Assets are being converted into political power directly, as all the circuit breakers have been ripped out. I would anticipate dollars to become increasingly irrelevant, a process identified by a failed auction of Treasuries as the carry trade breakdown finally cannot be compensated for. For those with fresh slices of government power, the collapse of the dollar will be buffered by their own access to the monopoly of force.

Those lucky few with new purchases of US state power will eventually be learning - probably to terrible cost - that the national context is still a powerful force in the world, and has not globally expired.

Note that China forex money does not interface with actual Chinese "money you use" money. In the old SU, forex was controlled by security services, which accommodated their capital flight and eventual re-purchase of an _entire country_. Sell your country, buy it back at a deep rebate, and rent what's left - perfect solution for zero sum thinking.

What is happening in the US is closer to the Soviet model, but the process of nations transforming into "security state zombies" is probably less a model of economics and more a single lifecycle stage for nuclear powers, across the board. The Westphalian state as a concept was undercut by Trinity, in some ways, but humanity wrestles with the next steps. Hopefully without a thermonuclear bonfire.

Sorry. I sound like a crazy person. Make sure to steer clear of nasdaq indices.