> Only the hegemon can get away with such profligacy. U.S. imperialism
> is alive & kicking.
US imperialism certainly still exists, but you don't have to be a hegemon to get away with consuming more than you spend: this is the classic physiognomy of numerous Second World countries, e.g. Brazil, Argentina, Thailand, etc. In the past, you could argue that US didn't need to worry about repayment, because its debt was denominated in dollars. But in exactly 100 days, the euro arrives, and with it, a whole new era of post-US geopolitics.
-- Dennis