by Stuart Englert, Stuart Englert’s Substack:
The Fiat Dollar’s Inflationary Decline Prophesies Its Demise
Periodically I’m asked to forecast when the financial system will crash, or when the U.S. dollar will self-destruct, plummet in value and be replaced as the world’s dominant currency.
Since I’m not a soothsayer with a functioning crystal ball, I consider providing a guesstimate or timeframe for collapse of the depreciating dollar and global monetary system a foolish notion.
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Prognosticators who project specific dates or years for major financial or monetary events frequently are proven wrong. Even if their overall premises are correct, their precise predictions usually either are too early or too late. Some die before witnessing their prophecies comes to pass.
I stopped making date-specific financial projections in 2012 after I convinced myself the national debt couldn’t continue to rise as its exponential pace without crashing the bond, credit and stock markets. That’s when the national debt totaled $15 trillion and was approaching 100 percent of gross domestic product (GDP). Fourteen years later, with the national debt surpassing $40 trillion and 125 percent of GDP, I’m convinced the psychic in me isn’t very clairvoyant.
Last week I was pressed to provide a mechanism and timeline for failure of the fiat U.S. dollar. Coincidentally, the online individual who insisted I provide answers was wise enough not to offer his own estimate—or timetable—of when the unbacked dollar would cease to function as a viable currency.
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