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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: zonder who wrote (3090)12/11/2003 1:16:33 AM
From: Lazarus_Long  Read Replies (1) of 110194
 
Not the first time, as has been pointed out.

What took so long? NATO started soon after WW2. I think the idea was that it was a mutual defense treaty, which meant the Europeans ought to contribute to their own defense. Mostly this was a myth (Britain excepted) and Europe relied on the US's nukes to keep the big bad Soviet bear in its cage.

But the point here is that once European defense expenditures rise from their present measly levels, that will act as a drag on the European economies. Military expenditures are like the pyramids- -lots of effort and money spent, but little more than a useless mound at the other end.

OTOH, there is nothing more expensive than a second-rate military.
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