The value of the US dollar (USD) has started to decline against major currencies such as the Euro, the Pound, and the Franc. This is happening despite expectations that the USD should be performing well based on interest rates and the US central bank’s fight against inflation. The reason behind this decline in value is that the world is increasingly recognizing the US as an emerging market.
Traditionally, the US has been seen as a developed nation with strong and stable institutions, the Rule of Law, and a dynamic economy. However, this perception is changing. Many of the significant institutions in the US are now believed to be corrupt, on a level comparable to 3rd world countries. This corruption includes interference in elections, the imprisonment of political adversaries, and censorship of free speech.
Similarly, the Rule of Law in the US is becoming more of a catchphrase than a reality. There are clear double standards at local, state, and federal levels when it comes to the law. Politically connected individuals can get away with committing felonies and even treason, while their opponents face severe consequences. In some cases, those involved in illegal activities receive book deals and prime-time TV slots instead of going to prison.
The US economy is also experiencing a state of decline. While it was once the manufacturing and industrial capital of the world, it has now become a hollowed-out, socialist economy that relies on other countries, some of which are hostile to the US, for its resources and economic needs. More Americans are now paid not to work, and many of those who do work lack pride in their efforts. The lack of committed and hardworking individuals has become a running joke, making it difficult for businesses to find reliable employees.
One area where these issues are particularly evident is in the US’s financial status. The country now has a Debt to GDP ratio of over 120%, and it has been running the largest peacetime deficit relative to GDP in history. Rather than attempting to rein in this debt, the government’s new Debt Deal removes all spending cuts through 2024. Additionally, basic services such as roads and bridges are crumbling, revealing the lack of investment in infrastructure.
All these factors – corruption, a lack of the Rule of Law, massive debt and deficits, and decaying infrastructure – are characteristic of an emerging market. Therefore, it is no surprise that the value of the USD is behaving like an emerging market currency.
It is important to note that other currencies and economies may not necessarily be much better. However, the US has significantly worsened in comparison to its previous exceptional status. This decline in credibility and quality raises doubts about the strength and value of the US currency. The USD is losing purchasing power and may no longer serve as a reliable storehouse of value.
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