Kim Jong Un has been threatening the U.S. and its allies with nuclear war. But even without nuclear missiles, any war with North Korea would cause major damage to the economy.
Personal finance expert Jordan Goodman joined Monday’s “The Morning Blaze with Doc Thompson” to analyze how a war would affect the U.S. economy and your own finances. While people tend to fear nuclear warfare, even a traditional war would have a big impact.
Millions of people in South Korea would be in immediate danger, especially the population in Seoul, which is the country’s capital city and home to around 10 million. Meanwhile, the unexpected threat of war would throw off the U.S. stock market, in turn affecting your personal finances.
“The market is not anticipating that it’ll actually happen,” Goodman said. “If it in fact happens, the stock market would plunge dramatically. Gold, which has already been up, would soar dramatically.”
Is this kind of threat why so many people are turning to digital currency? Bitcoin and other types of cryptocurrency are spiking in value as people seek a way to transfer currency instantly and safely while operating outside the reach of the government.
“It’s not going away,” Goodman said of cryptocurrency.