American empire on the edge of going off the cliff

By Mark Dankof

I think the best thing I have read this month that contextualizes all of this spending goes back to something that Mike Whitney wrote to the UNZ review on the 11th of April. The title of that article is something like: Weimar America, Here We Come! Virus Hysteria Adds $10 Trillion to the National Debt.

Now I'll leave it to people who read Mike's article to get into all of the calculations that he produces there to explain how this can be, but the long the short of it is when we start looking at all of these COVID-19 bailout monies that are being proposed and where they're going, and the additional billions that are being added, not to mention the ongoing monies that continue to be spent by the United States military in regard to these worthless situations in the Middle East, that the US has been involved in especially since 2001, the fact of the matter is that I think the real story is the big beginning of the end of the American dollar as the reserve currency of the world.

Why, because it will begin to dawn on some people at some point that the Federal Reserve Board of the United States is a private banking corporation that owns the printing press and can simply print money, fiat money, funny money, and in that regard continued to fund through massive fiat money and massive debt, all of these spending programs, whether we're talking about all of these worthless wars in the Middle East, and all this insane stuff that the United States continues doing to Venezuela and so forth and so on.

And then when you add to it all of these COVID-19 funds that are being spent on all kinds of public service projects and subsidies for both Wall Street and now for small businesses to some extent, as well as all of the billions that have been blown through already in this program to loan money to people who are missing paychecks and so forth and so on, the fact is, at some point the bubbles going to burst.

And it seems to me that Whitney's story for the UNZ review basically gives us all of the reasons with all of the real figures that are behind all of this.

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There is no way that anyone can sustain any government can sustain this kind of spending, this far into the red already, unless it has the status of the American dollar currently does as the reserve currency of the world. And that status is very much being threatened by a series of events, up to including I think most especially this national debt.

When the United States bonds that it has been issuing, for example, suddenly fall below their current rating that's going to be a sign of panic for the Chinese and others who are holding this debt that it might be time to get out of dodge.

So in this particular situation what I envision is this kind of spending, this kind of printing of fiat money, this kind of borrowing, this kind of financing of bonds and selling of bonds and getting involved and helping to prop up hedge funds and all the rest of the sort of thing is going to lead to an absolute catastrophe, where the American dollar at some point will become relatively worthless compared to what it has been in the past.

It's at that particular juncture, that we're going to see I believe an economic collapse that is going to cause an unprecedented social and political and economic chaos within the United States.

At the same time that there may be a positive in all of this, and that is that this could conceivably finally get the United States to withdraw militarily from all these places where it doesn't belong.

But this is a massive debt bubble that we are sitting on, and the Democrats and the Republicans can agree on these bailout packages all they want to, but as Whitney has already underscored this is adding $10 trillion to the national debt when you look at his figures that he produces and with the meter still running.

So it's the Weimar Republic all over again except instead of pre-Hitler Germany, we're talking about the United States which is well on the way to become a completely failed nation state and the American empire of seems to me is on the edge of going off the cliff.

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Mark Dankof is an American political analyst, pastor, broadcaster and former US Senate candidate who is based in San Antonio, Texas. He recorded this article for Press TV website. 

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