Yesterday, something truly magical happened in American politics. The forces of the big government, pro-war/pro-debt movement aligned to heap praise on John Bolton. Bolton of course had been Donald Trump’s National Security Advisor and by all accounts, the two men had little in common. Donald Trump ran on what passes for an anti-war platform during the 2016 election whilst John Bolton has long been emblematic of a trend in big government US politics that is perfectly happy to bankrupt the country through multiple wars – often fought at the same time.
As early as February of this year, it was becoming clear that Trump and Bolton’s fundamental differences were also spilling over into personal relations. When it was reported that Trump referred to John Bolton as “Mike” (perhaps confusing him with crooner Michael Bolton), it was clear that things were bad, not least because for Trump – the personal is the political and the political is likewise the personal.
In terms of Bolton’s actual accomplishments, they have been few and far between – even by the standards he self-evidently set for himself. His attempt to frighten US ally Turkey into surrendering its security interests in north-eastern Syria failed very early in 2019. Then, his attempt to rapidly oust Venezuelan leader Nicolas Maduro was quickly exposed as an ill-thought out plan that would have clearly shamed the likes of Henry Kissinger who was able to overthrow leftest Latin American governments with the proverbial wave of his finger.
It looks less and less like the war against Iran that Bolton has agitated for since the early 2000s is ever going to happen and reports indicate that Bolton and Trump had a furious row over Trump’s plan to cut back on the number of American troops in Afghanistan. Finally, Trump’s personal friendship with Kim Jong-un has effectively ruined Bolton’s dream of humiliating the DPRK on the world’s stage.
But for Bolton, his personal failures seemed inconsequential. Bolton was the proverbial paper pushing soldier who never ran out of wars to try and fight, even though when he had the opportunity to be an actual soldier, he famously avoided fighting in Vietnam and even bragged about his draft dodging to the press at a later occasion.
Bolton remains emblematic of many dire trends in US politics and geopolitics. He is a grim and violent man whose personal demeanour is infamously nasty. He represents a strata in US politics that is hungry for blood whilst displaying absolutely no concern for either morality nor fiscal responsibility.
But most of all, Bolton is a symptom of an economic system anchored by a Federal Reserve that is happy to literally print the cash to finance any and every kind of misguided, murderous, illegal and expensive war that the likes of Bolton could dream up.
It is well known that sound monetary policies demand reasonable fiscal expenditure – the kind of which can not finance modern cycles of endless and expensive warfare. The First World War broke not only the economies of the losers but also those of the winners. In order to finance its victory, Britain had to decouple the pound from its gold standard. During the war in Vietnam, America ended up printing more dollars that it could redeem for gold and consequently, in the midst of the war, the US too broke the dollar’s final link with gold.
Since 1971, the world’s reserve currency has been totally detached from sound money principles. A fiat dollar that would be laughed at if printed by any other spendthrift nation remains the international reserve currency due to America’s overall might. When however the inevitable happens and the US dollar becomes jettisoned from its world reserve currency status just as the pound, frank and gilder were in prior centuries, the US will be faced with a mountain of debt that will require full scale liquidation.
A physician’s Hippocratic Oath is an admonition to “do no harm”. Governments throughout the world should take a similar oath. If they did, creatures like John Bolton could not exist. This is the case because Bolton’s policy of aggressive war is completely amoral and could only be sustained by levels of debt that are guaranteed to impoverish future generations whilst causing poverty inducing inflation in the present.
It therefore is no surprise that the queen of big government, US House Speaker Nancy Pelosi has publicly expressed her dismay regarding Bolton’s ‘forced resignation’ form the Trump White House.
John Bolton's sudden departure is a symbol of the disarray that has unnerved our allies since day one of the Trump Administration. Steady leadership & strategic foreign policy is key to ensuring America’s national security. https://t.co/MQIYet8pnA
— Nancy Pelosi (@SpeakerPelosi) September 10, 2019
Pelosi’s Democratic party has become one that loudly advocates for the largest ever government in the history of the world. The gang of four (Alexandria Ocasio-Cortez, Ilhan Omar, Rashida Tlaib, Ayanna Pressley) who are now the face of Pelosi’s party advocate for even more of the ‘print and spent’ debt accruing policies that have got the US into the perilous state she is in today. Whilst the gang of four and Bolton have different personal backgrounds, they are all parasitic creatures that thrive through a despicable process of spending the money of others in pursuit of their mad utopian visions for the world.
The penultimate conclusion of all forms of big government built upon a house of cards is one of economic collapse and the eventual liquidation of the mega-debt. Even a country as powerful as the US cannot sustain unsound monetary policies and fiscal irresponsibility forever.
John Bolton can therefore be described as a man of bankruptcy. He was a morally bankrupt, fiscally bankrupt and could only have ever risen to power in a country whose money is literally printed out of thin air for the benefit of the many tentacles of big government.