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If Biden's Economy Were Strong, Our Trade Partners Wouldn't Be Abandoning the Dollar

The 50-year petrodollar agreement between the U.S. and Saudi Arabia, which cemented the dollar as the global oil trade currency, ended on June 9, unleashing fears of "de-dollarization" and the collapse of the American economy.

U.S. sanctions, especially against Russia, have driven countries towards the BRICS coalition (Brazil, Russia, India, China, South Africa), slashing the dollar's global trade share from 52% to 40% in a decade. Russian President Putin is championing de-dollarization, with the ruble now dominating 40% of Russia’s trade. BRICS, aiming to overthrow the Western-led order, is rapidly expanding.

The U.S. economy is crumbling under inflation, skyrocketing mortgage rates, and an uncertain job market. Fitch downgraded the U.S. credit rating from AAA to AA+. Economist Yuefen Li warns "de-dollarization is unstoppable," with the end of the petrodollar severely weakening U.S. currency and triggering inflation as foreign holders of dollars return their funds. The growing power of BRICS and the plummeting dollar value put American wealth on the brink of disaster. Read More.

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Brace Yourself: Biden's Scheme Could Trigger Another 2008 Mortgage Crisis

Politicians in Washington have short memories, often repeating past mistakes. Just 17 years ago, the "subprime" mortgage crisis devastated the economy, with millions losing their jobs. Freddie Mac and Fannie Mae, by offering taxpayer-backed mortgage insurance to risky borrowers, played a significant role in the crisis despite claims that the risk was minimal.

Now, the Biden administration is promoting home equity loans, which are risky if home prices fall, potentially leading families to default as they did during the subprime crisis. With nearly $18 trillion in home equity, this push comes at a time when credit card and auto debts are at record highs.

Critics argue this could lead to a similar financial meltdown, as taxpayers might once again bear the burden. Biden’s plan aims to boost consumer spending before the election, but it risks reducing homeownership and increasing national debt. This strategy echoes the mistakes of the past and raises concerns about its impact on taxpayers and the economy. Read More.