For several decades, since the 1971 abrogation of the Bretton Woods agreement, the ushering in of the Progressive’s New World Order has been the design of domestic and foreign policy of many nations. This New World Order has been constructed on the notion of competitive devaluations of fiat currencies over time and the merging of all nations into an Hegelian synthesis of world governance.
Taking the leadership role in this transformation of the world, the greatest since Westphalia, has been the United States. The United States has filled the role of consumer of last resort to all nations and the printer of the underlying fiat currency, the US dollar. The ideology has presumed that by subsidizing consumer spending and housing in the United States, the economy of the world could be driven to prosperity, bringing a higher standard of living to everyone in the world who previously lived in a cave and wore a loincloth. Prosperity would be the result and the causes for war minimized.
But even as a house may be built on sand, so also nations may be built on a tissue of lies, only to realize an eventual collapse.
The truth is that governments are severely limited in what they may do when they seek to interfere in the market place. They may tax and create a black market, or they may subsidize and create an eventual bubble. When the bubble bursts everything receives the discipline of market correction.
This is where we find ourselves in our current state of affairs. The collapsing real estate market world wide has destroyed vast amounts of wealth previously used to support consumer spending. But now that is all gone. There is no substitute, no alternative to this vanished wealth, left to support consumer spending. So the New World Order of phony currency and subsidized consumer spending has reached the end of the road. There are no last second exits, no unexpected off ramps, and no redemption from the punishments that always come to forms of rationalism. The New World Order of Globalism must collapse as a result of the vast amount of demand destruction which it has wrought.
The real world is a world of execution and performance. It is a world of real stores of value and real mediums of exchange. The real world may not be synthesized into an Hegelian Utopia. The idea of world governance would require universal values based on universal natural law. But even among nations and cultures which would subscribe to some idea of natural law, there is disagreement as to what the natural laws are. Moreover, today there are many nations which repudiate any idea of natural law and openly subscribe to varieties of tribalism. There is as a result no universal system of values. The flaw in Quigley's "Inclusive Diverisity" is its inclusiveness. Liberty may never be sacrificed to the false god of 'Unity.'
And so much of mankind is a characteristic tribalistic being, content only to survive within the context of his own tribe, and only very cautiously venturing beyond the limits of his personal knowledge and experience. The repeated efforts of the Progressives to overcome this fact, to suggest modest increases in taxation or modest decreases in expenditures, are like the proverbial dog returning to its own vomit.
As the economy of the New World Order enters into a period of permanent collapse, there are those who suppose that the gap between expenditures and revenues worldwide can be closed by significantly higher taxes. But, no amount of revenue can close this gap. Nations of sound fiscal policy will not in the end support the profligate, nor should they. Even if they were willing to do so, eventually the numbers of freeloaders would totally overburden the productive and the whole system would collapse.
This is the great unreported story of our time. It is the collapse of an ideology which has held sway for many decades, and has finally now reached its predictable end.
