Renowned billionaire Jeffrey Gundlach, also known as the “Bond King,” has expressed concerns about the U.S. dollar’s reserve currency status due to the country’s rising national debt. Gundlach, the CEO and chief investment officer of Doubleline, a prominent investment management firm, warned that the future of the U.S. dollar, and the possibility of out-of-control inflation, depends on getting budget and spending under control. With a net worth of $2.2 billion, Gundlach emphasized the need for the United States to address its spending issues to safeguard the reserve currency status of the U.S. dollar.
Gundlach’s concerns stem from the potential consequences of the Federal Reserve continuing to raise interest rates and the inevitable growth of the national debt. He pointed out that if interest rates on U.S. debt increase to 5.5%, the nation’s annual interest bill would surpass $1.8 trillion, more than double the existing defense budget. Gundlach cautioned that the current massive budget deficit and rising interest rates on the national debt should raise alarm bells for every American. He is not alone in his warning, as other influential figures such as JPMorgan CEO Jamie Dimon and investor Jim Rogers have also expressed concerns about the U.S. debt level and the potential decline of the U.S. dollar’s dominance.
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