This is Part 1 of a two-part chapter on the US Empire and its path along the archetypical big cycle of dominant powers. It covers the period up through World War II. In Part 2, we will cover from the beginning of the new world order right up to this moment. It will be out on Tuesday, July 21.To remind you, I did this study so that I could understand how we got to where we are and how to deal with the situations we are facing, but I am no great historian.  I’m just a guy with a compulsion to understand how these things work and to bet on what will happen, who has access to great...…This is Part 1 of a two-part chapter on the US Empire and its path along the archetypical big cycle of dominant powers. It covers the period up through World War II. In Part 2, we will cover from the beginning of the new world order right up to this moment. It will be out on Tuesday, July 21.To remind you, I did this study so that I could understand how we got to where we are and how to deal with the situations we are facing, but I am no great historian.  I’m just a guy with a compulsion to understand how these things work and to bet on what will happen, who has access to great...WW…

While I’m going to pass along my thoughts to you, I want to emphasize that I wasn’t, and still am not, able to anticipate the most important things happening in the markets because of the extremely rare nature of the circumstances. While what I don’t know is much greater than what I know, I will tell you what I think for you to take or leave as you like.As you know, for some time now I have been concerned that when the next economic downturn would come it would lead to hitting the 0% interest rate floor with a lot of debt outstanding and big wealth and political gaps in the same way that...…While I’m going to pass along my thoughts to you, I want to emphasize that I wasn’t, and still am not, able to anticipate the most important things happening in the markets because of the extremely rare nature of the circumstances. While what I don’t know is much greater than what I know, I will tell you what I think for you to take or leave as you like.As you know, for some time now I have been concerned that when the next economic downturn would come it would lead to hitting the 0% interest rate floor with a lot of debt outstanding and big wealth and political gaps in the same way that...WW…