I don’t disagree with John Michael Greer on much, but I strongly disagree with the below.
Sooner or later, probably in the next two decades, the United States will be forced to default on its national debt, the way Russia did in 1998.
No. People misunderstand why Russia defaulted. It did so because it had extremely high foreign-denominated debt obligations, which the US does not and likely will never have. And because of war, the empire collapsing and numerous other factors.
If the US fissures, all bets are off. But in the next two decades? I doubt it. Eventually, though, everything fails. That’s not a prediction; that’s a certitude, a tautology, so I don’t pay attention to that.
The US is a sovereign nation with a fiat currency. It can always pay its own debt in its own currency and would be utterly foolish not to do so.
No, the US’s failure mode will be different, but I can almost guarantee that it will not involve defaulting on its national debt — which isn’t really debt at all as most people mean it.
If you own two wallets and take some money out of one and put it in the other wallet, does the first wallet owe debt to the second wallet? They’re both your wallets. To whom or what is that debt owed? You still have the same amount of money as you did before, it’s just in a different wallet.
This is why “national debt” is meaningless how most people — including Greer — use it. The US monetary regime is not like your checking account or savings account (or even like your wallet, despite my metaphor above). It’d be nice if it was, but it just isn’t.