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Thread: Is the World the AMERICAN EMPIRE?

  1. #1 Is the World the AMERICAN EMPIRE? 
    Forum Bachelors Degree charles brough's Avatar
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    An “empire” differs from a trading commonwealth or Alliance in that, in an empire, the dominant nation taxes the others---that is, the dominant power extracts from the others a large and unwilling subsdidy in one form or another. That is what the US is doing in modern times.

    Because of the constant Federal budget deficit and the immense trade imbalance, the U.S. has a mountain of I.O.U.s in the form of Federal Bonds and notes which is debt owed to foreign entities. If that debt is ultimately repaid in kind, there will never have been any unfair subsidizing of US leadership by the rest of the world and, hence, no empire. However, there is no way this debt can, or ever will, be paid off in kind.

    Just in an effort to slow or stop the flow into more U.S. debt obligations, a nation has to reduce its sales to the U.S. and/or increase its purchases. That would, in the proportion it were carried out, contract its own economy. If all nations do it, the result would be a world-wide depression.

    The U.S. Federal government has shown itself to be unable to create a budget surplus and would even be unable to then jack up interest rates to a level high enough to sell its obligations. But instead of offically defaulting on its debt, it would monetize it. That means the general price level would rise to a level where Federal income would be able pay off the obligations when they accrue. That would take what is called “hyper-inflation.”

    We all have money in the bank, so we can imagine how it would play out. It is dangerous to have all your cash at home, but it is also risky to have your money in the bank when everyone else is taking theirs out! So, it stays there, but, in dangerous times, everyone is always looking for signs of a run on the banks so they can get their own money out before it is all gone! Similarly, there would ultimately have to be a run by foreign investors to cash in U.S. Treasury obligations. It could happen as soon as in a year or two, or it could occur generations from now, but it is ultimate inevitable.

    So, the U.S. has, is, and will continue to be running the world as its empire; and that will be the ultimate judgement of history. That means the U.S. operates as an emperial power or fascism, though certainly a markedly benign form of it. However, since the 2001 Pentagon and World Trade Center attack on the US by reactionary-Muslim terrorist network, the US-led reactionary Christian society has begun to show enough fascist proclivities to undertake two wars to take further control of Islam under the guise of "spreading democracy."

    charles, http://humanpurpose.simplenet.com


    Brough,
    civilization-overview (dot) com

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    There are no accidents, just someone taking too much risk. . . (CB)
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