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Editorial See other Editorial Articles Title: Libertarian Foreign Policy Brief prepared exclusively for our subscribers by Colonel Douglas Macgregor How and when America’s ongoing budgetary crisis will be resolved after Americans elect a President in November 2012 is a mystery, but trillion-dollar deficits stretch as far as the eye can see and the Federal Debt is now 100% of U.S. gross domestic product.[i] When interest rates on the U.S. Treasury’s securities rise – and they will – the U.S. Government’s cost of servicing the nation’s ballooning debt will soar[ii] confronting Americans with a new, more profound fiscal crisis; in Senator Tom Coburn’s words, “the specter of default.”[iii] Mitt Romney’s grandiose plans for a 450 ship navy along with Rick Santorum’s determination to wage war on Iran (or anyone else for that matter) will vanish like smoke on the wind after January 2013 when the next financial crisis strikes. America’s domestic social and economic problems will become so severe the world will have to tend to itself for a decade while Americans sort themselves out. Frankly, the U.S. will be fortunate to maintain a defense budget of 250 to 300 billion dollars.[iv] In lean times, like all of the English-speaking powers, the United States is of necessity an aerospace and maritime power, but not necessarily a land power. American control of the oceans and the air gives the United States the opportunity to wage war on its own terms, at places and under conditions of its own choosing. When there is no existential military threat and fiscal crises constrain defense spending, Americans along with their British, Australian and Canadian allies have the luxury of refusing battle and sailing home. [i] Dr. Eichengreen, professor of economics and political science at the University of California, Berkeley. “Why the Dollar's Reign is Near an End,” Wall Street Journal, 2 March 2011, page 1. [ii] Peter Wallison, “Republican’s and Obama’s New Deal,” Wall Street Journal, May 21, 2010, OPED page. [iii] Senator Tom Coburn, M.D. (R-OK) “Why I voted against the debt deal,” The Washington Post, 2 August 2011, OPED page. [iv] Alvaro Vargas Llosa, “Do Obama's Re-Election Chances Ride On A U.S. Bailout Of Europe?” Forbes, 11 October 2011, OPED. Llosa writes: “Rescue plans have failed these last three years. The Federal Reserve has tripled its balance sheet and trillions of dollars have been spent on stimulus efforts by Washington—all to no avail.” Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: christine (#0)
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