March 19, 2023
Calamity Joe: Geopolitical Catastrophes Multiply as American Power and Influence Crash to New Postwar Lows
By Thomas Lifson
In only two years, Joe Biden’s presidency has produced multiple catastrophes from which recovery will be difficult, if it is even possible. Domestically, we see the banking system teetering on insolvency, as the rapid escalation in interest rates has devalued long term Treasury notes that used to be considered a safe place for banks to park funds in excess of what could be safely lent. The reason for these Federal Reserve interest rate hikes is the inflation that was immediately triggered by Biden’s jihad against domestic oil, gas, and coal production, that triggered an inflationary spiral that continues today, devaluing the life savings of thrifty Americans, and pushing food and energy costs up so fast that many families have had to drastically reduce their standard of living.
Bad as these catastrophes are, the potential for serious damage to the welfare of the American people from the military and diplomatic policies of the Biden administration is much worse. Losing a war – or even just fighting a nuclear war – makes a mere Depression look like a day at the beach. And make no mistake, the Biden administration is flirting with a nuclear confrontation with Russia that China might well decide to join and eliminate for good the power of the United States to oppose its aims for dominance of the Asia/Pacific region (for starters). Meanwhile, as the potential for an ultimate confrontation increases, resources for America to counter the threat are rapidly diminishing.
Start with the monumental blunder of driving together China and Russia, not necessarily natural allies, indeed with a recent history of serious tension. But now Xi Jinping is about to visit Moscow, and the two are united in opposition to American hegemony. They are joined in the task of replacing the dollar as the world reserve currency by other rising powers of the BRICS.
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https://www.americanthinker.com/articles/2023/03/calamity_joe_geopolitical_catastrophes_multiply_as_american_power_and_influence_crash_to_new_postwar_lows.html
