Mr. Hudson is a smart guy. I can't say I've read/ watched an enormous volume of material from him, but from what I've seen his arguments are sound. He's probably forgotten more about economics than I'll ever know.

So with that as a preface...I agree fully with that assessment.

I used to think that the US looking back at the 50s and 60s as a "golden age" was rather blindered. Minorities of all sexes, colors, religions and sexual persuasions were highly discriminated against, Europe was still recovering from WWII, and Asia was not yet industrially developed. Making it easy for the US to dominate.

As I've gotten more educated on world affairs, I've come to think that it was not just the factors I list in the last paragraph, but the fact that from the 50s, and here I mean the 1850s, until the 1970s, the US produced real goods and services. We were an industrial capitalist country.

Starting in the 80s and continuing until Covid, we financialized everything while continuing to offshore industrial capacity. First Covid and now the Ukraine war is showing the frailty of that strategy for the country.

Unfortunately, the financial oligarchs are still doing fine with that policy, which as we see, particularly since the great recession, is leading us to one political crisis after another. I think it will get worse before it gets better, if it gets better at all.