Are We Now Buying the Rope On Which We Will Hang?

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The idea was that America was so corrupted and so greedy that we would eventually disregard our own national security in pursuit of a short-term profit. Ironically, it turned out that the Soviet system died under the weight of its own corruption. Communists, at least in practice rather than theory, tend to be just as greedy (if not more so) than capitalists. The Soviet Union is gone and America remains.

What Lenin may have missed is that America’s sin of greed is perhaps overshadowed by our gluttony. Yes, greed was at work in the last downturn but so was overconsumption. As a nation, we are at least as guilty in our buying habits as we are in our selling. One example is that the nation has about $19 trillion in Federal government debt, not to mention unfunded liabilities valued in the $100s of trillions, or private debt which is much greater than GDP already. From one view, this enormous quantity of debt could be the rope with which we hang. We buy goods and services from China and they claim the debt we incur to them is a weapon they can use against us. But that is just one example. Continue reading