The world’s richest man has given good news to the ears of the BRICS alliance, claiming that the United States of America is going bankrupt. In a response to Billy Markus, known as Shibetoshi Nakamoto and the co-founder of Dogecoin, Musk says that the USA is going bankrupt.
“I am glad 76% of the income tax I pay goes directly to important things like interest on past government incompetence,” Markus posted on X. In a quote tweet, Musk replied “America is going bankrupt btw.” In a follow-up post, Musk shared the below image of the current status of dollar value destruction:
There is no denying the fragility of the US economy. The Federal Reserve has sought to fend off inflation with a two-year interest rate hike. While there’s been progress, the central bank has yet to reverse course, as it has kept rates steady after its tightening campaign.
Furthermore, Elon Musk has been vocal about why the US Dollar is losing support worldwide. Musk recently revealed that US foreign policy is heavily one-sided, eventually weakening the economies of developing countries. The highhandedness of the American government is what’s making BRICS and ASEAN countries ditch the US dollar, he said.
Musk has not been the only prominent individual to voice their concerns. Indeed, JPMorgan Chase CEO Jamie Dimon has echoed concerns over what the issue could create soon.
There is no denying the accuracy of these concerns. Furthermore, the ballooning of federal debt is occurring alongside global action to decrease international reliance on the greenback. As the BRICS alliance continues to embrace those efforts, things will only become more worrisome for the US dollar.