When the dollar finally crashes and hyper inflation sets in you will know. I don't know how old you are but I'm no spring chicken and it's going to happen in my lifetime.
We're off the cliff and just haven't hit the bottom as of yet. This empire is imploding fast.
As for what state isn't failed? You may not want to hear this but I would point to Russia who maintains fiscal discipline in spite of their other flaws.
Of course now all these whacked out fucks are going to start calling me comrade now. I will quickly go from Hitler to Stalin.
It's all good I don't come here to make friends.
A “failed state” does not mean “a country with bad debt numbers” or “a country headed for monetary trouble.”
A failed state is usually one that cannot maintain basic sovereignty, law and order, public services, border control, institutional legitimacy, or a monopoly on force. the U.S. has serious fiscal rot, but it is not a failed state. Israel has serious security and political problems, but it is not a failed state either.
And Russia is a strange example. Yes, Russia has lower public debt than the U.S. But calling that “fiscal discipline” while it is running a wartime economy, burning resources in Ukraine, dealing with sanctions, high interest rates, weak growth, capital constraints, and demographic problems seems like grading only one line item on the spreadsheet.
I agree the U.S. fiscal path is dangerous. I am not hand-waving that away, But people also forget that this country already had a monetary reckoning in 1971.
Under Bretton Woods, foreign governments held dollars with the understanding that those dollars were convertible into gold. When that promise became impossible to maintain, Nixon closed the gold window. That was not “fiscal discipline.” That was the United States effectively saying: the old deal no longer works, so we are changing the deal.
France saw it coming and had already been demanding gold instead of paper promises. That is how serious the problem was.
So yes, the dollar can break. Yes, the current debt path is reckless. Yes, empires abuse reserve-currency privilege until the bill comes due.
But the lesson of 1971 is not “America collapses next.” The lesson is that powerful states often survive by changing the rules when the existing rules become impossible.
Maybe next time the world refuses to accept it. Maybe not.
But I would be careful betting against the country that already turned an international default into the foundation of the modern fiat-dollar system.