Geo-Strategy #3: How Empire is Destroying America
In his May 5, 2024 class, Jiang Xueqin explains to his Chinese high school students how empire is eroding the stability and vitality of the American Republic: From 1950-1980, America's manufacturing sector accounted for 40 percent of GDP, employed 30 percent of its workforce, and enjoyed 40 percent of total profits. Today, it's only 10 percent of GDP, and the financial services sector is ascendant. Financial services account for 22 percent of GDP, enjoy 40 percent of profits, and employs 5 percent of America's workforce. This trend has led to income inequality, divisive politics, and economic volatility. Young people feel they are being left behind, the best and brightest are flocking to Wall Street, and corporations are focused more on financial engineering than on innovation. What's driving this trend? America's empire, which is causing foreign money to flood its economy. And as the empire becomes addicted to easy money it may have to fight a war to defend the petrodollar.
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