In a talk which garnered little attention, one of the Deep State’s prime operatives, National Security Advisor John Bolton, cautioned of the enormous and escalating U.S. debt. Speaking before the Alexander Hamilton Society, Bolton warned that current U.S. debt levels and public obligations posed an “economic threat” to the nation’s security: “It is a fact that when your national debt gets to the level ours is, that it constitutes an economic threat to the society. And that kind of threat ultimately has a national security consequence for it.”
What was most surprising about Bolton’s talk was that there has been little reaction to it from the financial press, the markets themselves, or political commentators. While the equity markets have been in the midst of a sell-off, it has not been due (as of yet) to U.S. deficits, currently in excess of $1trillion annually. Instead, the slide has been the result of fears over the increases in interest rates and the continued trade tensions with China.
While Bolton’s warning about the debt is self-serving, it is accurate in the sense that the U.S. Empire which, in part, he directs, is ultimately dependent on the strength of the economy. “National security” is not threatened by a debt crisis which would mean a compromised dollar, but such an event would limit what the U.S. could do globally. Real national security is defense of the homeland and border control – and non-intervention abroad.
Warmongers like Bolton are fearful that a debt crisis would necessitate a decline in U.S. power overseas. America is fast approaching what took place with the British Empire after its insane involvement in the two World Wars and its own creation of a domestic welfare state which exhausted the nation and led to the displacement of the British pound as the “world’s reserve currency.”
The U.S.-led wars in the Middle East have been estimated by a recent Brown University study to have cost in the neighborhood of $4 trillion. Despite this squandering of national treasure and candidate Trump calling the Iraq War a “disaster,” as president, Trump increased “defense” spending for fiscal year 2019 to $716 billion.
Profligate U.S. spending and debt creation has, no doubt, been noticed by those outside of the Empire. It is probably why Russian President Vladimir Putin has been so hesitant to take any serious action against the numerous provocations that the U.S. has taken around the globe and against Russian interests directly. The wily Putin probably figures that an implosion of U.S. financial markets would eventually limit America’s ability to foment mayhem and havoc internationally.
The Trump Administration’s latest bellicose act, engineered by — you guessed it — John Bolton, has been the withdrawal from the intermediate-range nuclear forces treaty (INF). The treaty, signed in 1987, was a landmark achievement of the Reagan Administration which de-escalated tensions between the two superpowers and kept a lid on a costly arms build-up that neither could afford.
The next financial downturn will certainly dwarf the 2008 crisis, the latter of which nearly brought down the entire financial system. The next one will be far worse and will last considerably longer since nothing has been resolved from the first crisis.
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