Of course, Americans who have shopped at a grocery store recently or tried to rent or buy a car don’t need to read a government report to discover that prices are surging. In many respects, inflation is even worse than reported officially.
I’m not suggesting the country is anywhere close to dropping the dollar as the reserve currency. I only wish to point out there is a fundamental disconnect, in the United States, between domestic policy and the international monetary order.
So, we are facing a depression, originating not in financial events but in the displacement of people, transport and other elements. Facing a system failure with a known cause is one thing. Facing one for which you have no model is another.
New, heavy-handed IRS and Federal Reserve controls along with other threats to financial privacy highlight the importance of holding wealth outside the banking system.
As most can recall, in 2008, banks — the ones deemed “too big to fail” — were supported by one of the largest government bailouts in world history. Expect to see another banking crisis soon, but this time, it’ll be different.
