My show with @PeterMcCormack on the economics of war is out today
We recorded in early Feb, before most thought Putin would invade Ukraine, but the thesis remains the same
Borrowing for war, as America has done since Vietnam, is a threat to democracy
We recorded in early Feb, before most thought Putin would invade Ukraine, but the thesis remains the same
Borrowing for war, as America has done since Vietnam, is a threat to democracy
War finance in America is headed in an undemocratic direction
Decisions about how to pay for war have been taken out of the public's hands
No longer does the US fund war with the people's consent through taxation or liberty bonds
All conflict is now paid for with borrowing
Decisions about how to pay for war have been taken out of the public's hands
No longer does the US fund war with the people's consent through taxation or liberty bonds
All conflict is now paid for with borrowing
One of the most attractive and important features of a democracy is that it's less likely to go to war than a dictatorship
But fiat currency and central banking is damaging the American democratic model, making it less connected to the people and less able to stop or shorten war
But fiat currency and central banking is damaging the American democratic model, making it less connected to the people and less able to stop or shorten war
When Putin invaded Ukraine, he didn't need permission from his people
There are no checks and balances
He does what he wants, because he is a dictator
There are no checks and balances
He does what he wants, because he is a dictator
Americans are supposed to be different
They are supposed to have a say
But over the past few decades, they have not had such a say
Few know what wars we are in, and fewer know how we pay for them
They are supposed to have a say
But over the past few decades, they have not had such a say
Few know what wars we are in, and fewer know how we pay for them
This show focuses on the dangers and externalities of modern war finance, and how Zero Interest Rate Policy and Quantitative Easing factor into the US government's ability to keep a bloated warfare state going, ultimately at the expense of other more productive investments
We also cover a possible future where citizens can more effectively constrain their rulers, making events like the invasions of Ukraine or Iraq much more difficult
Stay tuned: I will unpack this thesis in full on Wednesday in my next long essay for @BitcoinMagazine
✌️
Stay tuned: I will unpack this thesis in full on Wednesday in my next long essay for @BitcoinMagazine
✌️
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