US economic and political hegemony and the dominance of the US dollar have come to a screeching end
Corporate media, which never warned that capitalism was in crisis before the financial meltdown, now insists that the system is simply in a down period, and will at some point return to stability. But the crisis became inevitable precisely because “the most predatory, parasitic and criminal elements of Wall Street and bank capital became dominant over the economy and the government.” With these same elements still firmly in charge, how can the future be anything but chaotic?
In 2006-2009 the US financial system and economy came close to systemic collapse. Had it occurred most of the world would have gone down with it. Karl Marx famously described events like these as “momenti mori”, reminders of systemic death. This was the first truly existential crisis of the capitalist economic system since the Great Depression, and it reminds us of its near death fragility.