A few minutes ago, the US debt was $34,557,915,785,446. That means every American owes $102,741. And if you look it up now, it’s grown by millions.
When do states and empires collapse? Answer: When the bills are due for payment. This is fine as long as the creditors believe that the debtor will be able to pay, but if he continues to go into debt, trust disappears.
We have seen before what happens to states and empires that have taken on too many obligations (to put it nicely). The French Revolution of 1789 was caused by the king’s autocratic government running out of money and asking the nobility to cash out – which they refused.
The British Empire collapsed after World War II because Britain did not have the economic strength to maintain control over its vast possessions in Asia and Africa.
The Soviet Union had to throw in the towel when even the most die-hard communists realized that they could not continue to finance wars around the world and compete with the United States.
Now it’s the turn of the United States, which claims to be a global superpower, but which is in reality a debt-ridden bankruptcy run by pompous politicians who few take seriously.
Donald Trump seems to have realized this and is agitating for “America first” and the rest of the world later, if he can afford it.
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