RightWingFinanceOnTheGreatReset

Context: TheGreatReset, HowTheRightThinks, OnMoney, DeDollarization

RightWing financiers have an interesting take, outlined quite well here.

https://financialunderground.com/the-great-monetary-reset

In summary.

• Central banks are "printing" too much money to fund an unsustainable NationState (spending too much on social security)
• This drives inflation, and devalues savings / leaches wealth from the savings of "ordinary people"
• The way to fight inflation is higher interest rates, but this makes government debt even harder to pay off.
• So central banks are stuck. Can't raise interest rates or the state goes bust, but keep "printing money" and inflation wipes out savers.
• Governments can't stop borrowing money because it would mean politically impossible cuts to the state.
• So eventually they are going to want / have to "reset" the system. Most likely with a new currency. And most likely a CentralBankDigitalCurrency
• This reset will mean a transfer of wealth from savings in national FiatMoney to the state + clever rogues.

Caveats

Obviously a LeftWinger could push back on the framing of this.

• under FractionalReserveBanking, private banks have ALSO been "printing money" to inflate the money supply.
• a huge part of recent money printing / quantitative easing happened to bail out the financial system after it blew itself up in 2008 (partly as a function of all that privately printed money)
• the system works according to the rules WE choose for it. If the system is shaking itself apart that's because we aren't willing to let the pressure out of it the right way. Eg. instead of printing money after 2008, governments could have just nationalized mortgages. Ie. bought, cheap, the mortgage debt,
• a "reset" done right is potentially a great thing. If designed to explicitly do so, it could transfer wealth from the rich to the poor. Like a debt jubilee.

Nevertheless the model / prediction probably does have a reasonable amount of validity / likelihood.

And, while a left-winger might hope that the reset could be done well, the cynical right-winger is probably right that the kind of NationStates and politicians we have now (who are largely supporters of the NeoLiberal consensus when not outright crooks, will do this this worst possible way for "ordinary people" and their savings.

Most of the printed money since 2008 has gone to the oligarchs and the financial markets (which is why WealthInequality has spiralling ever upwards and more out of control since 2008.