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American ‘Empire’ Collapsing – China The New World Power

 
Rash Limbaugh
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User ID: 897280
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07/11/2010 10:28 PM
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American ‘Empire’ Collapsing – China The New World Power
Globalization has killed America. China is now the reigning world superpower as the United States slowly loses the fight to keep its military and global corporate holdings from collapsing under our countries massive debt. A trillion dollar a year defense budget cannot be maintained when your country has a 25% unemployment rate and your tax base is disintegrating.

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.

“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.”

Ferguson said empires — such as the former Soviet Union and the Roman empire — can collapse quite quickly and the tipping point is often when the cost of servicing an empire’s debt is larger than the cost of its defense budget.

“That has not been the case I think at any point in U.S. history,” Ferguson said. “It will be the case in the next five years.”

Ferguson was conscious of opening the Ideas Festival on such a stark note.

“Walter Isaacson, the leader of this great institution said, ‘Don’t be too dark!,’” Ferguson said.

The affable British scholar tried to keep it light. He used a stage whisper to tell the Aspen Institute audience, “I know you’re not comfortable with the word ‘empire,’ especially just after the Fourth of July, but you are the Redcoats now.”

He said the U.S. is now deeply in the red as a country because of a combination of the Great Recession, the resulting federal stimulus and financial bailout programs, two wars, the Bush tax cuts, and a growth in social entitlement programs.

And economic debt can lead to a sudden loss of military power and global respect, Ferguson said.

“By combating our crisis of private debt with an extraordinary expansion of public debt, we inevitably are going to reduce the resources available for national security in the years ahead,” Ferguson said. “Because as a debt grows, so the interest payments you have to make on it grow, even if interest rates stay low. And on current projections, the federal debt is going to be absorbing around 20 percent — a fifth of all the taxes you pay — within just a few years.

“The item of discretionary federal expenditure most likely to be squeezed is of course defense. And there are lots of historic precedents for that,” said Ferguson, who is the author of “Empire: The Rise and Demise of the British World Order and the Lessons for Global Power.”

Ferguson said the financial crisis that started in 2007 has “has accelerated a fundamental shift in the balance of power,” with the U.S. shedding power and China absorbing it.

“I’ve just come back from China — a two-week trip there — and the thing I heard most often was, ‘You can’t lecture us about the superiority of your system anymore. We don’t need to learn anything from you about financial institutions and forget about democracy. We see where it has got you.” [link to www.survivalistnews.com]

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Anonymous Coward
User ID: 872433
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07/11/2010 10:36 PM
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Re: American ‘Empire’ Collapsing – China The New World Power
Well, the only consolation to this tragedy is the blowhards here who think they are so much more valuable and productive than the "deadbeats" here will be treated like deadbeats themselves by the Chinese.
Anonymous Coward
User ID: 1033482
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07/12/2010 03:59 AM
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Re: American ‘Empire’ Collapsing – China The New World Power
China is lying about its economic state, i've theorized this mark my words... Their acting like the same Maoists they were 40 years ago
Anonymous Coward
User ID: 1033482
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07/12/2010 04:00 AM
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Re: American ‘Empire’ Collapsing – China The New World Power
Karate Kid featured liberal family moving to China i wonder what thats all about

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