What happens to Countries that cannot pay bills

History is replete with examples of what happens when countries can’t
pay their bills. They raise taxes to exorbitant levels, default on their
explicit and implicit obligations, and begin printing money like mad.
This triggers inflation, drives interest rates through the roof, and sends
exchange rates down the tubes. Businesses go belly up, and banks shut
their doors. The result is financial and economic meltdown.
Argentina is the latest country to go critical. Brazil appears to be next
on the list. Precisely when the United States will take its turn at fiscal
suicide is hard to say for reasons discussed in chapter 5. But the date is
close at hand unless the country miraculously changes course—not by
swallowing sugar pills, but by undergoing radical surgery.
The real danger in going critical is that the country will get stuck in
what economists call a bad steady state—one featuring ongoing and economically
suffocating liabilities, sky-high tax rates, recurrent bouts of
high inflation, widespread tax avoidance, capital flight, and a brain drain
as the nation’s most talented workers seek their fortunes on distant
shores. If this happens, our kids won’t be crying just about taxes as they
pack their bags. They’ll primarily be crying about the awful state of the
economy.

Excert from "The Coming Generational Storm" published by the MIT Press

We are at a VERY crucial point in history, whether we choose to educate ourselves about what is happening can make or break this country. Stay informed and learn what you can do to protect your financial future
with investment strategy notes

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