Great Depression II

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by Morley Evans

The world's US dollar economy has for decades been a gigantic bubble ready to pop. Had the bubble not been burst by the coronavirus something else would have done it. The lockdown will create is creating a new Great Depression. Bad investments are liquidated during a depression. Governments default on debt. Argentina told the World Bank to go whistle a few years ago for instance. When the Pound Sterling ruled the world people thought, "What could possibly go wrong?" The United States has no possibility of ever honouring the loans the Chinese hold on the US Treasury. Buying US Treasury Bills means China loaned us money. There is not one chance in 1,000,000,000,000 they will be repaid. The United States knew that when it borrowed the money. Japan holds nearly as much American government debt as China. American hegemony is over. Say goodbye to "the most powerful military the world has ever known." Washington blew it. The "American Century" didn’t last very long. It did a great deal of harm while it lasted. Don't cry. Say goodbye and good riddance.