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[–]TheJamesRocket[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (3 children)

Libertarians have been saying this for over 10 years now.

This is true. They have been repeating this like a broken record for a long time. But their prognosis is essentially accurate. They saw that the United States financial predicament is insoluble, and that some kindof collapse must happen. It simply took longer to materialise than they predicted.

Goverment debt isn't the problem, private debt is.

Government debt isn't the problem... As long as they can make the interest payments on their national debt. There should also be a distinction between private debt and corporate debt. Many corporations have taken on record levels of debt to invest in stock market speculation, which is going to set off a major financial crisis.

As long as the US dollar remains the world's reserve currency

The process of de-dollarisation is well under way, and has been accelerated by the war in the Ukraine. By this time, Russia, China, and India are all trading with each other in their own currencies, cutting out the U.S. dollar as the currency of exchange. If China is able to convince Saudi Arabia to trade their oil for yuan, that could be the end of the petrodollar.

[–]EthnocratArcheofuturist 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

But their prognosis is essentially accurate.

Yes, and no. It's accurate if you ignore sovereign power. That's not a small thing to ignore.

They saw that the United States financial predicament is insoluble, and that some kindof collapse must happen.

Not necessarily. Debt oversaturation can be solved with a jubilee. There's a historical precedent for this.

There should also be a distinction between private debt and corporate debt. Many corporations have taken on record levels of debt to invest in stock market speculation, which is going to set off a major financial crisis.

I agree, but I included corporate debt with private debt.

The process of de-dollarisation is well under way, and has been accelerated by the war in the Ukraine. By this time, Russia, China, and India are all trading with each other in their own currencies, cutting out the U.S. dollar as the currency of exchange. If China is able to convince Saudi Arabia to trade their oil for yuan, that could be the end of the petrodollar.

I've been thinking about this as well, but I wonder if the US is more resilient than we thought. The US still has overwhelming military superiority.

[–]TheJamesRocket[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

Not necessarily. Debt oversaturation can be solved with a jubilee. There's a historical precedent for this.

The Jewish bankers would never, ever allow that to happen. Debt forgiveness is in complete, total opposition with their values. They would sooner die than forgive the goyim of their debt.

The US still has overwhelming military superiority.

Only when it comes to policing the worlds oceans, or fighting sandbox wars in the Middle East. And as we saw from their Afghanistan debacle, the US military isn't as invincible as it seems.

[–]EthnocratArcheofuturist 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

The Jewish bankers would never, ever allow that to happen. Debt forgiveness is in complete, total opposition with their values. They would sooner die than forgive the goyim of their debt.

I agree. I'm just saying there's a way out.

Only when it comes to policing the worlds oceans

That's the most important part of the world though.