But in some sense, is it fair to say that what we're talking about here is also the American imperial economy, where you had the American market being an import destination, running current account deficits. The dollar was very strong. And so what's happened is we're now in a world where the military balance of power is changing and that threatens to undermine the symbiotic economic relationships that built up around American hegemony, especially post fall of the Soviet Union. Does that resonate with you, that description? It does. And look, I don't want to be sounding like I'm touting my own books, but I wrote a book about this back in 2019 called Clash of Empires, which is available on our website. I think the eversion is for free if people want to download that. We can go down the wormhole of vampires and I'm happy to wax lyrical on it for ours. What I would say is this, is that historically, you've had two kinds of empires. You've had the land-based empires. So you build roads, you (17/42)
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