How Bad Have Things Gotten?

This Bad ...

Tucker Carlson has the story: Democrats have decided to replace Biden. The video below is devastating, and it really does appear to be inarguable that the Dems are chopping Zhou off at the knees. All of Zhou’s policies—which, however, do faithfully mirror virtually all of the policy preferences of the Progressive base—have turned to doo-doo. It’s so bad that it’s hard to tell what the final nail in the coffin actually is or will be. Inflation? Crime? Invasion from Mexico? Ukraine? Maybe the insiders know—but aren’t telling you yet because they haven’t figured out a narrative—that America is about to lose yet another war. This time the proxy war against Russia in Ukraine. Americans still haven’t gotten used to losing, and they hate excuses. And the consequences of this loss could turn out to be absolutely humongous—not only for the little people, who don’t really matter, but for the Prog hold on power.

Zhou isn’t really in power. He’s just the figurehead for Prog policies. Those policies are failing, but the Prog powers aren’t about to take the blame themselves. For Progs that’s their faith—Power, whether in your mind or actually in the halls of government, is how you measure whether you’re on the right side of history. And if their grasp starts slipping then they need someone to blame. Basic politics, of the basest sort.

Ken Rogoff, professor of Econ at Harvard, is best known to the more or less general public for his ironically titled book: This Time Is Different. The point is that what when it comes to the consequences for debasing a currency this time is never different. Never different than every time before. Rogoff seems to be working on a new book, to be titled: This Time Is Absolutely Historic. Rogoff thinks that King Dollar’s dominance could end within 20 years:

“The move that the U.S. did of shutting down the reserves, or blocking the reserves of the Russian central bank - absolutely historic” Rogoff says, warning that this precedent "will probably accelerate moves in the international financial system” to compete with the dollar.

Rogoff thinks that move won’t happen quickly, but the article linked above has a nice picture that suggests that that moment could be closer than the experts think—TSY means Treasury Security:

Of course Chinese and Russian holding aren’t the whole story—although those holdings taken together are huge, and the trendlines are moving inexorably and quickly. I’m no expert, but I say: Never say never. Or at least not in these circumstances.

Do our real rulers feel at ease with Zhou at the helm of the ship of state—or, to be more precise, anywhere in the vicinity of the helm? Is the pope Catholic? Uh, well, you get the drift—it’s that kind of world these days. So the reflex reaction is to throw Zhou overboard.

But that leaves a lot of questions unanswered. Number One: Who takes Zhou’s place? Number Two: Is sooner better than later?—after all, there is an almost palpable sense of urgency in the air now. Number Three: To what extent will the GOPe cooperate? And there are lots of ramifications from just these questions. One thing we know is that Ken Rogoff would be right, even though he was speaking on a somewhat different issue: This Time Is Absolutely Historic. Check Tucker out: