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Posted: 10/27/2010 7:48:02 AM EDT
A great read by Mark Steyn (if you haven't read him before in National Review and other places you are missing out):


I particularly like these parts about our debt:

So we’re not facing “decline”. We’re already in it. What comes next is the “fall” – sudden, devastating, off the cliff. That’s why this election is consequential – because the Obama-Pelosi-Reid spending spree made what was vague and distant explicit and immediate. A lot of the debate about America’s date with destiny has an airy-fairy beyond-the-blue-horizon mid-century quality, all to do with long-term trends and other remote indicators. In reality, we’ll be lucky to make it through the short-term in sufficient shape to get finished off by the long-term. According to CBO projections, by 2055 interest payments on the debt will exceed federal revenues. But I don’t think we’ll need to worry about a “Government of the United States” at that stage. By 1788, Louis XVI’s government in France was spending a mere 60 per cent of revenues on debt service, and we all know how that worked out for the House of Bourbon the following year.

and China:

What does that mean? In 2009, the US spent about $665 billion on its military, the Chinese about $99 billion. If Beijing continues to buy American debt at the rate it has in recent times, then within a few years US interest payments on that debt will be covering the entire cost of the Chinese military. This summer, the Pentagon issued an alarming report to Congress on Beijing’s massive military build-up, including new missiles, upgraded bombers, and an aircraft-carrier R&D program intended to challenge US dominance in the Pacific. What the report didn’t mention is who’s paying for it.

Answer: Mr and Mrs America.

By 2015, the People’s Liberation Army, which is the largest employer on the planet, bigger even than the US Department of Community-Organizer Grant Applications, will be entirely funded by US taxpayers. When the Commies take Taiwan, suburban families in Connecticut and small businesses in Idaho will have paid for it.

Link Posted: 10/27/2010 7:53:04 AM EDT
Oh, how I love Mark Steyn.
Link Posted: 10/27/2010 7:54:20 AM EDT
Oh, how I love Mark Steyn.

Yep, it's amazing how he can be so funny while talking about the most depressing subjects.
Link Posted: 10/27/2010 7:56:38 AM EDT
He's a genius.
Link Posted: 10/27/2010 7:58:21 AM EDT
He get it and he's Canadian.
Link Posted: 10/27/2010 8:01:41 AM EDT
Oh, how I love Mark Steyn.

Yep, it's amazing how he can be so funny while talking about the most depressing subjects.

Yeah, I love the guy but damn I hate when he tells it like it is.
Link Posted: 10/27/2010 8:02:47 AM EDT


He's a genius.

Link Posted: 10/27/2010 8:02:50 AM EDT
The Chinese are cruising for a bruising.

They have explicitly stated that they'll keep the RMB low to maintain their social stability.  The rest of us will have to like it, or lump it.  They are betting we will like it.  Even if we're willing to pauperize ourselves to avoid a war with China, it is not as clear that the Indians, Japanese, and others feel the same way.
Link Posted: 10/27/2010 8:04:00 AM EDT

Link Posted: 10/27/2010 8:08:20 AM EDT
Thanks, excellent post.
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