this post was submitted on 15 Oct 2023
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It certainly made capitalism more stable for a while, but once the US runs out of imperial power and those trillions of dollars in debt aren’t backed by any real goods they’ll get in deep trouble.
Yes. The trillions of US dollar-denominated debt can always be paid, so the collapse won’t come from that directly. But imperial power is fading and attempts to retain/regain it seem to be accelerating that. The Biden admin. factions that are attempting re-industrialization are at odds with the FIRE factions, and when the Republicans get back in power, they’re unlikely to do any better. What do we make now but dollar-denominated loans and expensive, underperforming weapons?