Niall Ferguson: An Empire at Risk

Niall Ferguson on the Debt Bomb, or, "An Empire at Risk":

"In the great scheme of things—let's be frank—it does not matter much if Iceland teeters on the brink of fiscal collapse, or Ireland, for that matter. The locals suffer, but the world goes on much as usual.

But if the United States succumbs to a fiscal crisis, as an increasing number of economic experts fear it may, then the entire balance of global economic power could shift. Military experts talk as if the president's decision about whether to send an additional 40,000 troops to Afghanistan is a make-or-break moment.

In reality, his indecision about the deficit could matter much more for the country's long-term national security. Call the United States what you like—superpower, hegemon, or empire—but its ability to manage its finances is closely tied to its ability to remain the predominant global military power. Here's why..."

Of course, some of us in the US might welcome an end to our militaristic global empire; maybe it will help bring about a return to our founding principles and a refocusing on national defense (in the the true sense of the word) and securing our borders.

Hat tip to The Weekly Standard blog.