• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Dollar Falls to Three Years Low as Deficit Nears $2 Trillion

18/05/2021 15:28
No comments
Dollar strength index DXY drops below 90, May 2021

The dollar has fallen to its lowest point since April 2018 with its strength index, DXY, falling below 90 from a March 2020 high of 102 as pictured above.

One dollar is now worth 6.4 CNY, significantly less than the 7.2 CNY in June 2020 as USD loses value against major currencies.

That may be in great part due to the deficit rising to $1.9 trillion with the Congressional Office for Budget Responsibility (CBO) stating:

“The federal budget deficit was $1.9 trillion in the first seven months of fiscal year 2021, the Congressional Budget Office estimates—$449 billion more than the deficit recorded during the same period last year.”

This compares to a deficit of just $531 billion for all of 2019 with it rising 4 fold in both 2020 and in 2021.

That borrowing of some two trillion is more than half of all the yearly tax intake at circa $3.5 trillion, with the United States clearly spending a lot more than it earns.

Total debt is now at $28 trillion, or close to 10x their income, with it effectively amounting to two mortgages at a 4x the income assessment.

Interest rates are at near zero however, which translates to much money printing and thus a devaluation of the dollar which has also fallen against the euro from 93 cents to now one dollar buying 81 euro cents.

That makes imports more expensive with the United States importing significantly more than it exports, and thus holidays will be quite a bit more expensive for Americans this year.

This devaluation should also lead to an appreciation of limited assets, like housing, stocks, or cryptos with bitcoin kind of ranging currently at $43,000.

Related Posts

Miner's multisig code for EthereumPoW network fees, Aug 2022

EthereumPoW Will Send Network Fees to a Multisig

Ethereum Merge searches, Aug 2022

Ethereum Merge Trends on Google

DAO Raises Millions to Save Congo Forest

EthereumPoW to Remove EIP1559

Load More
  • Trending
  • Comments
  • Latest
Proof of Work/Stake

Proof of Stake vs Proof of Work

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

Ethereum Merge searches, Aug 2022

Ethereum Merge Trends on Google

Miner's multisig code for EthereumPoW network fees, Aug 2022

EthereumPoW Will Send Network Fees to a Multisig

Office of Foreign Assets Control at US Treasury

The Law Comes to ETH, Where Boundaries?

Miner's multisig code for EthereumPoW network fees, Aug 2022

EthereumPoW Will Send Network Fees to a Multisig

Ethereum Merge searches, Aug 2022

Ethereum Merge Trends on Google

Virunga National Park

DAO Raises Millions to Save Congo Forest

Comments

Latest News

  • The Law Comes to ETH, Where Boundaries?
  • EthereumPoW Will Send Network Fees to a Multisig
  • Ethereum Merge Trends on Google

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?