The West could collapse – Latin American leader — RT World News
El Salvador's President Nayib Bukele declared that the US dollar was backed by nothing and that its decline would drag the rest of the world down.
The American economy depends on “fun” By printing unlimited amounts of money, Western civilization will collapse in that bubble “Explosions are inevitable.” Salvadoran President Nayib Bukele warned American conservatives on Thursday.
After winning a second term with 84% of the vote, Bukele arrived at the Maryland Conservative Political Action Conference to a hero's welcome. His adoption of Bitcoin as legal tender and his crackdown on gang crime were praised by American right-wingers, and Bukele ended his speech with a call for massive structural changes in the American economy.
Conservatives said “They always tell me that the problem is high taxes, but they are wrong.”
“The real problem is that you are paying high taxes just to promote the illusion that you are funding the government, which you are not.” he claimed, before describing how the government is financed through Treasury bonds, which the Fed buys with printed money backed by the bonds themselves.
“The government is financed by printing money, and paper backed by it. A bubble that will inevitably burst.” He said adding that “The situation is worse than it seems, because if most Americans and the rest of the world realize this farce, you will lose confidence in your currency. The dollar will fall and Western civilization will fall with it.”
“If the next president of the United States does not make the necessary policies and structural changes, this bubble will burst sooner or later.” He finished. “It will require a complete re-engineering of government from top to bottom.”
The dollar's gold backing was removed in 1971 when President Richard Nixon backed away from the Bretton Woods system created after World War II, which stipulated that the dollar could be converted into gold at a fixed price. Since then, the US national debt has exploded, rising from $232 billion in 1971 to $34 trillion at the beginning of this year.
Republican lawmakers and the White House agreed last June to temporarily raise the nation's debt ceiling, postponing what could have been a catastrophic default. The agreement will run until 2025, when it will likely be renewed.
Bukele is famous for reducing El Salvador's homicide rate from 38 per 100,000 when he was elected in 2019 to 2.4 at the end of last year. He achieved this feat by declaring a state of emergency in 2022 and imprisoning more than 75,000 suspected gang members, a campaign strongly condemned by liberal NGOs and human rights organizations.
“The people of El Salvador have woken up, and so have you.” he told the crowd at CPAC. Pointing to the high rates of crime and drug use on the streets of American cities, he called on conservatives to do so “Fight because in the end it will be worth it. You will get your country back.”
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