Yes, says William H. Gross in the Washington Post: “The United States is overextended, not just militarily but economically. We are trying to do too much, borrow too much, spend too much, and sooner or later we will have to suffer the consequences. We are a country in the beginning stages of what can best be described as hegemonic decay. Empires take decades if not centuries to wither, a process more clearly viewed through a rearview mirror; Edward Gibbon’s masterful account of the decline and fall of the Roman Empire is perhaps the greatest example of this truth. But here and now, we’re much less inclined to Gibbon’s viewpoint than we are to Alfred E. Newman’s. “What, we worry?” is pretty much the national motto when it comes to our finance-based economy and its future prospects.” MORE
