“How did you go bankrupt?” Two ways. Gradually, then suddenly.”
― Ernest Hemingway, The Sun Also Rises
“I do not say that democracy has been more pernicious on the whole, and in the long run, than monarchy or aristocracy. Democracy has never been and never can be so durable as aristocracy or monarchy; but while it lasts, it is more bloody than either. Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide. It is in vain to say that democracy is less vain, less proud, less selfish, less ambitious, or less avaricious than aristocracy or monarchy. It is not true, in fact, and nowhere appears in history. Those passions are the same in all men, under all forms of simple government, and when unchecked, produce the same effects of fraud, violence, and cruelty.” – John Adams
Hemingway’s famous quote about going bankrupt connects with so many because it is true on a personal basis and a civilization basis. It applies to individuals and empires in decline – like the American democracy. John Adams realized two centuries ago democracy was no better than monarchy or aristocracy over the long haul. We were handed a Republic by Franklin and his fellow revolutionaries, but we failed to keep it almost from the very birth of this nation.
As we rush towards our World War 3 rendezvous with destiny, aided and abetted by politicians placed in power by globalist billionaires hellbent on the destruction of our way of life, so they own everything and you own nothing, I can’t help but ponder who is to blame and could we have avoided this dystopian outcome.
The United States has been going bankrupt gradually for the last fifty years, both financially, intellectually, and morally. Nixon closing the gold window in 1971 and opening the debt door to morally bankrupt bankers and politicians set in motion a downward spiral accelerating at hyper-speed as we speak. The American Empire was born in the shattered global debris of World War II with the Bretton Woods agreement, which left the USD as the dominant currency in world trade, specifically as the settlement currency for all oil transactions.
The empire has been sustained by currency supremacy, military might, and until 1980, manufacturing superiority. Once the most highly educated nation on the planet, decades of lowering the bar, less than mediocre union teachers, and replacing education with indoctrination, has created generations of ignorant zombies incapable and uninterested in critical thought.
The road to bankruptcy was very gradual at the outset of empire, with the national debt topping out at $269 billion, 119% of GDP, in 1946. In 1960 it had only grown to $286 billion but had dropped to 54% of GDP. Rebuilding the world and being the dominant economic power paid huge dividends. After a decade of guns, butter and welfare programs, the debt grew to $398 billion, but continued to drop as a percentage of GDP to 35% in 1971. After decoupling from gold, the national debt soared to $908 billion by 1980, inflation surged to 15%, and Volcker had to raise interest rates to 20% to avert disaster. What happened over the next forty years was mind boggling in its recklessness, shortsightedness, and acquiescence to the Wall Street cabal. These decade-by-decade increases were obscene:
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