Posted BY: Thomas Lifson
In only two years, Joe Biden’s presidency has produced multiple catastrophes from which recovery will be difficult if it is even possible. Domestically, we see the banking system teetering on insolvency, as the rapid escalation in interest rates has devalued long-term Treasury notes that used to be considered a safe place for banks to park funds in excess of what could be safely lent. The reason for these Federal Reserve interest rate hikes is the inflation that was immediately triggered by Biden’s jihad against domestic oil, gas, and coal production, which triggered an inflationary spiral that continues today, devaluing the life savings of thrifty Americans, and pushing food and energy costs up so fast that many families have had to drastically reduce their standard of living.
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Bad as these catastrophes are, the potential for serious damage to the welfare of the American people from the military and diplomatic policies of the Biden administration is much worse. Losing a war – or even just fighting a nuclear war – makes a mere Depression look like a day at the beach. And make no mistake, the Biden administration is flirting with a nuclear confrontation with Russia that China might well decide to join and eliminate for good the power of the United States to oppose its aims for dominance of the Asia/Pacific region (for starters). Meanwhile, as the potential for an ultimate confrontation increases, resources for America to counter the threat are rapidly diminishing.
