U.S. Senator Rand Paul has cautioned that the government’s “out-of-control spending” is threatening the very existence of the U.S. dollar and even the country. Commenting on the government spending billions of dollars to help multiple countries, Paul warned: “They’ll bankrupt our country in sending money everywhere all over the planet.”
Senator Rand Paul’s USD and Economic Warnings
U.S. Senator Rand Paul (R-KY) expressed concerns during an interview on Fox News, released on Sunday, about the potential economic impact of the U.S. government spending billions of dollars in aid to multiple countries simultaneously.
Replying to a question about whether the conflicts in Ukraine and Israel are related, Senator Paul stressed:
I would only say they are only related in the sense that they’ll bankrupt our country in sending money everywhere all over the planet.
“It is probably the greatest threat to our national security if that’s what we are thinking that we’re supposed to do … to protect our national security. The greatest threat to it is the national debt. We borrowed a trillion dollars in the last three months,” the senator from Kentucky cautioned. He further warned:
It is out-of-control spending, and we are threatening the very existence of our currency, and perhaps our country, by this crazy, profligate spending.
Many people have similarly warned about the impact of excessive government spending. JPMorgan CEO Jamie Dimon recently said he is worried about the U.S. economy because “the fiscal money being spent is so big, the largest in peacetime ever … with very high deficits and QT we’ve never had.” He also warned of “the most dangerous time the world has seen in decades.”
Billionaire “Bond King” Jeffrey Gundlach said last month: “The future of the U.S. dollar, and possibly out-of-control inflation, depends on getting the budget and spending under control.” Economist and gold bug Peter Schiff has sounded the alarm on government spending on many occasions. He has predicted a full-blown financial crisis and a U.S. dollar crisis as the national debt spirals out of control.
Meanwhile, renowned investor Jim Rogers has warned that the era of U.S. dollar dominance is ending, with the Chinese yuan as the sole contender to replace the USD. Additionally, global financial services firm Jefferies cautioned last month about the potential collapse of the U.S. dollar.
Do you agree with U.S. Senator Rand Paul about the threat to the U.S. dollar by out-of-control government spending? Let us know in the comments section below.
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