Since President Obama took office, the national debt has increased by $7.4 trillion dollars. The United States debt has literally doubled. To put this in perspective, during his term as president, President Obama increased the debt by an amount equal to all of the presidents before him.
It is only a matter of time before we, as a country, are unable to pay the interest on the debt.
On June 5, 1933, President Franklin D. Roosevelt took the United States citizens off of the gold standard. Then on August 15, 1971, President Nixon took the United States dollar off the Gold Standard for everyone.The united States currency would no longer be convertible into gold for any debt that the United States owed to anyone.
The United States could now just print money without it being backed by something real. This opened the proverbial Pandora’s box.
No longer was inflation limited to the amount of gold that could be mined. This led to the devaluing of the currency. It now takes $18.06 to buy an item that cost $1.00 in 1933.
The United States currency is on the verge of imploding and the only real currency will be silver and gold.