In 2024, Washington plans to spend a record $886 billion on the military, writes L’Antidiplomatico.
The U.S. relies on power hegemony to maintain its national debt, but it is spending on the military-industrial complex that causes it to grow even more. This parasitic character of US imperialism could fail the United States badly.
So far, the U.S. national debt has been financed by China and Arab countries, but given Washington’s strained relations with Beijing, the latter may significantly reduce its purchases of U.S. government bonds. Then the oil-producing Arab countries will follow suit, the author of the article believes.
Experts predict that within the next ten years, the US will cede its economic supremacy to China.
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