Summary
David Lebryk, the longest-serving career official at the U.S. Treasury, is resigning after a conflict with Elon Musk’s allies over access to a key government payment system.
Musk’s team has sought control of the system, which distributes $6 trillion annually in Social Security, Medicare, federal salaries, and other payments.
Traditionally, only career officials handle it.
Lebryk’s departure raises concerns, as he served under multiple administrations, including Trump’s, and was widely respected for his nonpartisan leadership.
His exit signals growing instability in financial governance.
The Canadian dollar isn’t tied to the US dollar in any way, right?
Kinda? It isn’t tied to the US dollar but it’s backed by the US dollar.
Once upon a time all currencies were backed with gold then the US dollar seemed so stable that most currencies switched to using trade deficits to back their local currencies.
A total collapse of USD wouldn’t be great for any currency or economy but other national banks could likely pivot.