Bush’s open-ended claims for US power - including the unilateral right to invade and occupy “failed states” to execute “regime change” - offend international law and are prerogatives associated only with empire. But Bush’s greater vulnerability is about money. You can’t sustain an empire from a debtor’s weakening position - sooner or later the creditors pull the plug. That humiliating lesson was learned by Great Britain early in the last century, and the United States faces a similar reckoning ahead.
- from “The End of Empire” by William Greider

Yep, the question is not whether there will be a crash, but when and how hard or soft it will be. Let’s hope it’s as soft as possible. I am reminded of a bit of history I heard recently - I’m no expert, so help me fill in the gaps: the Roman empire did not become an empire until it ran out out of fuel (wood). An army was then formed to go a-conquering in order to secure fuel for use back at home. Sound familiar?

Friday, December 17th, 2004 at 8:40 pm.
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