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Fun little fact:
During mortgage security and global meltdown, the actual, direct drop in economic valuation due to mismanagement, poor underwriting, etc. wasn't the cause of the lions share of the overall drop.
Trust was.
This is the thing that worries me as someone living in the US, why the hell would the global financial system still trust the US? It doesn't matter if Trump gets thrown out and a democrat wins and centrists implement measly reforms that only paper over the wound blah blah blah... from the rest of the world's perspective who is to say fascists/rightwing extremists in this country won't try to collapse everything again in another 4 years?
Centrists and rightwing people are living life in a complete daze in the US thinking that trust doesn't have any bearing on whether the US hurtles into a depression or not, it is very unnerving and exhausting to be immersed in.
The global financial system is forced to work with the US bc the USD is currently the world's reserve currency. If the world aknowledges what's happened to America then everyone crashes. Once the reserve currency is no longer USD, the US cant keep printing money and everything quickly falls to shit in America while the rest of the world moves on.
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