However, the recklessness of our current fiscal policy is causing other sophisticated global players to get fed up — and for legitimate reasons. They are made vulnerable by the actions of a belligerent few, and are positioning themselves to do what any other sane person would: seek alternatives in case the dollar collapses.

It’s sad to think that right now the defense of our aimless fiscal policy is to hold the other countries so close to our chest that they will drown with us unless we succeed. Unfortunately, we won’t be able to do this forever. What happens when they see the light?

Before Nixon, we had the gold standard; after Nixon, we were given fiat money — therefore, the government used manipulations to increase the value of the dollar. Now we have more than one major economic player in the global economy that realizes the deception behind the value of the dollar and wants an alternative.

BRIC countries (Brazil, Russia, India and China), let me introduce the BRIC-plus-1 and we'll rename it CRIBS, adding South Africa is already looking to create the next largest world currency — one that will be pegged to oil. This will be an extreme threat to the dollar, because trading oil in dollars is one thing that gives that currency much of its value.

Currently, the fiscal policy of America should force politicians to seek solutions that restore the integrity of the dollar so our children have a future. Buenos Aires was at one point among the top 10 most expensive cities to travel to. Now it is a discount destination where the people have little to no hope for economic mobility.

Williams can be heard nightly on Sirius/XM Power 169 from 9 to 10 p.m.

Visit www.armstrongwilliams.com.