Remember April, 2006? The boom was still making people rich but some cranky old buzzards were circling, singing their songs of warning. Our own staff curmudgeon wrote:"I picture [Bush] as the helmsman aboard the Ship of State, which is not sailing well because it is burdened with far more cargo than the Constitution declared reasonable for this vessel. The ship is laboring along, sunk almost to the gunwales, and Captain Bush is steering it directly toward the shoals!
"Doesn't anyone care? No. When you've spent your entire life being told that your homeland is the greatest on the face of the earth and is invincible, it blinds you to the record of other once mighty nations that spread themselves too thin trying to run the world and were forced to debauch their currency in order to try to pay the bills and keep the folks at home happy. Forgotten is the story of the once mighty British Empire. The saga of the great Roman Empire is also forgotten. Spain's glory days and those of the great Byzantine Republic have faded from memory. No one will wonder about the American Empire until an Asian Empire replaces it. Historians will write about the transition and possibly explain the role that rotting money played." The Blues
America's debt is so immense that it is inconceivable that it can ever be repaid. That being the case, we wonder what our creditors will demand from us as recompense for their losses when we are forced to repudiate it.
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