America has survived for some 247 years with no collapse as an Empire! Yes, America has experienced 'consequences' for its prior bad behavior (the Civil War is my example). But as a Nation which has lasted for some 247 years under ONE Constitutional System, this is exceptional. All that America has accomplished has been viewed as mostly positive with a few exceptions. I say this with the proviso of 'SO FAR'!
Today, however, I sense that America is in serious trouble as an Empire. Our bad behavior (politically/economically) is catching up with us. America has the Reserve Currency for the planet and this has allowed America to spend (with an open check book) to advance their interests. America has spent and spent and piled up Debt which can never be paid back. The consequences of this bad behavior has not been realized as of today. Our politicians have not internalized an end-point to their economic house of cards.
But is everything 'alright' as the song above suggests. Will all turn out roses in time? My sense is that this is not a sound view of reality. Bad behavior (politically/economically) will EVENTUALLY catch up with the perpetrators (is my assumption). The DAY OF RECKONING will arrive at some point. When I look at our economic situation today, I sense that this DAY is near. You can derive your own viewpoint by doing your own research.
A good website to start is: www.usdebtclock.org (type this website into Google to get the details).
A general historical time period for an EMPIRE is some 250 years (usually less). America is now at 247 years and counting. Many historians are sensing that our EMPIRE is collapsing in many areas. I sense the economic collapse as I follow these numbers religiously. Our EMPIRE can not continue with the mindset which I witness in Washington D.C. I sense that a DAY of reckoning must arrive at some point!
The mindset (of our politicians) is mostly the idea of KICKING the CAN DOWN the ROAD (that is our debt and deficits). Biden has a NEW theory of money which he thinks is valid. It is called MMT (Modern Monetary Theory). The core doctrine is that a Nation with a Reserve Currency can not default or go bankrupt. Why? Because a Nation with a Reserve Currency can CREATE new digits into infinity (money today is a 'digit' in the computer). Digits can be 'typed' into the computer account with NO COST to the Reserve Currency Nation is the Mantra of MMT.
All this (to me) is fallacious thinking IMO. The idea of FUNNY MONEY (mere digits in the computer) as a System for exchanging VALUE has never been tested in all history. Can America merely buy products from other Nations indefinitely with 'digits' created out-of-nothing (the mind of a Central Banker creates these 'digits')? All this seems diabolical to me.
Will our trading counterparties ACCEPT this mindset (of the Biden economic team...called MMT)? Can America merely buy and spend forever with mere 'digits' typed into a central computer account? Unlimited DEBT is the consequence! This is what is now happening in Washington D.C. See the numbers here: www.usdebtclock.org. Could this mindset lead to serious CONSEQUENCES (at some point)?
Listen to the song above and think about this idea that BAD behavior eventually does have CONSEQUENCES. My sense is that these 'consequences' are starting NOW. Is it time to THINK differently about economics and politics? I think so! A DAY of RECKONING will eventually ARRIVE for America. That is my PREMISE. Think for yourself on all these issues!
I am: Donald B. Swenson, Economist/Philosopher, http://kingdomecon.wordpress.com and donaldswenson.blogspot.com.
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