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Pat Malloy's avatar

Gone are the days when bankers and industrial magnates could meet in Paris to plot the course of the global economy.

The First World War changed all that.

Every single nation state on the planet today is "State Capitalist". The only difference between them all , being the degree of economic centralization and control.

No nation state will forfeit its ability to mobilize for, and conduct the next Great War. It is ludicrous to even imagine that any state would relinquish its control over the national economy or its currency. (For that reason, Bitcoin is the biggest pyramid scheme in history).

As the global rate of profit races to zero, corporations have cut back in long term investments in plants and equipment, R&D, training, quality, etc ... investing only in fictitious capital and buying back their own stocks.

As in the past, the only hope for capitalism today is the destruction of capital itself. And nation states internationally are flexing their muscle and positioning themselves to both secure and extend their regional and global dominance.

Client states - the smaller state capitalist nations - have become the proving ground for the weaponry of the next state capitalist world war as regional battlefields arise around the globe.

The disparity of wealth in the world today is greater than that of pre WWI. They had their Robber Barons so dearly loved by Libertarians ... while we have our Philanthropists.

As far as personal wealth is concerned, the US should be every Austrian Economist's wet dream. So much wealth is concentrated into so few hands that they all have their very own personal rocket-ship companies. I'm not one to complain. I only wish that they would all just fly away.

🚀🚀🚀

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Ollie's avatar

The Federal Reserve is as "federal" as Federal Express. Not a even a year after it's 'creation' we had the first 'World' war, a "war to end all wars".

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