If we were to pinpoint the key to America’s success through the two World Wars and the standoff with the Soviet unx, it would be its vibrant economy and impressive manufacturing capabilities.
This self-evident economic prowess has been reduced to that of an enigma. A substantial portion of the American empire’s value today is imaginary.
If we relied solely on the academic discipline of economics for interpretation, it would be difficult to reason how a heavily financialized nation can convince other countries to continue producing real, physical products for a heavily indebted nation’s citizens to sell to one another and consume at rates not balanced out by net exports.

如果我們要找出美國在兩次世界大戰和與蘇聯對峙中取得成功的關鍵,那就是其充滿活力的經濟和令人印象深刻的制造業能力。這種不言而喻的經濟實力已淪為一個謎。今天,美帝國價值的很大一部分都是虛構的。
如果我們僅僅依靠經濟學的學術學科來解釋,就很難理解一個嚴重金融化的國家如何能夠說服其他國家繼續生產真實的實物產品,供一個負債累累的國家的公民相互銷售,并以不被凈出口平衡的速度消費。

It is a struggle to rationalize — though economists, through repetition and assertion, try — how the New York Stock Exchange can be worth $32.7 trillion dollars when there are only $2.3 trillion dollars in circulation if it isn’t a glorified Ponzi scheme riddled with securities and accounting fraud.
There are maybe plausible, albeit farfetched, explications for how WeWork’s stock value rose from $4.4 billion to $47 billion in a three-month time span, but we are left at a loss for words when investigating how 50% of this company’s reported wealth vanished from the national economy in one day.
All roads lead back to the US dollar, the world’s reserve currency, and another enigma to unravel. From 2008 to 2011, it was discovered that the Federal Reserve wired $16 trillion dollars of cheap credit they imagined into existence to prop up several banks and corporations around the world — a story the private, runaway cash-printing entity fought to keep secret from the public.

盡管經濟學家們通過重復和斷言,試圖使紐約證券交易所的市值達到32.7萬億美元,但如果它不是一個充斥著證券和會計欺詐的美化的龐氏騙局,那么它是如何在只有2.3萬億美元流通的情況下實現合理化的?這是一場斗爭。
WeWork的股價在三個月內從44億美元漲到470億美元,或許有一些看似合理但牽強的解釋,但當我們調查這家公司報告的財富有50%是如何在一天內從國民經濟中消失時,我們就無話可說了。
所有的道路都指向美元,世界儲備貨幣,以及另一個有待解開的謎團。從2008年到2011年,人們發現,美聯儲虛構了16萬億美元的廉價信貸,以支持世界各地的幾家銀行和公司。這是一個私人的,失控的印鈔實體竭力不讓公眾知道的故事。

For years, the dollar flourished under a regime of 0% percent interest rates, massive trade deficits, and record levels of federal borrowing and spending. The US dollar remains a juggernaut, and inflation — while being felt more so today — is not causing the apocalyptic balance of payments crises seen in recent years in Argentina or Greece.
The reasons for this go beyond conventional economics, which generally lack an examination of power and politics. The real force behind the omnipotent dollar derives from imperial conquest and the establishment of economic rules and institutions that the victors created after World War II. Some call this system post-industrialism, globalism, or neo-liberalism, but it all describes the same program: the world must trade in US dollars, denominate their debts in US dollars, liberalize its markets and continue borrowing under often usurious conditions from US bankers.

多年來,美元在0%的利率、巨額貿易赤字和創紀錄的聯邦借貸和支出水平下蓬勃發展。美元仍然是一個巨大的力量,而通貨膨脹——盡管今天的感覺更加強烈——并沒有導致近年來阿根廷或希臘出現的災難性的國際收支危機。
造成這種情況的原因超越了傳統經濟學,后者通常缺乏對權力和政治的考察。無所不能的美元背后的真正力量來自于帝國主義的征服,以及二戰后戰勝國建立的經濟規則和制度。有人把這種體系稱為后工業主義、全球主義或新自由主義,但它們都描述了同樣的事情:世界必須用美元進行貿易,以美元計價債務,開放市場,并繼續在通常是高利貸的條件下從美國銀行家那里借款。

This new order was established at the 1944 Bretton Woods conference. At that meeting of 44 nations, two Jews — Harry Dexter White and Henry Morgenthau — established the International Monetary Fund (IMF), which would act as a predatory, Dollar-centered loan structure for all of humanity.
Not everyone was keen on this radical transfer of power, including members of the Grand Alliance. At Bretton Woods, White and Morgenthau encountered resistance from British economist John Maynard Keynes, who suggested the establishment of a global central bank that would issue a neutral currency, the Bancor, to avoid the predictable abuse of the power of currency monopoly that Washington and New York would go on to enjoy under the IMF system. Though Keynes was far better known, more internationally respected and more persuasive in the debate against White and Morgenthau, his idea was discarded due to the fact that, through the Lend-Lease Act, America became the British empire’s creditor. The Soviet unx adamantly refused to sign this agreement, but its economy was devastated by the war so it also lacked leverage. With the German Mark and French Franc destroyed or in the gutter, the exhausted and broken European superpowers had no choice but to agree to dollar dictatorship.

這一新秩序是在1944年布雷頓森林會議上確立的。在那次有44個國家參加的會議上,兩個猶太人——哈利·德克斯特·懷特和亨利·摩根索——建立了國際貨幣基金組織,它將成為一個掠奪性的、以美元為中心的全人類貸款結構。
并不是每個人都熱衷于這種激進的權力轉移,包括大聯盟的成員。在布雷頓森林會議上,懷特和摩根索遇到了來自英國經濟學家約翰·梅納德·凱恩斯的阻力,凱恩斯建議建立一個全球中央銀行,發行一種中性貨幣,即Bancor,以避免華盛頓和紐約在國際貨幣基金組織體系下濫用貨幣壟斷權力的情況。盡管凱恩斯的知名度要高得多,在國際上更受尊重,在與懷特和摩根索的辯論中也更有說服力,但由于《租借法案》使美國成為大英帝國的債權人,他的觀點被拋棄了。
蘇聯堅決拒絕簽署這一協議,但它的經濟受到戰爭的破壞,因此它也缺乏影響力。隨著德國馬克和法國法郎被摧毀或陷入困境,筋疲力盡、支離破碎的歐洲超級大國別無選擇,只能同意實行美元獨裁。

It was here that White and Morgenthau, strongly motivated by their Jewish ethnic identity, forged a skeleton key that would enable the Jewish-dominated world of high finance to crowned king of the world.
Keynes’ worst fears came true as soon as the war ended. The United States suddenly cut off all of Britain’s credit lines after VJ Day and demanded re-negotiations in exchange for continuing to aid the militarily sapped and bankrupt supposed ally. The extortionary terms of the new loan included muscling the British empire’s vast protected markets open for US corporations to take over, neutralizing the Pound Sterling through attacks on its convertibility, and various reforms aimed at dismantling the UK’s empire and the living standards of British workers. The Anglo-American loan, as it came to be known, now required interest to be paid as well as an agreement that would allow US military bases to be housed on British territories. The House of Lords protested this takeover by US-based money and military power, but the ailing and demoralized Keynes was forced by the fragile Labour government of Clement Atlee to eventually capitulate. It took 50 years for the UK to pay off these debts.

正是在這里,懷特和摩根索受到猶太民族身份的強烈激勵,鍛造了一把萬能鑰匙,使猶太人主導的高級金融世界成為世界之王。
戰爭一結束,凱恩斯最擔心的事情就成真了。在對日作戰勝利日之后,美國突然切斷了英國的所有信貸額度,并要求重新談判,以換取繼續援助這個軍事上受到削弱和破產的所謂盟友。新貸款的敲詐條款包括強行將大英帝國受保護的巨大市場開放給美國公司接管,通過攻擊英鎊的可兌換性來削弱英鎊,以及旨在瓦解大英帝國和英國工人生活水平的各種改革。這種后來被稱為“英美貸款”的貸款,現在不僅需要支付利息,還需要達成一項協議,允許美國在英國領土上設立軍事基地。英國上議院抗議美國的金錢和軍事力量對英國的收購,但孱弱的克萊門特·阿特利領導的工黨政府最終迫使體弱多病、士氣低落的凱恩斯投降。英國花了50年才還清這些債務。

Washington found itself in possession of infinite opportunities after the military subjugation of industrial powerhouses Germany and Japan, the safe and sound American manufacturing base, and the transformation of Britain into a vassal state. The “rules-based liberal order” — where Washington makes the rules and breaks them whenever it sees fit — was born.
Under the initial Bretton Woods agreement, Washington promised that the new economic order would peg the dollar’s value to gold to prevent its exploitative use. This would not last.
The gold-backed dollar was a source of consternation for New York and Washington throughout its run, but things came to a head by the 1960s.

在軍事征服工業強國德國和日本之后,華盛頓發現自己擁有無限的機會,安全健全的美國制造業基地,英國變成附屬國?!盎谝巹t的自由秩序”——華盛頓制定規則,并在其認為合適的時候打破規則——就此誕生。
根據最初的布雷頓森林協議,華盛頓承諾新的經濟秩序將把美元的價值與黃金掛鉤,以防止黃金被剝削。
這種情況沒能持續太久。黃金支持的美元在整個運行過程中一直令紐約和華盛頓感到恐慌,但到了20世紀60年代,事情達到了頂峰。

In the lead up to his overthrow during the infamous Jewish-led color revolution of 1968, General Charles De Gaulle sought to re-assert French sovereignty against the “exorbitant privilege” of the US dollar by dumping his nation’s dollar supply for its value in gold. Though De Gaulle was brought down in 1969, his rebellion against the dollar successfully depleted the US Treasury’s gold reserves. This culminated in a run on the US dollar — the “Nixon Shock” — which forced the desperate White House to arbitrarily end the Bretton Woods gold standard in 1971 to avoid economic collapse.
Since then, the dollar has counter-intuitively grown in prominence. America’s post-industrial, finance-driven economy has led to grave economic suffering for the working and middle class at home, but it simultaneously provides a tempting “get rich quick” incentive for the oligarchs of the world. Foreigners now possess 40% of equity in the US, which makes acquiescing to Washington and New York’s political and imperial whims a price many are willing to pay.

在1968年猶太人領導的臭名昭著的顏色革命中,夏爾·戴高樂將軍被推翻。在此之前,他曾試圖通過拋售法國的美元供應,以換取黃金價值,來重新維護法國的主權,反對美元的“過分特權”。盡管戴高樂在1969年被趕下臺,但他對美元的反抗成功地耗盡了美國財政部的黃金儲備。這在“尼克松沖擊”,美元擠兌中達到頂峰,這次迫使絕望的白宮在1971年武斷地結束了布雷頓森林金本位制,以避免經濟崩潰。
自那以后,美元的地位反而出人頭地。美國的后工業化、金融驅動型經濟給國內的工人階級和中產階級帶來了嚴重的經濟痛苦,但同時也為世界上的寡頭們提供了一個誘人的“快速致富”的動力。外國人現在擁有美國40%的股權,這使得默許華盛頓和紐約的政治和帝國主義奇思怪想成為許多人愿意付出的代價。

For risk-averse foreign governments and elites, it is also profitable and safe to purchase American debt. When a debtor owns the machine that can print the money he owes, it’s a sound bet to assume creditors will be paid back, at interest. In China’s case, keeping the US dollar strong while duing the Yuan by purchasing Washington’s debt has traditionally served as a win-win keeping American consumer demand for Chinese goods high.
As plutocratic forces in Washington grow more aggressive and misanthropic, multiple nations are beginning to reexamine their entente with the American empire. The politicization and weaponization of the US dollar and American power over financial institutions, as seen in recent years with total sanctions regiments and asset freezes aimed at countries such as Iran and Russia, is leading many to question their relationship with the US economy.

對于厭惡風險的外國政府和精英來說,購買美國國債也是有利可圖且安全的。當一個債務人擁有一臺可以印刷他所欠的錢的機器時,一個合理的賭注是債權人將得到償還,包括利息。在中國的情況下,保持美元強勢,同時通過購買華盛頓的債務使人民幣貶值,傳統上是一種雙贏的做法,可以保持美國消費者對中國商品的高需求。
隨著華盛頓的富豪勢力變得更加咄咄逼人和厭惡人類,多個國家開始重新審視它們與美國帝國的協約。美元的政治化和武器化,以及美國對金融機構的影響力,正如近年來針對伊朗和俄羅斯等國的全面制裁和資產凍結所看到的那樣,正導致許多人質疑這些國家與美國經濟的關系。

It is a matter of time before America’s growing list of enemies decide to pull the rug out from underneath US economy. Such a maneuver could cause chaos in global finance and trade, but the gravest consequences will be reserved for America’s ruling class at home as living standards for ordinary people free fall.
Unprecedented interest rates have given the appearance of the dollar as being stronger than ever before, but this is an illusion built through the cannibalization of Europe and Japan. On its own merits, the deindustrialized American economy is neither competitive or sustainable.

美國越來越多的敵人決定把美國經濟架空,這只是時間問題。這種策略可能會導致全球金融和貿易的混亂,但最嚴重的后果將留給美國國內的統治階級,因為普通民眾的生活水平將直線下降。
前所未有的利率讓美元看起來比以往任何時候都更強勢,但這是歐洲和日本相互蠶食造成的假象。就其自身的優點而言,去工業化的美國經濟既沒有競爭力,也不可持續。

原創翻譯:龍騰網 http://www.ribblestockfxtrade.com 轉載請注明出處


Declining Living Standards
It is well-established that one of the major sources of political instability (populism, hopelessness, revolution, etc) is wealth inequality. Today, the United States has the most lopsided wealth distribution in the developed world, with a Gini Coefficient of 41.5 (compared to the two “second world” rivals: 36 in Russia and 38.2 in China).
The true state of the US economy is hidden under piles of cooked books and over-the-top propaganda headlines like “America’s astonishing economic growth goes up another gear,” but this can barely hide the mounting anecdotes gaining 10s of millions of views, like women with popular TikTok channels declaring that the new “American dream” is to emigrate.

生活水平下降
眾所周知,政治不穩定(民粹主義、絕望、革命等)的主要來源之一是財富不平等。如今,美國是發達國家中財富分配最不平衡的國家,其基尼系數為41.5(與兩個“第二世界”對手相比:俄羅斯為36,中國為38.2)。
美國經濟的真實狀況隱藏在一堆偽造的書籍和夸張的宣傳標題之下,比如“美國驚人的經濟增長又上了一個檔位”,但這幾乎無法掩蓋越來越多的軼事,這些軼事獲得了數千萬的瀏覽量,比如女性在流行的TikTok頻道上宣稱,新的“美國夢”是移民。

Part of the mass disillusionment with the US economy is rooted in how it is structured in 2024 compared to the middle-class golden age of the 1950s. The general perception is that living standards have gotten worse for the majority of people.
In the immediate aftermath of World War II, the US economy comprised 45% of the world’s GDP, largely propelled by the production of high quality physical goods. Today, this share of the world’s wealth has fallen to 25%, which is still impressive, but the distribution of this economic activity has changed.
The radical financialization of the economy spurred by the theories of Jewish economist Milton Friedman during the 1980s ushered in a new system that began centralizing economic and political power in the hands of non-productive forces in the Finance, Insurance, and Real Estate (FIRE).

人們對美國經濟的普遍失望,部分源于2024年美國經濟的結構與上世紀50年代中產階級黃金時代的對比。人們普遍認為,大多數人的生活水平下降了。第二次世界大戰剛結束時,美國經濟占世界GDP的45%,主要是由高質量實物產品的生產推動的。今天,世界財富的這一份額已經下降到25%,這仍然令人印象深刻,但這種經濟活動的分布已經發生了變化。
20世紀80年代,猶太經濟學家Milton Friedman的理論推動了經濟的激進金融化,開創了一個新的體系,開始將經濟和政治權力集中在金融、保險和房地產領域(FIRE)的非生產力手中。

According to data collected by Greta Krippner, in 1954 nearly 40% of America’s working population was employed in the manufacturing sector versus roughly 5% participating in FIRE activity. The US had already surpassed the British Empire economically following World War I, and the global need for American products made the country an exporting superpower after World War II.
During this same period, this 40% of workers in the manufacturing sector created 35% of the US GDP, while the FIRE market added up to about 13% of the economy.
This influence on the economy allowed America’s workers to hold significant leverage over capital. In 1954, 35% of US wage and salary workers were in a labor unx.
Following the implementation of Friedmanism during the “Reagan Revolution,” this socio-economic synergy was flipped on its head.

根據格里塔·克里普納收集的數據,1954年,近40%的美國勞動人口受雇于制造業,而參加FIRE活動的只有大約5%。第一次世界大戰后,美國在經濟上已經超過了大英帝國,而全球對美國產品的需求使美國在第二次世界大戰后成為出口超級大國。
在同一時期,這40%的制造業工人創造了美國35%的GDP,而FIRE市場占經濟總量的13%左右。這種對經濟的影響使得美國工人對資本擁有了巨大的影響力。1954年,美國35%的領薪工人參加了工會。
在“里根革命”期間實施弗里德曼主義之后,這種社會經濟協同作用被徹底顛覆。

In 2022, the Bureau of Labor Statistics reported that a mere 12.8% of American workers are employed in the goods-producing sector (construction, mining, and manufacturing). On the other hand, a whopping 70% of Americans now work in the service industry, compared to 15% in 1954.
Less than 10% of US workers (approximately 30 million) are employed in both the FIRE market and professional business services that serve it (accountants, lawyers, consultants, financial advisors, etc). Yet percentage of the GDP controlled by this sector has shot up dramatically from 13% to now 33%.

2022年,美國勞工統計局報告稱,只有12.8%的美國工人受雇于商品生產部門(建筑業、采礦業和制造業)。另一方面,與1954年的15%相比,現在有高達70%的美國人在服務業工作。
不到10%的美國工人(約3000萬)受雇于FIRE市場和為其提供服務的專業商業服務(會計師、律師、顧問、財務顧問等)。然而,該部門所控制的GDP百分比從13%急劇上升到現在的33%。

Government spending (11.6%) has now outgrown manufacturing (11%) in terms of contribution to the GDP. This is strongly correlated with the collapse in unxization rates, which have fallen to 10%, though even here, about half of organized labor is composed of public sector unxs siphoning taxpayer money. Other factors, such as mass immigration and outsourcing — staples of anti-democratic and unpatriotic neo-liberal policymaking — also play a substantial role in undercutting labor power.
This inequality is only compounded by the US ruling elite’s finance-first economic plan. Last month, it was reported that 10% of Americans own 93% of all stocks. When it comes to the balance sheets, the US tax code punishes productive work (income tax) while incentivizing speculative activities (low capital gains taxes), meaning that the rich get richer while the working class gets poorer.

就GDP的貢獻率而言,政府支出(11.6%)現在已經超過了制造業(11%)。這與工會化率的下降密切相關,工會化率已降至10%,盡管在這里,大約一半的有組織勞工是由吸收納稅人資金的公共部門工會組成的。其他因素,如大規模移民和外包——反民主和不愛國的新自由主義政策制定的主要內容——也在削弱勞動力方面發揮了重要作用。
美國統治精英的金融優先經濟計劃加劇了這種不平等。上個月有報道稱,10%的美國人持有93%的股票。在資產負債表方面,美國稅法懲罰生產性工作(所得稅),同時鼓勵投機活動(低資本利得稅),這意味著富人越來越富,而工人階級越來越窮。
(未完待續)