The physical infrastructure is still there but power projection capacity has clearly retracted a lot, a few years ago I would have said this was entirely due to lack of willpower but I’m thinking something a lot deeper has to be badly broken.
The capitalist class drank their own neoliberal Kool Aid, and now the country is deindustrialized and debt-ridden due to the financialization of everything.
Michael Hudson: Killing the Host: How Financial Parasites and Debt Destroy the Global Economy (PDF)
I think the military industrial complex started out growing its profits by actually growing out productive capacity for arms, then during the W Bush era increased profits by replacing everything with private contractors, and they’re now trying to increase profits by not actually doing the work they’re paid for. Like the history of industrial capitalism, neoliberal capitalism, and finance capitalism playing out at triple speed.
The physical infrastructure is still there but power projection capacity has clearly retracted a lot, a few years ago I would have said this was entirely due to lack of willpower but I’m thinking something a lot deeper has to be badly broken.
The capitalist class drank their own neoliberal Kool Aid, and now the country is deindustrialized and debt-ridden due to the financialization of everything.
Michael Hudson: Killing the Host: How Financial Parasites and Debt Destroy the Global Economy (PDF)
CounterPunch book review: How Wall Street Parasites Have Devoured Their Hosts, Your Retirement Plan and the U.S. Economy
I think the military industrial complex started out growing its profits by actually growing out productive capacity for arms, then during the W Bush era increased profits by replacing everything with private contractors, and they’re now trying to increase profits by not actually doing the work they’re paid for. Like the history of industrial capitalism, neoliberal capitalism, and finance capitalism playing out at triple speed.