Yeah, Dylan Ratigan explained the problem of overcoming the Dollar hegemony - 85% of the world's assets are in USD on Jimmy Dore's show the other day. And about the percentage of TNs helds by China. I totally agree that it would screw the AFKA The Third World !
Here is the video:https://www.youtube.com/watch?v=jdeRF5KiUm0
Here the Umair Haque article that Dore wanted to discuss before Ratigan goes off on a tangent, started by him claiming not to be as pessimistic as Haque...https://eand.co/im-not-that-i-m-negativ ... b47653e4ed
It’s Not that I’m Negative, America Really is Screwed
Why Economics Says America’s Collapse is Probably Irreversible Now
What it means to be a poor society, which is what America’s become, is also the experience of life in it by now: political chaos, economic ruin, emotional paralysis, cultural degeneration. Europe and Canada, again, have been investing in life for decades, while America’s been ignoring it. The result is that they are ahead now — and America probably can’t ever catch up. America let itself become a poor society, and this — the chaos and dislocation of now — is what it means to be one.
I know this is grim reading. It’s terrible and horrific. Is it “negative,” though? Well, I know that it comes across that way. I want to do a job that the typical pundit won’t, though, which is try to tell you simple truths. The one that economics tells me is this. It’s too late for America to recover. It left it too long. It was arrogant and conceited, paying for things it didn’t need, like wars and mega-mansions, but not those it did. So it didn’t invest when it should have, but now the bill is due, but nobody can pay it. What do you call a society like that? Bankrupt. Just like most Americans are, only they don’t know it. What do you call a whole society of people, after all, who die in debt?America’s broke, my friends. And when you’re broke, what do you have left to invest in yourself?
There’s one way out, by the way, if you’ve followed me closely. Give people money. No strings attached, no questions asked, now, on a large-scale, more or less permanently, forget how much needs to be borrowed to make it happen. So people can fund a working society again. Or else. That’s the big question for America. The rest is noise. Until something along those lines begins to take shape — my answer is simple: Americans made themselves too poor to now afford to have the luxury of a functioning, civilized, modern society. Or is all that a necessity?
The level of the US economic depression is certainly still hard to call, but I do think Haque makes great sense in pointing out the inability to immediately drum up the resources needed to repair the effed US infrastructure (and the work would require years), and probably much less funds for a UBI for at least a few months...
Once people get the idea of rioting and looting in their minds...give it a few more months, and we might start to see food riots...