CBO estimates that the federal government will spend $892 billion this fiscal year on national debt interest payments, which total $28 trillion. According to the Wall Street Journal, this surpasses the military budget of $816.7 billion and almost equals healthcare spending.
(Source WSJ: Rising US debt threatens to end its empire | Al Bawaba)
https://preview.redd.it/0js9qf3oi3ed1.jpg?width=1284&format=pjpg&auto=webp&s=04e79da319dcc1656accf5004af75fb8e56f8f7c
In an op-ed for Bloomberg, he said: "Any great power that spends more on debt service than on defense will not stay great for very long.
"True of Habsburg Spain, true of ancient régime France, true of the Ottoman Empire, true of the British Empire. This law is about to be put to the test by the US beginning this very year."
(Source: US debt crisis: American supremacy on brink | US | News | Express.co.uk)
This is a compilation of a couple of sources.
But I am curious to hear what this will mean for bitcoin?
I would say that this is a clear sign the dollar is on the decline so people that want to save their money are better off putting it in bitcoin than in US dollars. But I am also pretty much an idiot when it comes to these things. Love to hear others peoples opinions here and their reasoning.
