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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (22791)2/3/2005 4:55:11 PM
From: Earlie  Read Replies (1) of 116555
 
MB:

I have to disagree with you, which is a rare occasion.

Does the US really possess strong military capability? No doubt that it used to, but history provides plenty of instances wherein nations have built up strong military capability only to see that capability evaporate as a result of it becoming "unaffordable". The USSR is a recent example of this phenomenon. Nuclear subs rusting in their pens for lack of rubles to pay the guys to take them out to sea.

Can the USA afford to spend so great a percentage of its GDP on the military? A glance across the rest of the US economic landscape suggests no. Citizens, corporations and all levels of US government are loaded with greater debt than ever seen in history and greater by far than is found in most other developed countries. If the current stealth selling of Treasuries by foreigners expands, the US will be in a world of economic hurt. Hard to keep a huge military presence when a country is broke and hard to argue that the USA is not approaching just such a nasty situation.

Would that it were not true, but over the next several years, the US is going to reap what it has economically sowed..... and an expensive military is likely to be one of the first items that it will be forced to discard.

Best, Earlie
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