The Empire Strikes Out

[Originally posted on goofyblog 10.13.06]

A few weeks ago, I finished last year’s Empire of Debt, written by Baltimore financial advisors Bill Bonner and Addison Wiggin. Their take on American history and current events is, to the say least, unique. They can be snarky at times and over-the-top, but the book is definitely something worth checking out.

The final page refers to their website, which has daily articles about world financial markets and events pertinent to the US. Some of their writers are visiting/living in France & Ireland right now, and there are also works on financial markets and conditions in South America & Asia.

This week the following appeared, excerpted here:

What are the serious challenges America faces? ‘Terrorism!’ comes the cry.
Terrorists are a nuisance, not a menace. We can’t think of a single major power…let alone a single empire…that was undone by terrorism.

But right now, the United States is spending a fortune on this nuisance.

The total bill for the wars and occupations in Iraq and Afghanistan is expected to top $1 trillion. The whole business is no more than an invitation to squander money and lives in a campaign against nobody-who-really-counts…an invitation the Bush administration gladly accepted!

So, we ask again - what are the serious challenges faced by the U.S.

The empire is going broke. The federal government is on the hook for some $55 to $65 trillion in expenses, beyond what it can reasonably expect in revenues.

There’s nothing especially novel about this bankruptcy. Empires usually go broke…and then they collapse - or are destroyed by enemies.

But why do thriving empires go bust? Why can’t they make a profit? Well, of course, at first they usually do. Either by force of arms or force of commerce - usually both - they grow and expand. But there must be a flaw in the human character. Once it is set on course for expansion, it doesn’t seem to know when to stop. More and more conquests lead to more and more battles…more territory to administer…and more military expenses. The United States now has more than 100 bases all over the world, and a military budget equal to that of all the rest of the world’s nations combined.

Meanwhile, institutions age and wither like old trees. Gradually, they are taken over by parasites, freeloaders, and hustlers. In military matters, the defense establishment shifts from actually defending the nation…to expanding the empire…and then to expanding itself. Contractors grow fat and rich. Politics and profits dictate which weapons are put into service, not military necessities. Even wars are chosen for reasons other than their actual military benefits. Politicians need enemies. The military/industrial complex, as Eisenhower called it, needs a raison d’etre. The people themselves need to be scared and bullied into cooperating with the imperial agenda.

George W. Bush is supposed to be a ‘conservative’ president, but he has actually expanded social spending programs more than any president in history. The old ‘conservative’ program has been corrupted by neo-conservative shills who serve the interests of the empire…along with their own interests, not those of the Old Republic.

Check out more of their writings here.