Commentary
In my last article, I deconstructed the internal mechanics of the U.S. economy: the “hybrid” nature of the Federal Reserve, the “alchemy” of private money creation, and the five hidden roles of taxation. We saw how these domestic tools are used to maintain a fragile equilibrium. We now need to explore the ensuing internal rigidities of the American system, and then the deeper pressure that comes from a global structure that redistributed production, capital, and risk in ways that domestic systems were never designed to absorb.
