[00:01] empire to another country taking over that status. The most recent example in history is of course the British Empire, which for them started in 1846. That's the Corn Laws. They're like, "Guys, we won the game. Let's not cheat anymore
[00:15] fair market prices." And all the other countries are like, "Yeah, well you're Hamiltonian economics, right? High tariffs, subsidies, protective policies. Now, by 1931, Britain stopped being the global empire. That's because Britain
[00:29] slowly deindustrialized, meaning their factories closed, industry moved to other countries, and by 1931, the British Empire was done. The global it became the global superpower. But it's happening to the US right now, and
[00:43] for the US, [music] it started in 1971. Now, all empires eventually financialized their economies by creating stock markets and financial products. But in [music] doing so, that creates all the structural incentives
[00:57] for the beginning of the end of their empire.