And this is the only thinig which will "wind down" the entitlement state. Until then the government will continue to spend more and more of the imaginary capital it creates by sheer fiat.
I don’t understand the reasoning here. The entitlement state will wind down after monetary collapse? Why? Wasn’t the Cloward-Piven strategy to do just that in order to expand the Welfare State? Won’t capitalism be blamed, as always? Didn’t Germany go Nazi and Russia remain in bondage after hyperinflation and the idiotic deliberate attempt to destroy currency, respectively?
Why should I expect less government following collapse? What, there has to be an economy to feed on for there to be Leviathan? We have no concept of how much there is for the state to eat. There were governments in the previous century which literally murdered the productive classes and slithered on for decades.