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Alasdair Macleod: Failing states and strangled economies
By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 7, 2022
Fickle markets have stopped worrying about inflation and begun to worry about recession. Both the financial establishment and investors seem incapable of understanding that it is not either one or the other but both together.
Behind the inevitable crisis now emerging is a lack of understanding that it is not supply chain failures or an evil president of Russia that have caused our current predicament, but our previous monetary excesses.
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To add to our troubles we have elected a weak political class incapable of even preserving a scintilla of moral standards. In addition to the re-education required of our leaders, it renders a resolution of the developing credit and currency crisis virtually impossible.
We face a downturn of exceptional destruction in the bank credit cycle, even rivalling that of the 1930s. With today's fiat currencies and governments determined to bail out everyone from the consequences of their actions, we have a global systemic and currency crisis without the wise heads required to steer us through it.
The lessons from history are clear. Currencies and the entire credit system are staring collapse in the face, which will ensure the impoverishment of nearly everyone. These are the conditions that lead to calls for strong leadership, for leaders willing to ride roughshod over vested interests. A different form of socialism will be called for, instead of free markets. These are the conditions that led Germany, Italy, and Spain in the 1920s into fascist dictatorships.
To understand and hopefully avoid these dangers, it is time to reprise Hayek's "The Road to Serfdom," and to understand that if nations are not steered wisely through the forthcoming financial hurricane, the long-run political consequences will also be dire. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/failing-states-and-strangled-economies
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