Rethinking the Dollar

There will be repercussions for our nation's impending government shutdown, massive deficit spending, and partisan bickering as the rest of the world increasingly shuns the United States. James Turk joins me on RTD interviews today to share his voice and remind viewers that money that is both stable and secure is essential to maintaining wealth.

The global economy is facing unprecedented challenges, marked by soaring debts, widening economic disparities, and the complexities of navigating modern financial systems and market dynamics. From concerns about market implosions, unsustainable lending practices, and vast CEO-worker pay gaps to the intricate balance between industry, e-commerce giants, and small businesses, the economic landscape is rife with vulnerabilities and shifts driven by both policy and societal forces.

US home sales are expected to experience their largest slowdown since 2011, primarily due to higher mortgage rates and a weakening US economy, with a potential recession forecasted for the first half of 2024 by Fannie Mae.

Global debt surged by $10 trillion in the first half of 2023, reaching a record $307 trillion, led by the US, Japan, the UK, and France. Despite the increase in debt, household debt in advanced economies reached its lowest in two decades, providing a potential cushion against inflationary pressures and further rate hikes.

Georgia's Republican Governor Brian Kemp declares a "state of emergency" due to high inflation and suspends the state's gas tax temporarily until October 12, citing savings for Georgians. Kemp blames the Biden administration for inflation and criticizes "Bidenomics" for hurting the middle class.

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Close to a third of all publicly-held, outstanding U.S. government debt, totaling $7.6 trillion, is set to mature in the next 12 months, potentially impacting interest rates and raising concerns about Treasury's borrowing strategy.

The Bank of China opens its first branch in Riyadh, Saudi Arabia, boosting the use of yuan in finance and trade. BRICS members are increasingly adopting local currency settlements, reducing reliance on the US dollar. The BRICS alliance is considering the creation of a 'single unit account' as an alternative currency to the US dollar, aiming to facilitate unified settlements and reduce dependence on the dollar.