inflating), but other countries would collapse as they would be unable to service their debt. (a rising dollar, when your debts are denominated in dollars, means your obligations just grow and grow)
Think of it this way, until the system fails and you replace it with gold or Bitcoin, or something of a deflationary nature, preventing inflation from happening will kill your economy and implode the third world. (remember, the US dollar as the reserve currency is exceptional)