Cashing in on the Bush Doctrine
by Justin Raimondo

Don't worry, say the hegemonists, be happy. Forget that we're spending far too much on maintaining the biggest military machine the world has ever seen, and throwing multi-billions more into manipulating and managing "spontaneous" movements for "regime change" around the world. Foreign Affairs magazine tells us, in an article with the hubris-laden title of "How We Learned to Stop Worrying and Love the Current Account Deficit," that "overstretch" is "a myth." It's the foreign policy equivalent of Franklin Delano Roosevelt's declaration that "we owe it to ourselves." There is such a thing as a free lunch, after all. We can spend, spend, and spend again – and the bill will never come. Or, if it does, only the little people will be hurt, as Foreign Affairs reassures its elite readers:

"Although the period of global rebalancing would be painful for U.S. consumers and workers, it would be even harder on the European and Japanese economies, with their propensity for deflation and stagnation. Such a transitory adjustment would be unpleasant, but it would not undermine the economic foundations of U.S. hegemony."

Translation: screw the workers and consumers. U.S. "hegemony" is more important than their selfish desire to work for a living. So what if the dollar collapses, capital flight ensues, and we experience an economic crash in the U.S. – it will be far worse for the foreign suckers who spent all those years financing our debt, and, besides that, the Empire is forever.


Full story here.