The United States is not seriously contemplating its own bankruptcy

chalmers johnson passed away last november... here's an excerpt from his post to tom dispatch that appeared in july 2009...

(note: there's a lot more and it's well worth reading...)

The failure to begin to deal with our bloated military establishment and the profligate use of it in missions for which it is hopelessly inappropriate will, sooner rather than later, condemn the United States to a devastating trio of consequences: imperial overstretch, perpetual war, and insolvency, leading to a likely collapse similar to that of the former Soviet Union.

According to the 2008 official Pentagon inventory of our military bases around the world, our empire consists of 865 facilities in more than 40 countries and overseas U.S. territories. We deploy over 190,000 troops in 46 countries and territories. In just one such country, Japan, at the end of March 2008, we still had 99,295 people connected to U.S. military forces living and working there -- 49,364 members of our armed services, 45,753 dependent family members, and 4,178 civilian employees. Some 13,975 of these were crowded into the small island of Okinawa, the largest concentration of foreign troops anywhere in Japan.

These massive concentrations of American military power outside the United States are not needed for our defense. They are, if anything, a prime contributor to our numerous conflicts with other countries. They are also unimaginably expensive. According to Anita Dancs, an analyst for the website Foreign Policy in Focus, the United States spends approximately $250 billion each year maintaining its global military presence. The sole purpose of this is to give us hegemony -- that is, control or dominance -- over as many nations on the planet as possible.

[...]

There is something absurd, even Kafkaesque, about our military empire. Jay Barr, a bankruptcy attorney, makes this point using an insightful analogy:

"Whether liquidating or reorganizing, a debtor who desires bankruptcy protection must provide a list of expenses, which, if considered reasonable, are offset against income to show that only limited funds are available to repay the bankrupted creditors. Now imagine a person filing for bankruptcy claiming that he could not repay his debts because he had the astronomical expense of maintaining at least 737 facilities overseas that provide exactly zero return on the significant investment required to sustain them... He could not qualify for liquidation without turning over many of his assets for the benefit of creditors, including the valuable foreign real estate on which he placed his bases."

In other words, the United States is not seriously contemplating its own bankruptcy. It is instead ignoring the meaning of its precipitate economic decline and flirting with insolvency.

reasonably prophetic, eh...?

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