Running on Empty
“Do not underestimate the power of a dying lion, for he may strike with unimaginable force.”
We’ve grown accustomed to regarding the US as the most powerful country on earth.
Since the end of World War II, it’s been the economic powerhouse that’s dictated terms to the rest of the world. War production created the world’s most modern factories, allowing for a postwar boom in manufacturing goods of every description. The fact that the US held two-thirds of the world’s gold by the end of the war enabled it to dictate that the US dollar would be the default currency for trade.
And later on, the creation of OPEC ensured that all gas and oil would be settled in the petrodollar.
The resultant overwhelming economic power enabled the US to assume the role of the world’s policeman, with a defense budget that equaled that of the next ten most powerful countries combined.
But all that power led the leaders of the US empire to assume that it was omnipotent. In 1971, they went off the gold standard, and over the ensuing decades, the US went from being the world’s largest creditor nation to its largest debtor nation.
The US can no longer produce goods, as its ever-increasing union labour costs have priced it out of the market, even for local consumption. It’s now dependent upon China, Mexico, and other countries for virtually all goods. And yet, the US is threatening those countries with controls.
With help from the FATF and OECD, the US has become an economic ball and chain to the economies of the First World and, to a lesser extent, beyond.
The US is now a hollowed-out empire. By any measure, it’s a goliath that’s likely to fall in the near future.
But recently, the above conditions have been exacerbated to a degree that’s unprecedented in the post-war world.
In March of 2021, the US made the fatal mistake of confiscating privately-held assets of the Russian people. Although this was seen by Americans as just punishment
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.