Interest on Debt (Patreon)

This image is flying around the web and Elon Musk just reposted it.

76% of the income tax we pay goes directly to interest on government debt.

This is not sustainable.

If the US Govt was a company it would be LONG bankrupt.

Interestingly, today is the anniversary of Bretton Woods 1.

Significance??

The Bretton Woods system established a regime of fixed exchange rates, where currencies were pegged to the U.S. dollar, which in turn was convertible to gold at a fixed rate of $35 per ounce. This system provided much-needed stability in international financial relations and facilitated the post-war economic recovery and growth.The Bretton Woods system remained in place until the early 1970s, when it collapsed due to various economic pressures, leading to the adoption of floating exchange rates. Despite the collapse of the fixed exchange rate system, the IMF and World Bank have continued to play vital roles in global economic governance.