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March 18, 2008
The Collapse of American Power
By Paul Craig Roberts
In his famous book, The Collapse of British Power (1972), Correlli
Barnett reports that in the opening days of World War II Great Britain
only had enough gold and foreign exchange to finance war expenditures
for a few months. The British turned to the Americans to finance their
ability to wage war. Barnett writes that this dependency signaled the
end of British power.
From their inception, America's 21st century wars against Afghanistan
and Iraq have been red ink wars financed by foreigners, principally
the Chinese and Japanese, who purchase the US Treasury bonds that the
US government issues to finance its red ink budgets.
