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In today’s geopolitically uncertain world, it is crucial for the United States to have a strong financial foundation. Whether it’s a robust balance sheet that can support increased military spending if necessary or a fully stocked Strategic Petroleum Reserve for emergencies, the US needs to be fortified and prepared for any situation.
Regrettably, the current financial position of the US is unsustainable, as explicitly stated by the IMF and reinforced by various analyses from the Treasury, the Congressional Budget Office (CBO), and other credible sources. This should come as no surprise, as anyone in touch with reality has been echoing this sentiment.
This unsustainability not only poses an economic security risk but also a national security threat to the US.
Despite already increasing the size of government by over 40% in the past four years, the US still has a public debt to GDP ratio exceeding 120%. To provide some context, experts have highlighted that a sovereign balance sheet becomes unmanageable at around 70-80% debt to GDP.
If the US were an emerging market, it would likely face a currency crisis due to such a burdened balance sheet. However, as the issuer of the world’s reserve currency and in light of the relatively weaker positions of other countries, the US has managed to avoid this crisis, allowing its financial managers to continue their reckless behavior.
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The ongoing conflicts worldwide can be attributed to the perceived weakness of the US on the international stage. The president’s actions, such as releasing oil from strategic reserves for political reasons rather than emergencies and loosening sanctions on Iran, contribute to this perception of weakness. Additionally, the porous southern border under the Biden administration has allowed millions of people to enter the US without knowledge of their origins or intentions.
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Countries seeking to undermine the US economically and otherwise have been exploiting this perceived weakness. It is no coincidence that Iran’s Islamic Revolutionary Guard Corps collaborated with Hamas to plan an attack on Israel while the BRICS alliance extended an invitation to Iran to join them. This perception of weakness encourages these countries, including many BRICS members, to target the US dollar as the world’s reserve currency and to support violent groups.
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President Biden, UNRWA, Hamas fighter (Getty Images)
Weakness from key allies like France exacerbates the situation. For instance, France’s TotalEnergies recently entered a long-term agreement to purchase LNG from Qatar, making it difficult to take a tough stance when they rely on Qatar for energy.
The US must urgently strengthen every aspect of its foundation, including its border security, energy independence, and ability to access critical supplies in uncertain times. Addressing deficits and improving the balance sheet are also crucial.
The financial mismanagement by the current administration, Congress, and those associated with them not only poses an economic security risk but also a national security threat. If reforms are not implemented, we will all face dire consequences.
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