Americans: the low interest rates, and easy borrowing which have come with having the rest of the world decide to buy US government debt may well come to an end as a result of Trump’s threatening to invade a European country. This will have huge ripple effects over time, driving up the cost of housing, and making jobs scarcer.
“You cannot put the genie back into the bottle,” Schelde said. “Things might get better and more calm a few months down the road, and Trump, he can’t be reelected, and the next president might be somewhat different,” Schelde said. “But what comes then in five, six, 10 years? I think there’s a strong realization across Europe that we need to be able to stand on our own feet.”
This is truly the silver lining in all of this. The world, especially Europe, has been far too complacent about continued US hegemonic dominance. They figured that the world was fine under US control, because US leadership was generally capable and trustworthy enough. But the thing about that kind of concentration of power is it’s not a matter of if that power will be abused, it’s only a matter of when.
The US has proven that we can no longer be counted on to rule competently and ethically enough. That doesn’t mean it’s time to replace US hegemony with another hegemonic order, it’s time for true, international democracy. It’s time for a democratic, rules based order.
But the thing about that kind of concentration of power is it’s not a matter of if that power will be abused, it’s only a matter of when.
I’m thinking it’s more about how much of the abuse you can tolerate. It’s not like the US has been all that hesitant to abuse our allies in the past. It’s more like our allies have previously been able to convince themselves that the benefits outweighed the costs.
Like the friend who’s an asshole, but he’s got a 120" TV and is happy to share his booze. When he gets drunk and makes an inappropriate joke, you might ignore it. You tell your wife that he’s not that bad and you owe him for all he did for you in college.
The US has reached the point of whipping it’s dick out and waving it around at everyone at the party. It’s time to leave.
I’m thinking it’s more about how much of the abuse you can tolerate. It’s not like the US has been all that hesitant to abuse our allies in the past. It’s more like our allies have previously been able to convince themselves that the benefits outweighed the costs.
I think you’re right. The world has accepted, or at least tolerated US hegemonic dominance because it worked well enough, but that doesn’t mean it was ideal. Far from it, for many countries. It’s not like the world was given a choice, really. Or, more accurately, the world’s choices were severely limited. Perhaps a majority of the world’s countries just saw US hegemony as the least bad option. But even those countries that didn’t agree that it was the least bad option, what were they supposed to do about it?
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The amount of soft power cast aside for ignorant racists to clutch pearls is infuriating.
Start dumping US bonds and their economy will collapse.
More than bonds. All US financials are poisoned. Does anyone think the US is going to sell more doodads around the world as they set up concentration camps at home and go on conquest binge abroad? Governments and citizens are abandoning US tech. Trade wars are hurting US goods marketability. US equities are lead anchors, and the chain just broke. USD is going to be a pariah. Get out while you can. Don’t be the one left holding the bag.
