Discussion about this post

User's avatar
Merfy Mac's avatar

America's entire prosperity is built on exploiting unipolar privilege. The real domestic economy - flattered by the unique circumstances after WW2 - has been systemically hollowed out by a rapacious financial elite. Its working class, brutalized by rentier capitalism, is an increasingly underskilled, unhealthy, unproductive parody of New Deal labor.

The natural realignment America should've begun in 1971 - when it came off the gold-standard in response to the shift from surplus to deficit economy - was sidestepped by the genius of Paul Volcker and his precocious system of dollarization - reserve currency surplus recycling - undergirded by an unparalleled militarized foreign policy forcing American business imperialism on the world.

Capitalism never knows when to moderate its greed. Rather than use the Volcker Doctrine to welcome and adjust naturally to the inevitable rise of near-peers on favorable terms, America chose to let itself become irrevocably addicted to decades of "free lunch" money provided by Volcker's post-gold dollar reserve currency hegemony: weaponizing reserve currency deficit, drawing in trillions of dollars from surplus countries, recycling them to Congress for profligate domestic spending on defense, bank liquidity, biotech, bailouts, social security, military industrial investment, mass media, think tanks, corporate nepotism, propaganda, etc. Who cares about the American worker when you have a license to profit from the entire world's labor?

Neocons and neoliberals - Democrat and Republican alike - know the economics. They know deindustrialized financialized America has been propped up by the decades of top-down spending. They know if the "free lunch" ends America will rapidly collapse in catastrophic Max Max style. The politicians and the deep state know it's too late to change course.

Dedollarization would equal disaster. Dedollarization is the existential threat to America's future regardless which countries make it happen. We're riding the "full spectrum dominance" runaway train to the end of the line. No politician is going to risk their life trying to pump the brakes. What else can you expect?

Expand full comment
T. Paine's avatar

Thank you for the update on Henry. John Mearschiemer’s warnings about Ukraine were ignored and he was spot on that our involvement would cause Russia to strike back and he was right. His estimate of what’s next is terrible regardless of who wins Ukraine. I care about everyone but accept the fact that with 9 billion worrying about everyone would make life miserable. Ukrainians are fucked just line Iraqis, Afghans, Vietnamese who’s dead we couldn’t be bothered counting. The delusion created by power is absolute, just ask Baghdad Bob or Joe Biden.

Expand full comment
108 more comments...

No posts