We are at the “looting the treasury” stage of empire collapse. That’s what I keep hearing.
But I don’t believe this is accurate.
The looting of the GAE treasury took place under the Bretton Woods agreement, you can see it here on this graph from approximately 1954-1978.
Reckless fiscal & monetary policy has been the norm ever since the closure of the gold window and the collapse of the Bretton woods monetary system. The treasury has long been looted.
Devaluing an irredeemable fiat currency (like the USD), borrowing and inflating away the debt in real terms (which is held on the balance sheets of financial institutions as reserve collateral), and reckless spending by the Federal government is not “looting the treasury”.
Devaluing an irredeemable fiat money is not “looting the treasury”. The treasury is empty.
They are looting the peasantry.
We already know that government inflation metrics are a farce designed to disguise this pillaging and looting of the constituency.
Every-time you buy the goods and services essential to providing for your family at 30% higher prices than the year before, you are paying the price.
Every-time your taxes go up despite your income remaining the same (and significantly increased cost of living at that) you are paying the price.
Every-time you see malinvestment postponed, paid off, or forgiven by the government, you are paying the price.
They are looting the constituency, and you dear reader, are the one paying the price.