The political machine that engineered the theft of that generational wealth is not only not going to stop working to keep extracting every little bit it can until the whole thing collapses, it cannot, in fact, stop. To believe otherwise is wishful thinking. In that sense, Vance is quite right. The only way to kill the massive parasitic infestation is to kill the resource stream that hosts it.
He is correct of course, because he knows, as do we all, the USG can’t control itself. It is the enemy of America, and it will keep going on this self absorbed, suicidal path, until reality gently punches it in the face.
We do have an entire parasitic class that feeds on the wealth of those who are still productive. The former have become by now the majority, which enslave with their control of government power the latter. Talking about voting their neighbors money into their own pocket. Moving from a fully controlled state like California to one that is less so, like Texas, only delays the inevitable: A total collapse of the system. The founders tried to prevent that by restricting voting to those who paid into the public trough. But the parasites muscled their way into power in the name of "fairness".
Correct me if I'm wrong but if the Chart on Dollar purchasing power had commenced with the "temporary" closure of the Gold window by Nixon in 1971, it would show that the mighty Dollar has lost 96% of its value? So it still has a little way to go!
We are surely in the end game of this obsolete fiat currency regime with Hank Paulson's "brick wall" approaching rapidly. JD Vance is one of the few members of this administration that (occasionally) speaks the truth. But it isn't really at this stage IMHO a matter of whether a strong Dollar is good or not. The fact is the US can either defend the UST or the USD but not both. And history suggests that the currency always comes out the loser!
The "reserve currency curse" is real, but it is caused by a choice that we made and that only we can fix. After WWII, the U.S. created a globalized economy that runs on dollars, but we required the rest of the world to get the dollars that they need by selling us goods and not buying anything in return. If the Federal Reserve (or the Treasury) were to supply the world with the dollars that it needs by buying foreign assets, the "reserve currency curse" would cease to exist.
The political machine that engineered the theft of that generational wealth is not only not going to stop working to keep extracting every little bit it can until the whole thing collapses, it cannot, in fact, stop. To believe otherwise is wishful thinking. In that sense, Vance is quite right. The only way to kill the massive parasitic infestation is to kill the resource stream that hosts it.
He is correct of course, because he knows, as do we all, the USG can’t control itself. It is the enemy of America, and it will keep going on this self absorbed, suicidal path, until reality gently punches it in the face.
We do have an entire parasitic class that feeds on the wealth of those who are still productive. The former have become by now the majority, which enslave with their control of government power the latter. Talking about voting their neighbors money into their own pocket. Moving from a fully controlled state like California to one that is less so, like Texas, only delays the inevitable: A total collapse of the system. The founders tried to prevent that by restricting voting to those who paid into the public trough. But the parasites muscled their way into power in the name of "fairness".
I mean fiat currencies are just shared illusions anyway 🤷
Correct me if I'm wrong but if the Chart on Dollar purchasing power had commenced with the "temporary" closure of the Gold window by Nixon in 1971, it would show that the mighty Dollar has lost 96% of its value? So it still has a little way to go!
We are surely in the end game of this obsolete fiat currency regime with Hank Paulson's "brick wall" approaching rapidly. JD Vance is one of the few members of this administration that (occasionally) speaks the truth. But it isn't really at this stage IMHO a matter of whether a strong Dollar is good or not. The fact is the US can either defend the UST or the USD but not both. And history suggests that the currency always comes out the loser!
The "reserve currency curse" is real, but it is caused by a choice that we made and that only we can fix. After WWII, the U.S. created a globalized economy that runs on dollars, but we required the rest of the world to get the dollars that they need by selling us goods and not buying anything in return. If the Federal Reserve (or the Treasury) were to supply the world with the dollars that it needs by buying foreign assets, the "reserve currency curse" would cease to exist.
It would be interesting to see purchasing power of other old currencies: JPY, CHF, GBP, NOK.