Tom welcomes back Bill Holter of Miles Franklin to share his insights on the current state of the US economy and the looming debt crisis.

He explains that the current system is unsustainable, with the US debt now exceeding $32 trillion and a total of $200 trillion in debt promises. He notes that the US government is using deficit spending and inflation to try and maintain its economy, but this won’t work in the long run.

Bill suggests that a national sales tax could simplify the tax code, but due to the current political climate, this won’t happen anytime soon.

Foreign nations are no longer relying on the US dollar to conduct business, and are instead turning to gold, yuan, and rubles for transactions.

He suggests that individuals should begin to think in terms of ounces of gold and silver instead of dollars, as it is likely that this will be the new currency when the current system collapses.

Video Length: 00:27:56

Talking Points From This Episode

• U.S. debt now exceeds $32 trillion with over $200 trillion in debt promises.
• The US government is using deficit spending and inflation to try and maintain its economy, but this won’t work in the long run.
• Foreign nations are no longer relying on the US dollar to conduct business, and are instead turning to gold, yuan, and rubles for transactions.

More By This Author:

The Next Big Event Will Be Asset Deflation
The Fed Must Inflate Or Die
The Future of Financial Markets