An Empire Needs a Security Detail
The theory we have been teasing out is that politics and markets follow similar cyclical patterns — boom, bust, bubble and bamboozle. A handful of companies usually take a dominant position in the market; sometimes a single one does. So do a few countries dominate world politics… “empires” they are called. The difference between a regular nation and an empire is profound. A regular nation — such as Belgium or Bulgaria — tends its own affairs. An empire looks outward, taking on its shoulders the fate of much of the world. An empire is like a bull market. It grows, it develops… often it passes into a bubble phase, when people come to believe the most absurd things.