Years of bubbles and malinvestment have a downside: the destruction of the productive, wealth-building parts of the economy. And that could mean higher interest rates.
Deficit spending—which begets inflationary monetary policy—has been a boon for the financial sector and its billionaires. Naturally, bank CEOs would love to get rid of the debt ceiling.
Until there’s a new foreign policy class informed by an outlook of restraint, no kind of punishment or demotion of those who prosecuted the bungled wars of the past few decades should be expected.
