So the American Empire is bankrupt?
Well, yes. But there's a catch that Chris Hedges can't seem to fathom: ALL OF THOSE DEBTS ARE DENOMINATED IN DOLLARS, AND THE USA OWNS A PRINTING PRESS THAT CAN PRINT INFINITE NUMBERS OF DOLLARS!
Of course, once the US does that, nobody anywhere will loan the US jack shit. The US really WOULD be bankrupt then. And the US already squandered all the natural resources it once had. On the other hand, while life in the newly impoverished Mexico North will be somewhat hard compared to the days of Empire, the US still possesses enough talent and ingenuity to figure out how to survive, and to defend the nation from anybody else who would want to extend their empire into the Americas. The US has *wide* moats on either side... and nobody else on the planet has a navy capable of controlling a crossing of that moat. US air power would turn any invasion fleet into some new reefs on the floor unless someone spends a *lot* of billions of dollars building aircraft carriers... yeah right. Good luck with that. They'll all be bankrupt too, once their U.S. Treasuries are paid off in freshly printed greenbacks. Not to mention that with peak oil, they're going to have other problems indeed...
-- Badtux the Grumpy Penguin
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