The average American makes $1.7 million dollars over 40 years of work. Before they begin working the value of their hours worked has been diminished by 58% from lifetime debt, medical costs, and taxes. This is a sad story, but it is not nearly all of the story.
The petrodollar is the basis for payments and loans around the world. Until recently all countries buying energy, products, services, and debt were buying it using the petrodollar. When the United States prints money without creating more production that benefits international exchange that money devalues the work of every person in the world and causes inflation in their economies. Because wages are sticky and follow inflation, workers are forced to make hard choices between staying warm and having a roof over their head. This scenario will play out in Europe over the coming winter.
In fact, it will play out around the world for many years to come. How do we as citizens rationalize the destruction of economies around the world? How can we steal from many and give to a few?
There are solutions to this problem, and they start with how we live our lives here in America. It is not about global warming, or supporting wars, or defending the different in America. It is completely about the morality of what you are willing to accept without thinking about the consequences. We cannot print more money without creating more output that provides something the rest of the world wants and needs. It is that simple.