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I don't see how US is going to drag the rest of the world into the abyss. In fact, we can already see the opposite happening with countries finally shaking off the yoke of imperialism. It's possible that US will start a nuclear holocaust and go out with a bang of course, but barring that it's destined to die the same way the British empire died.
Couldn't a financial collapse similar in size to 2008 fuck over a large portion of the world if they aren't ready for it? If they haven't shaken off the yoke of empire yet they might end up getting crushed by it
BRICS is already a bigger economic bloc than the G7, and it's growing rapidly. The countries that will be most affected will be western ones. The relationship the west has with the Global South is purely extractive. These countries are still effectively colonized and their labor and resources are being predominantly directed towards supporting lavish lifestyles in the west. What the collapse will do is allow these countries to finally start directing their resources towards the needs of their own people.
Yes and no. In the most recent US financial crisis, there were developed countries who didn’t have very much exposure to the kinds of toxic assets the US did; and they were basically fine.
Now, there are more material ways other nations could suffer from a US collapse. The worst would be countries that are heavily invested in the US market. If all my biggest corporations make their profit in the US, that could seriously hurt. Countries that export to the US would be hurt, too.
But ultimately, I think enough countries in the world have enough economic distance from the US that they’d be fine. The ones that are tied to the US financial system could get cooked, but that’s really just the US vassals and frankly they deserve it.
But let’s think though what happens to China. The worst that would happen is their Treasuries would be worthless and their exports to the US dry up. That’s a massive hit, no doubt. But I also think it would be transient. All it does is, after a period of painful readjustment, shift a lot of production to domestic consumption. Hell, it might actually cause them to push the socialism button a lot faster because you can’t really have an overcapacity problem in centrally-planned socialism like you can under capitalism.