It is about U.S. explosive debt accumulation, on account of the Coronavirus lockdown. In a world where there is already over $100 trillion in dollar-denominated debt, on which the U.S. cannot default; nor will it ever be repaid. It can therefore only be inflated away. That is to say the debt can only be managed through debasing the currency. (Debt jubilees are viewed as beyond the pale.)
One thing to keep in mind: Control of the Federal Reserve lies mostly in the real ruling class that owns most of the USA--the financial and dominant part of the ruling capitalist class. However, these fabulously rich and powerful people are split between domestic financiers but are increasingly being challenged by transnational capitalists or "globalists". The latter see the cheapening of dollar as a hindrance to their transnational capitalist profits and are becoming worried about the US dollar as a prime global currency.
But keep in mind, these problems exist regardless of which capitalist party wins the elections. Elections are mostly irrelevant in this fake democracy in order to distract workers from the real issues. International workers, particularly highly skilled and trained workers who are essential to make economies run, have been largely co-opted with lucrative careers into serving capitalists. Capitalists have nothing much to do but to bet on stocks, bonds, and currencies in their Wall Street casinos. Meanwhile, ordinary workers are left to struggle to feed, clothe, and house their families on a planet that is increasingly threatened by global warming.
- New Book Due Out September 1 posted by Edward Curtin from his weblog Behind the Curtain. (Note: I am promoting this book, SEEKING TRUTH IN A COUNTRY OF LIES, on the basis of Curtin's past record of excellent posts on his weblog.)
