Back in 2000 a Republican friend warned me that if I voted for Al Gore and he won, the stock market would tank, we'd lose millions of jobs, and our military would be totally overstretched. You know what? I did vote for Al Gore, he did win, and I'll be damned if all those things didn't come true!
Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.john n. gray
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