IPFS News Link • Dollar Meltdown The
2021 may be the year that the world loses confidence in the dollar
• https://www.sovereignman.com by Simon BlackJackson was a staunch fiscal conservative. He despised banks, and, according to his biographer, he considered central banking "black magic", and the national debt a "moral failing".
So he paid it all off– roughly $5 million.
That was the first and only time that the US national debt was zero. By the end of 1835, the debt had increased to a trivial $33,733. Within three years it was 100x that amount at $3.3 million. And by 1847 it had increased another 10x to $33 million.
The trajectory continued; the national debt crossed $1 billion for the first time during the Civil War. Then $10 billion for the first time during World War I. Then $100 billion for the first time during World War II.
It crossed $1 trillion for the first time during the peak of the Cold War in the early 1980s.
And it crossed $10 trillion for the first time in 2008 after years of war in Iraq and Afghanistan, followed by the Global Financial Crisis.