Mega-tons of “money” were created out of thin air around the world since the near-collapse of the system in 2008. China’s banking system is so opaque and perverse — because it is unaccountable except to the ruling party with its own agenda — that it’s quite impossible to tell what they are really doing, though the signs of mal-investment are obvious and startling.
And the UK’s finances are tied up in its messy divorce proceedings with the EU (with the British standard of living dropping markedly meanwhile).
Wishful Thinking, Technology, and the Fate of the Nation The nationally best-selling author of "The Long Emergency" expands on his alarming argument that our oil-addicted, technology-dependent society is on the brink of collapse—that the long emergency has already begun.
He has published three novellas with Water Street Press: Manhattan Gothic, A Christmas Orphan, and The Flight of Mehetabel.
However, the world’s other main central banks acted in rotation — passing the baton of QE, like in a relay race — so that when the US slacked off, Japan, Britain, the European Central Bank, and the Bank of China, took over money-printing duties.
And because money flies easily around the world via digital banking, a lot of that foreign money ended up in “sure-thing” US capital markets (as well as their own ). Now, Europe and Japan are making noises about dropping their batons.
It is vectoring right smack into the same lane as the gathering political crisis in the US government, as a fight to death between Donald Trump and his adversaries comes darkly into view.
James Howard Kunstler is the author of many books including (non-fiction) The Geography of Nowhere, The City in Mind: Notes on the Urban Condition, Home from Nowhere, The Long Emergency, and Too Much Magic: Wishful Thinking, Technology and the Fate of the Nation.