US Still Declining

[Yoshie Furuhashi]

>On Fri, 21 Sep 2001, Charles Jannuzi wrote:
>
>>  nationalist interests. It seem overvalued stock markets allow American
>>  companies to buy up more than their fair share of the global capitalist
>>  economies, and then periodic military crises consolidate all the old ways to
>>  maintain the American imperium.
>
>Not quite. The US has been running humongous trade and capital account
>deficits for decades, meaning it's deeply dependent on the continued
>inflow of East Asian/EU capital; the Wall Street bubble temporarily
>papered over this contradiction, but not any more. Given that the US is
>run by an unelected, braindead oiligarchy in thrall to a bizarre cult of
>petro-Christianity ("Jesus plus oil derricks"), it makes perfect sense
>that our elites would declare a holy war on petro-Islam. Local
>fundamentalisms are the distorted mirror-image of the global ones, which
>is why each has singled out the other for its pathologic fury.
>
>-- Dennis

If you can get away with giant deficits with little negative 
consequences, you are living better than you can otherwise.  You 
borrow & consume more than others; others save & produce for you. :-> 
Only the hegemon can get away with such profligacy.  U.S. imperialism 
is alive & kicking.

Yoshie