America is squandering wealth and eliminating capacity to create new wealth, says Tom Renz

The U.S. is squandering its wealth. Worse, it is eliminating its ability to create new wealth.

“So, what’s happening now is we’re squandering the wealth that our forefathers had built for us. And at the same time, we’re eliminating the capacity to create new wealth. So, this is really a disaster. And because we’re not producing anything of value here, no other country needs us,” said lawyer Thomas “Tom” Renz said during a recent episode of his “Another Renz Rant” podcast.

Renz pointed out that every economy is based on certain premises, and it starts and ends with necessities like food, water, shelter and energy. He said America has an abundance of natural resources, and the Pilgrims were able to develop it into the greatest nation on the planet.

The Ohio-based attorney said: “Because all of that stuff is available here in the United States. We had all sorts of good things. We had a huge steel industry and iron industry for years. We had all these different things, all this different industry that built America.”

According to the Brighteon.TV host, America has all the natural resources necessary for its people to make the products that they need. Factories were built to turn the natural resources into useful things, making them a critical part of the global supply chain.

America destroyed the crucial links in supply chain

But what America has done over the past couple of decades is destroy the crucial links in the supply chain, Renz pointed out. He cited as an example the Biden administration’s order to stop mining or obtaining any of America’s own natural resources, along with the strict regulations the Environmental Protection Agency (EPA) has enforced.

America had quit producing its own resources and moved into acquiring resources through trade with other countries to get them. The political commentator and activist mentioned that the government made it expensive to hire workers and difficult to get goods by implementing strict EPA regulations, as well as environmental and healthcare mandates.

Renz noted that restrictions on natural resources and strict regulations on the factories and workers led to America getting rid of its industrial base. This led America to start moving into the service economy.

According to Renz, the service economy only exists if people have money to pay for the services. He noted that the job losses in the manufacturing and production industries will eventually lead to many people running out of money.

“Now we’re left with just the wealth that we have and no reason for anybody to buy anything from us. So internationally, what are you going to buy from America? We don’t do anything. I mean we don’t make anything. We literally make nothing,” Renz said.

“We’ve got some tech stuff that we do still. But we don’t make anything. And even that tech stuff that we do is based on components and stuff that are manufactured offshore. We don’t create anything. We don’t have any industry that is based in the United States, everything is based elsewhere because of our tax and regulatory structure.”

The Ohio-based lawyer added the petrodollar that was based on defense and manufacturing is in shambles.

“Countries around the world know that America is trading for resources and other things that it needs to function as a country. They are now banding together to quit trading using the U.S. dollar,” he said. “This is dedollarization, especially when they go back to a currency that is backed by gold.” (Related: BRICS bloc’s proposed gold-backed currency could spell an END to the US dollar.)

Follow Collapse.news for more news about the deteriorating economic condition of America.

Watch the video below to learn more about Tom Renz’s latest rant.

This video is from the Thomas Renz channel on Brighteon.com.

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Sources include:

Brighteon.com

TomRenz.com