by Andy Hoffman, Miles Franklin:
Not that its experience is any different from the countless “empires” that destroyed themselves from within; but let’s face it, America is rapidly morphing into a Banana Republic.
And not just in terms of its monetary policy – as the leader, in the “race to the bottom,” of the terminal phase of history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme. Unfortunately, the symptoms of the disease are widespread, affecting the political, economic, and social landscape – all by-products of the complacency, self-indulgence, and arrogance created by the false sense of superiority the “reserve currency” issuer temporarily enjoys, in ephemerally living far above its means. Unfortunately, aside from the inexorable secular headwinds pounding against America’s rapidly waning dominance – like the global population explosion, unfavorable demographic trends, and synchronous worldwide information dissemination – America’s exposure to the gargantuan, historic cyclical downturn its own policies caused, is as broad, and systematically dangerous, as any nation’s. And not just absolutely; but more importantly, relative to the sky-high, “sixth sigma” standard of living its fleeting stint as reserve currency issuer has enabled.