For a number of years, the United States has had a reckless fiscal policy driven by wars and defence spending. The country has been sailing on not much more than its inexorable momentum — a centuries-old legacy of good governance, a democracy that could elect an African-American with the middle name of Hussein, and a remarkable work ethic and business drive.
All this had so far succeeded in hiding the ugly underbelly of the US Empire:
- Covert military actions in 120 countries
- Marginalising dissent and minority political views
- Media bias towards Israel and promotion of Islamophobia
- Media calling ‘greed’ 101 other names, but not ‘greed’
- Wars of aggression, assassinations, torture and other war crimes
- No voice for the average Joe
All this has been underwritten and underpinned by a vast culture of lies. The economic monster has come out of the esoteric confines of computers and models into a hard cold fact: a lack of confidence in the ability of the United States to repay its debts. The proverbial rubber has hit the ground.
The significance of this event cannot be understated. European leaders are in a huddle as we speak. China has laid in to the United States with relish. The great country founded by Jefferson and Washington and other upright men has had its first body blow after a series of moral lapses — a confidence-sapping accusation of financial and political irresponsibility that goes against everything it has ever stood for, rightfully or not. It is now or never, for philosophers, intellectuals and politicians to see beyond the current situation and try to shake loose this monster that threatens to engulf the American Empire.
Could something have been done to prevent this. Sadly, short of a wise monarch, nothing. As long as options to spend more were on the table, the consensus of committees is to spend more. And hubris is what brings empires down.
What are we going to see next? A humbler United States licking its wounds and rising again on ethics and truth? Or, a wounded bully who will back up the ‘full faith and credit’ of the United States with its ability to steal the wealth of the world through military intimidation?
History is unfolding.