Jim Willie and the Golden Jackass produced a 3-part video describing the multitude of social, political and economic problems faced by the US. I find the video’s presentation overly dramatic. For me, it seems like a muted rant that sounds a lot like a conspiracy theory. The graphic elements are weird and distracting.
Even so, most of the videos’ content is compelling.
One of Willie’s most interesting predictions is that Saudi Arabia may soon start accepting currencies other than the fiat dollar as payment for it’s crude oil. If that happens, the dollar’s remaining status as World Reserve Currency will crumble, the dollar’s value will plunge, and the price of gold will skyrocket.
The argument makes perfect sense. And it’s a little bit chilling because in one day, one hour, one moment, the Saudi’s could simply announce that they’d accept payments in currencies other than dollars, and the value of every paper debt-instrument denominated in dollars might fall by 20%, 40% or even 70%.