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Thomas Piketty: 'The reality is the US is losing control of the world'

4 days ago
https://www.lemonde.fr/en/opinion/article/2025/04/12/thomas-piketty-the-reality-is-the-us-is-losing-control-of-the-world_6740140_23.html
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  • #US Decline
  • #Global Power Shift
  • #Economic Crisis
  • The United States is no longer seen as a reliable country, with past actions like the Iraq War highlighting its military hubris.
  • The current crisis challenges the US's economic, financial, and political power, with leadership described as unstable and erratic.
  • China's GDP, measured in purchasing power parity, surpassed the US in 2016 and is projected to double by 2035.
  • The US's trade deficits have led to unprecedented levels of public and private external debt, expected to reach 70% of GDP by 2025.
  • Rising interest rates may force the US to pay substantial interest to the rest of the world, a situation it previously avoided due to its financial dominance.
  • Trumpist economists propose taxing interest payments to foreign holders of US securities, while Trump aims to refill US coffers by seizing resources from Ukraine, Greenland, and Panama.
  • Historically, the US trade deficit resembles that of major European colonial powers between 1880 and 1914, but without the external assets to offset it.
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