All Empires Crash Soon After They Reach Their Peak
We noted in 2008:
Political insider and veteran reporter Kevin Phillips has documented that every major empire over the past several hundred years has undergone a predictable cycle of collapse, usually within 10 to 20 years of its peak power.
The indications are always the same:
– The financialization of the economy, moving from manufacturing to speculation;
– Very high levels of debt;
– Extreme economic inequality;
– And costly military overreaching.
We wrote in 2009:
In 2000, America was described as the sole remaining superpower – or even the world’s “hyperpower”. Now we’re in real trouble (at the very least, you have to admit that we’re losing power and wealth in comparison with China).
How did it happen so fast?