Tag Archives: Debt

Biden’s Presidency Will Succeed or Fail in Georgia January 5th | Election 2020 14

It’s interesting how far my politics have evolved. If you had told me in 2014 that this channel would include a full-throated call for more stimulus spending, even after a year with a near 4 trillion dollar US budget deficit, I would have been appalled. I’m in surprisingly strong company. The inflation hawks and bond vigilantes on Wall Street have mostly retired in failure. The new generation is now just as eager for a big spending government as I am. What happened to all of us was… events. An under-appreciated aspect of Donald Trump’s presidency is the way that he sort of blew up the argument for fiscal conservatism. The Republicans let him do all the economic stimulus that they denied Obama, and the economy really did kick into higher gear. The threatened inflation never happened, and while people are a little less eager to buy our debt, the Federal Reserve seems to have stepped into the breach without consequences.

The only thing standing in the way of the emerging “magic money” era is the Republican Senate. And they’re only standing in the way until they can put a Republican back in power. Which is way I think we shouldn’t let them do that, as I lay out in today’s video on Georgia’s January 5th elections. As I briefly note in this video, however, I still suspect that those failed bond vigilantes and Republican Senators may actually be right. The British Empire fell because it ran out of people willing to give them money, and I think it’s likely that will be the case with us as well. We just don’t know the time scale. And as Keynes pointed out, “In the Long run, we’re all dead”. 2021 is not the year to try to solve the national debt.

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Why Did The British Empire Fall? | Avoiding the British Empire 3

There are some standard stories about the fall of the British Empire, like imperial overstretch, and the rise of nationalism world-wide. But they are rarely linked to what I see as the real cause of the Empire’s fall: incessant war mongering. As we close out this epic week of content on the British empire, World War One will take center stage. World War One has a much more central part in British mythology than it does in the US. That may be the reason why people are reluctant to draw the connection between that “victory” and the end of the Empire as closely as I do.

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Is The United States An Empire? | Avoiding the British Empire 1

To some extent, today’s video is about what empire means. Is it just about territory? I think not. Later in the week we will show how the British Empire quickly disintegrated after it lost something more intangible: its “informal empire”. This concept is pretty amorphous, and as I think about the way I’m using it this week, I think I may not do a very good job of sticking to just one definition either. Informal Empire includes what is currently known as “soft power”, the financial and cultural weight that a society has, distinct from its military power. But I consider some aspects of military power to be part of “informal empire” as well. If you are undertaking some sort of quick punitive expedition to get people to act more in accordance with your wishes, I think that’s informal empire too. Obviously, when we’re talking about military action, the lines between informal and formal empire become less clear.

I think my definition of informal empire probably includes everything that is not formal empire. If you’re not planting a flag, or a near century-long “temporary presence” like the British had in Egypt, we’re talking informal empire. US military bases abroad are formal empire. Everything else the US does in those countries, from the bankers to the diplomats, to the fact that people in that country love Apple iPhones… is informal empire. I hope this has been clarifying rather than mystifying, and I hope you enjoy today’s video “Is the United States an Empire?”

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Is Tunisia’s Democracy Failing? | Tunisia 3 | Everybody’s Lying About Islam 36

I really like today’s video, but I think I stuck my foot in my mouth a bit at one point. I just sort of declared that Tunisia is not a “white country”. I already know I’ll be getting a ton of comments on that. There is no settled definition of “White”. Because of some historical weirdness, in the US Arabs have generally been described as white, long before Italians or Slavs were considered to be in that category. That hasn’t kept US foreign policy from being heavily focused on bombing Arabs for the past two decades.

I try to avoid using desperately inexact terminology like “white” and “Latino”. But what I was trying to get at with today’s video was the fact that certain countries are inside the charmed circle of countries that are seen as deserving of serious help and foreign aid, and some are not. Tunisia, whatever you may think of the country’s relation to “whiteness”, is not in that charmed circle. It should be.

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How The US War With Iran Was Supposed To Go | Syria 20

Today’s video, in addition to almost being late, and a lot more difficult to put together than most, tries something new. Rather than talk about what is, or what was, I go in depth on what could happen if we continue on our current path. Essentially today’s video is science fiction. I’d like to do more of this. There isn’t enough imagination in foreign policy discussion. There should be more thinking about where we are going. This can be pretty negative, like today’s forecast of how a war between the US and Iran would go. But it can also be positive.

There’s an assumption that politics and geopolitics should be serious, boring stuff. This is a problem, because it fundamentally misunderstands what we’re dealing with here. Everything in government and politics is based on fantasy. Everybody’s trying to figure out what comes next, and also imagine it. Not reckoning with this fact has led to people taking the past 15 years of US foreign policy seriously, which is a terrible mistake. It’s had very serious consequences, but it’s basically one big practical joke that everybody is expected to take seriously for some reason.

I read a lot. It’s roughly 75% history, and 25% science fiction. Some might see that 25% as recreational, but I don’t necessarily see it that way. History is the study of the past, Science Fiction is the study of the future. By looking at both, I think I get better at understanding the present. Which is a long way of saying I might be doing more Sci-Fi themed vids like today’s in the recent future.

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Saudi Arabia Is Still Finished | Oil & Money | ELAI 33

Over the past year Saudi Arabia has experienced a perfect storm of factors in its favor. Asset prices in the US economy and elsewhere have gone nuts. Saudi Arabia is a country that owns a lot of stock, land and everything else, so that’s been very helpful. On the oil market front, the most important front there is for Saudi Arabia, they’ve had unprecedented cooperation on the OPEC production slow-down, and a series of competitors have given up millions of barrels a day in production due to sundry wars and dictatorships.

If Saudi Arabia’s ambitious plans for the future were ever going to work, 2017 would have been the year for it. But as this video shows, some of the key metrics that illustrate the hole Saudi Arabia is in haven’t changed much at all. As I said in last year’s video, and as I repeat in today’s video… Saudi Arabia is still finished.

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