The crisis is coming. Or not?

I have written quite a lot about the problems of the world economy and its basis - the US economy.

It is not surprising that problems of such magnitude have emerged, but rather that they have been overlooked for so long. When someone tried to say that they consider a growing debt as a threat, serious financiers patted him on the back and explained that he was wrong.

There was a paradigm of the invulnerability of the American economy. It was believed that it is so global that it could absorb any debt. And indeed, such a strategy worked, however, not because of economics, but because of politics. Investments in US debt were considered safe, given the undeniable power of the borrowing country.

All of this worked perfectly until America’s debt became so high that its repayment prospects disappeared. At the same time, rival countries have called American credibility into question. 

As a result, the debt became extremely toxic.

And now almost all analysts predict a global debt crisis. Ex-US Treasury Secretary Robert Rubin said that the American economy is in a terrible state due to the budget deficit. The writer and analyst Nassim Nicholas Taleb wrote that the American economy will be saved only by a miracle. Philipp Hildebrand, Vice Chairman of BlackRock, feared that any default would result in the dollar losing its global currency status.

In fact, the debt problem is not the root cause of the crisis. Such a crisis lies at the very foundation of our centralized financial system. If there is a technical and legal possibility to close financial problems with emissions, this possibility will sooner or later be realized. The emission decision is made subjectively by a very small group of individuals, and always in the interest of elites.

The solution is one name decentralization of business and social management. There are no other options to combat subjectivism - only technology. In all other scenarios, the crisis will become permanent.

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