Doug Henwood wrote:
> I've just put up a graph with "deep caption," as they say at Vanity
> Fair, on the growth of U.S. foreign debt - $1.3 trillion in fresh
> borrowing during the Clinton years alone:
In your comments there you note, "But those are weak countries, not an imperial colossus. What happens to a colossus when it gets cut off is very hard to predict."
Query: Is it not at least possible that such a colossus can for an indefinite period of time simply refuse to be "cut off"? The IMF grip on various third-world nations is not all that separate from the military weakness of those nations. Most discussions of the Russian economic distress sooner or later get around to mentioning all those atomic weapons under Russian control.
Or looked at another way: if some banks are "too big to let fail," what about a nation being "too big to foreclose on"?
Carrol