by Michael Churchill
Government is controlled by capital, and capital needs consumption like a mammal needs blood flow. And these days, with birth rates so low, capital is desperate for bodies.
This is part of why interest rates are negative in Europe and Japan.
Capital and democracy cannot coexist when CPI is negative, because real wages skyrocket.
As such, capital must have bodies and it must have a Fed.
So … capital doesn’t really care THAT much about the fine points of how national governments work. It just wants smooth regulation. What it needs to be able to do is sell stuff to humans, have clean title to assets and repatriate the earnings.
That’s a pretty low bar actually. Even most of Africa lets you do that.