When your economy runs on credit, you need a never ending stream of crises to justify never ending government and central bank injections of fiat debt. The Covid outbreak is the latest excuse for fiat debt creation. From Alastair Crooke at strategic-culture.org:
The corollary to the collapse of the technocratic initiative to liquify the over-leveraged economy might well be recession, Alastair Crooke writes.
Three years ago, I said to an American Professor from the US Army War College in Washington, in respect to the campaign to return American lost Blue Collar jobs to Asia, that these jobs would never return. They were gone for good.
He retorted that that was precisely so, but I was missing the point, he said. America did not expect, or want, the majority of those humdrum manufacturing jobs back. They should stay in Asia. The Élites, he said, wanted only the commanding heights of Tech. They wanted the intellectual property, the protocols, the metrics, the regulatory framework that would allow America to define and expand across the next two decades of global technological evolution.
The real dilemma however, he said was, “What is to be done with the 20% of the American workforce that would be no longer needed: that was no longer necessary to the functioning of a tech-led US economy?”
In fact, what the Professor said was but one facet of a fundamental economic dilemma. From the seventies and eighties onwards, US corporations were busy offshoring their labour costs to Asia. Partly, this was to cut costs and increase profitability (which it did) — but it also represented something deeper.
From the outset, the US has been an expansionary empire ever digesting new lands, new peoples, and their human and material resources. Forward motion, the continuous military, commercial, and cultural expansion became the lifeblood of Wall Street and of its foreign polity. For, absent this relentless expansion, the civic bonds of American unity fall into question. An America not in motion is not America. This forms the very essence of US leitkultur.