Sublime

The balance of powers has become unhinged.

Their impact on trade is not directly though relative price changes but rather indirectly by changing the relationship between consumption and GDP.

separation between the real and financial economies results in protracted capital misallocation, as flows of funds and created credit are focused into purchasing existing assets in the pursuit of stable savings returns from known predictable cashflows and anticipated capital gains in asset values.

This debt-driven lifestyle has created a more fragile economy vulnerable to even a minor economic shock.

If we had to pick a moment in time in which we entered the final stages of degenerate fiat “capitalism,” we would likely pick March 2020, when it seemed very much as if the everything bubble had popped.

Though Peter Turchin is working on it. See his monograph War and Peace and War. Then look at Ray Dalio’s Principles for a Changing World Order, Strauss and Howe’s The Fourth

The overall result is an initial productive surplus that primes demand for goods and services.

Money emerges from uncertainty, capital emerges from money, and uncertainty emerges from capital.

Money emerges from uncertainty, capital emerges from money, and uncertainty emerges from capital.