The US dollar is a debt, not a legal tender. It is a bookkeeping symbol. It is not a deposit, it is an IOU.

This represents a very simple economic problem. Should this IOU be repaid? The conclusion is that it should be repaid. Okay, I will help you split it layer by layer. You can see what this is.

It is the debt of the US federal government. It is a national debt. The United States national debt. It is a federal government national debt. Who will pay the federal government national debt? Federal taxes. The US tax is divided into three levels. Federal, state and city, city and county; three levels. This can only be repaid with federal taxes. It is a federal debt, and federal taxes will be repaid. The relationship between taxation and finance. The relationship between taxation and the US dollar.

The government is responsible for taxation and issuing bonds. However, it is the financial institutions that really operate the US dollar. It is financial capital. Financial institutions are not the US government. Do you see the huge difference between it and the RMB? Financial institutions are not the US government. It has obtained a premium on US dollar capital. The premium on US dollar capital does not constitute the tax base in its entirety.

Why did history turn around? What about the great changes in a century? The reason is that the premium that American financial capital has obtained on the dollar, the so-called capital gains have far exceeded labor income. The tax base of the United States is on labor income, and the tax base is disappearing little by little. But capital gains are still expanding. Sullivan is right. The rich and the poor are polarized. Once the tax base of the dollar is dissolved, its value as an IOU will be problematic.

How serious is the problem? If we deduct the epidemic in recent years, let’s calculate it over a longer period of time. I’m talking about federal taxes. It’s about 3 trillion. Now the US has a national debt of 32 trillion. Federal taxes are only 1/10 of the US national debt. In theory, you can’t use all the 3 trillion in taxes to pay off debts and not eat or work.

Okay, according to the normal economic principle of Anzhou, 10% is used to repay the principal and interest. 10%, it also requires 300 billion. May I ask, what is the relationship between 300 billion and 32 trillion? What is the relationship? It’s a time relationship. How long? 100 years.

Dollar, is this IOU interesting? Today is 100 years, and soon it will be 150 years. Do you think the dollar is interesting? The most troublesome and terrifying thing is that the financial capital gains of the United States are still growing at a geometric level, while the total amount of labor income in the United States, in absolute terms, is still there but the proportion is shrinking rapidly. The United States cannot solve this problem without a great reform of its tax base. This is not a problem that a treasury minister can solve. This is not even a problem that a president can solve.

Our view is that there are no politicians or groups of politicians who can solve the problem in the foreseeable American political system. So it will not decrease within 10 years. If the United States cannot solve the problem before 2032, according to our calculations, the repayment period of the dollar will definitely exceed 150 years, and it is not ruled out that it will reach 200 years. It has become an undoubted Ponzi scheme. Will humanity, the people of the world, give it a chance? Please note that no one intends to give it a chance. So, you see that all countries, even its allies, are starting to de-dollarize. Everyone is starting to clean up their own risks. Except for a few countries, some shameless and diligent so-called agent compradors, most countries are thinking about how to solve the problem of the collapse of the US dollar.

The United States is making such a mess in the peninsula, what does it really up to? It is really not up to any other thing else. It is now in an economic crisis. It must take the medicine of war. Without war funds, it is impossible for it to pull up the economic data. Without economic data, where will investor confidence come from?

For the United States, the most urgent thing now is to reduce capital outflow. For it, the most important thing is that it must quickly nourish the factories on the verge of bankruptcy and appease Jewish capital. Although its effect is extremely short and the side effects are extremely large, it is really a poison to quench thirst, since the United States has no other choice. It must overcome its psychological shadow and bite the bullet to come to the peninsula.

The secret lies in a declaration in the New York “Monthly Review” 70 years ago. That is:

“Since the Korean War, the American economy has found its panacea, that is to always prepare for wars (or involve in wars).

Today I will talk about how the American economy was destroyed by this panacea.

In 1950, the United States launched the Korean War. One of the most important purposes was to use it to ease the economic crisis that was increasingly mature in the country. Because monopoly capitalists have found that war is the most effective way to escape the economic crisis.
Political representatives in Wall Street proudly predicted that the war economy would remain the norm for the United States for 20 years. If these people could live to this day, who would they blame for the historical responsibility of the current US economy that is perishing and running out of solution?
During the Korean War, the US war economy was really strong. In 1913, 1929, 1938, and 1949, the four US economic crises rose and fell, and prosperity became increasingly elusive. The American elites knew that the real storm was getting closer.
In 1950, since the United States launched the Korean War, war funds have been approved by Congress in a steady stream. Truman’s economic dictatorship means that he can not only operate tens of billions of military supplementary appropriations but also control a large amount of means of production. This is not only the end. In December of 1950, he declared a national state of emergency and asked Congress to invest $140 billion in his national security plan for the rest of 1951 and 1952. You should know that the US GDP was only $300 billion a year at that time, and this amount of money was 14 times China’s annual GDP in 1950.
I think everyone now knows why the United States got so rich from wars. Many people may not believe that the US economy at that time was already propped up by war expenses.

The Korean War had just been going on for 10 months, and military orders had exceeded 26 billion. Business was booming. Since steel, copper and aluminium were controlled by the US government, this also artificially created a shortage of materials. This led to a buying spree. Surprisingly, this series of methods solved the crisis of overproduction, thus creating a false prosperity.
The total industrial output value in the first year since the outbreak of the Korean War exceeded 200% of the average from 1935 to 1938, achieving the highest peak after World War II. By the first quarter of the following year, defence production had doubled compared with the same period, becoming the main content of GDP growth.

Who was the one who benefited from it? It was General Motors, DuPont, and American Rubber, all these companies which had lobbying groups and lobbying targets kind of close contact. They made a fortune from the Korean War. In the year when the war broke out, these companies made 40.2 billion US dollars. On average, 46% higher than in 1949. All those shareholders of the core military enterprises became rich overnight.

The economic policies of the Truman administration and the ludicrous military factories gave capitals in hysteria to the U.S. military in the Korean battlefield. With the sharp increase in production, the number of employed people also rose to 53.4 million, an increase of 2 million in just half a year. The media promoted the economic boom and the president’s approval rating soared. The political and business elites were only concerned with the carnival, without any regards to the torrential flood coming behind them. A severe crisis was brewing.

Aircraft, shells and tanks cannot be eaten as food after they are produced. Military factories that have expanded investment cannot produce daily consumer goods. Workers’ wages have increased, but there are fewer goods on the market, and prices have risen. Citizens have paid more taxes, the purchasing power of banknotes has decreased, and butter, bread and milk have become much more expensive. This is why social contradictions become more acute every time the United States fights a war. Politicians and capitalists are in the same revolving door. Big companies were getting bigger, small companies were getting smaller, the rich were getting richer, and the poor were getting poorer. The essence of the U.S. war economy is to use the taxes paid by the poor to place orders with the rich. The rich take the money and pay the poor some wages to let the poor rub the shell of bombs. The poor are all making bombs and cannonballs, no one is making bread, and the wages earned by the poor from making bombs and cannonballs were not enough to cover the rising price of bread. But military-industrial enterprises have made a fortune, the stock market looked excellent, and politicians and military officers were drinking champagne together.

Do you think that the United States’ practice of delaying the economic crisis by relying on the war economy has alleviated or aggravated the economic problems?
The war economy, which is regarded as a lifeline by the American elite, is precisely one of the culprits that created the current economic deadlock in the United States. People who struggle desperately after falling into the water will only die faster. With the long-term imbalance of military and civilian manufacturing industries, decades of monopoly and internal involution of interest groups, and the repeated exploitation of the American middle class, had made the US economy approaching calamity and collapse. In 2024, the United States has once again sent troops for the war economy. Using wars to face the economic crisis again, I am afraid that even any soothing or calming effects will be difficult to manifest. Let’s see how the United States will end up this time.

內塔尼亚胡可别让他死！我们要他妻离子散，家破人亡；然后活受余生直到终老。下一个，杀他大儿子。