Tesla CEO Elon Musk remains skeptical about the prospects of the US dollar. The billionaire entrepreneur published a series of tweets criticizing politicians in America for mishandling the US economy and its finances. Elon Musk is critical of the US dollar similar to BRICS, who pointed out the same reasons for staying away from America’s currency. The reasons include overspending, credit limits crossing the threshold, uncontrolled and growing debt of $34.3 trillion, and printing endless currency bills and circulating them both abroad and in the homeland.
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BRICS: America Will Go Bankrupt If Overspending Does Not Stop, Says Elon Musk
Billionaire Elon Musk puppeted what BRICS have been saying that America will go bankrupt due to overspending and uncontrolled debt. BRICS is worried that keeping the US dollar in reserves will hurt their economies if America’s financial condition turns worse. Both Elon Musk and BRICS are on the same page on this, except for politicians in America who look the other way.
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Musk warned that America could go bankrupt if overspending is not stopped at the earliest. “Overspending must stop or America will go bankrupt,” he tweeted on Wednesday. BRICS has been warning the same about America for over two years which Elon Musk said today.
The SpaceX founder also poked fun at the US dollar comparing it to a meme coin in the cryptocurrency market.
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BRICS has been looking at several ways to cut ties with the US dollar and stay away from America’s policies. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade.
In addition, BRICS is now looking at creating a new payment mechanism to settle cross-border transactions without the US dollar. Importance will be given to local currencies to strengthen their native economies against that of America.