This is a topic that comes up from time to time usually when inflation is high and the US government must raise its “debt ceiling.” And also, coincidentally, when the price of gold is at a “historic” high. Know more:
This is a topic that comes up from time to time usually when inflation is high and the US government must raise its “debt ceiling.” And also, coincidentally, when the price of gold is at a “historic” high.
But first, let’s talk about government debt. The US government is bound by law to carry up to a specified amount of debt, the limit of which must be raised nearly every year as government borrows more and more. In 2000, the US government debt was $5.5 trillion and is now $31.5 trillion, having increased by almost six times.
The second justification is the belief that the US government has never defaulted on its debt, which is false and brings us back to gold. When a currency is “backed” by gold, the government determines the exchange rate. Even the gold Cryptos say specifically that the price of the token is determined by the price of gold. And how is gold priced? In good old US dollars.
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