(Recapture of Anqing during the Taiping War)
In a fanciful twist in the ongoing farce that is the coronavirus pandemic, the federal government of the US has decided to not provide economic assistance towards its confederate member states. The US federal government advises its member states to declare bankruptcy on their outstanding debts, a ludicrous proposal that could have only been dreamt up in the addled minds of free-market profiteers and capitalist apologists. Having blazonry robbed the public treasury with their so-called “stimulus” legislations, the political whores and their merchant masters have decided to renegade on the central government’s obligation towards their regional bureaucracy and her citizenry. Since the federal government will no longer honor its obligations to its confederate members, will the 50 confederate member states continue to honor their duty towards the central authority by continuing to supply them with tax revenue? In an odd twist of history, a nation-state that has fought a bloody war to prevent wayward regional governments from seceding from its central authority is now advocating a policy of voluntary dissolution.
The regional governments of the US can pursue bankruptcy procedures by liquidating all its tangible assets, mortgaging all future tax revenues to pay interest on its outstanding debts in perpetuity, and effectively cease all government operations, including law enforcement, judicial hearings, public utilities, and sanitation. The creditors will need to accept the losses on their municipal bonds and pension payouts. Since there is no migration restrictions between member states, the economically ruined state will likely also witness mass exodus of its tax base, once its debt restructuring has been successfully negotiated. Since the member states can not even issue its own currency, control the outflow of their tax-base via border controls, or send their killers to loot tribute from their neighbors, future foreign investment into the failed member state seems highly improbable.
More rationally and likely, the regional authorities will continue government operation by simply declaring a moratorium on all outstanding financial obligations to creditors in perpetuity. Rather than continuing to use tax revenue towards interest payments on existing debts, the regional authority ought be erase the liability from its ledger with a few keystrokes and a reasonably sounding legislation. Since outside investment into the state will be unlikely for the short-term future, there exists no benefit from pursuing suicidal policy outlined above. The state ought to meet the pension obligations to its bureaucrats, but all others can be sacrificed for the greater good.
Eventually, the resources will be exhausted, and the masses will recognize the failed system, under which they have slaved for naught. The Revolution will not originate from the muck, but from foreign agents and organised native collaborators. The Taiping war was sparked by Qing failure in the First Opium War, coupled with subversive foreign agents spreading toxic Protestanism. Now, the foreign agents have spread Communism far and wide, even more effectively than the Protestant agitators in China c1800s. The US merely requires a foreign misadventure, or additional domestic failures, for a similar catastrophe.
Such is the fate of a dying society, managed by merchant scum, peopled by the muck zealous in defending their narcissistic privileges, based in a “globalist” world order where thieves can simply flee with their ill-gotten gains to Switzerland. Sadly, the West is thoroughly bankrupt, not only in physical wealth, but in culture, identity, morality, strength. When the eventual Western social collapse occurs and the Revolution arrives, there will not be a place for the capitalist thieves and merchant bankers other than unmarked mass graves.
I really, really wish any semblance of this was actually true. The several states can just do what Unca Sam does and borrow from the FED. Doesn't even need to be the FED, actually. Any national bank can conjure pretend money out of thin air. Who says California's debts need to be paid in Dollars?
I'm sure that Euros, Yen, or even Yuan would be preferable to a poke in the eye with a sharp stick to petulant investards.
I'd be the first warlord ahorse should California dissolve it's government. My imperial tendencies showing? I'd do it just to keep actual warlords from doing it, just to defend the anarchy.
Babies need to grow to become strong.
Thanks!
The authority of the central government is maintained through control of the coinage and the courts. What you suggest, that the regional authorities issue their own currency, is tantamount to rebellion. Perhaps, the incompetent US government operating under a political system, in which dirty street rats can crawl themselves up to the position of power, in which academic centers are filled with peasant scum that bought themselves letters, in which the ignorant rabble believe that they are the "owners" of the state, will enact such political suicide. Slaves make dismal masters; better a foreign imperial delegate in the White House than some peasant scum.