DOTE reader Compound F points out that David Murrin, co-founder and CIO of the hedge fund Emergent Asset Management, was on CNBC's Squawk Box Europe arguing for a rapid Decline of the American Empire.
The passage of the health care law shows that the US empire is declining because it illustrates the fact that people expect the state to take care of them, David Murrin, the co-founder of Emergent Asset Management hedge fund manager, told CNBC...
In their expansionary phase, empires force people to go out, seek risks and fend for themselves, Murrin said, reminding of the dismantling of the British empire after the war, when the National Health Service, which ensures universal health coverage in Britain, was created.
"This [imperial decline] is actually a dead-set course that societies get into and it will happen very quickly I'm afraid," he told "Squawk Box Europe."
"As you start to build a system it becomes cohesive because of its success… the fractures in the American system I think are more apparent than ever," Murrin added.
China's rise will be much faster than most people anticipate as the country's military prowess increases, he said.
I'm not sure I buy Murrin's assessment of the significance of universal medical coverage. Germany and other countries do just fine despite their "socialistic" tendencies. Health care reform in the U.S. comes 20 years too late regardless of your view of the situation. In any case, cheerleaders on CNBC weren't buying most of Murrin's story—what a surprise!
Here you go. FYI, my including a video interview does not imply my endorsement of everything the interviewee says.
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