Economic Fascism and the Bailout Economy
by Gary North
I have lived through three monumental historical events. I remember only two of them.
I do not remember the dropping of the two atomic bombs in August of 1945. As symbols of scientific world transformation, this constituted the most momentous event of the 20th century. This breakthrough, so far, has not led to nuclear war, even though on several occasions, it looked as though nuclear war was a distinct possibility. Nevertheless, the arrival of the nuclear age heralded a transformation of the modern world. We have not yet seen the end of that transformation.
Martin van Creveld, the great military historian in the State of Israel, has argued that the nuclear age ruined the plans of empire for large nations. They could no longer risk a war with each other. Yet spending on empire increased. Today, large states face resistance from non-State groups. The Soviet Union went down when the Afghans beat them by using Stinger missiles. The USSR was an empire, and an empire that loses to insurgents has lost its reason for existence.
We are about to experience a similar defeat in the same country.