by Don Pelton

This short video is well worth your time (about 25 minutes), particularly if — like me — you feel lost when talking about international finance. Australian Professor Steve Keen shows how the United States is following the regular recurring pattern of past empires, whose terminal declines were accompanied by declines in domestic manufacturing, declines in military power, and loss of their role in providing the reserve currency for world trade.

Turn on the captions. They help, especially when he says things like “jay day pay” (you can see he means “GDP”). But don’t trust the captions uncritically: When Professor Keen refers to economist John Maynard Keynes, the captions refer variously to “Kanes” and “canes” and “Kenes.”

Professor Keen mentions that a certain period of “chaos” will ensue as the dollar falls, but he doesn’t elaborate much on the nature of that chaos, except to mention inflation and the ruination of the financial sector.

“https://www.youtube.com/watch?v=3I7g5PZTN20&t=711s“

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