True reform is theoretically possible. For instance, it could take the shape of a giant rock from outer space that slams into the Earth. This notion instills a certain peace of mind. However, optimism is unwarranted because most reforms aren’t so conclusive. Many are transitional and might be referred to as “resets.”
The pandemic hoax seems to have brought us to the precipice of something profound. While the details are a matter of speculation, some sort of “great reset” is inevitable. The current system couldn’t sustain itself even if our transnational oligarchy wanted to keep it in place.
It’s also difficult for their media apparatus to explain in plain language because it’s an amalgamation that no competent policy maker would conjure from scratch. Covid-19 offers a pretext to dramatically alter it without having to admit that the reason is because the people with power screwed things up.
Everything is debt-based, requiring perpetual expansion to avoid implosion. Yet, we’re constrained by a finite planet. It’s physically impossible to pursue growth by bringing the entire population up to customary American standards of living. “Peak phosphorus” is an illustrative concept in this regard.
Another issue is that the most productive demographics, Europeans and East Asians, are in sharp decline. Africa is the source of significant population increase. The post-war baby boom produced massive development, but that’s transitioning into a retirement era unsupported by the pyramidal age distributions of the past.
Most boomers don’t have traditional defined-benefit pension plans and lack the wealth required to live middle class retirements. Those with state and municipal pensions are in a very precarious situation. California and Illinois are two horrendous examples. Social Security has been on a path to insolvency for quite some time.
The federal government has access to unlimited credit along with whatever consequences that brings. States and municipalities don’t. Many of them have incurred enormous debts and unfunded liabilities. Some now rely on dubious schemes to keep the game going for the short term. They’re going to require trillions in bail outs.
Personal debts are another looming catastrophe. One of the foremost issues is that we’ve got generations of Americans inhibited from doing things like purchasing homes and starting families because of the burdens imposed upon them by student loans that never led to a remunerative career. Oh yeah, and all of this unsustainable debt is part of an opaque global casino called the financial markets.
Central banks attempt to manage the entire situation with increasingly broad interventions, but they seem to be having trouble accomplishing much beyond pushing up asset prices. Record unemployment, coupled with record stock market highs, aren’t a coincidence.
The underlying point I’m trying to make as concisely as possible is that when the system reaches a juncture where it can’t function anymore, it has to be replaced with something new in order to keep things going. That’s happened before. It’ll happen again, and probably in a far more dramatic fashion. How bad that turns out to be for normal people is something time will reveal.
I’m proud to officially announce my candidacy for the office of Dogcatcher.
Infinite expansion is (monetarily speaking) MMT
Learn the term, it and it’s lil cousin UBI are interlocked and inevitable