Japanese Housewives and US Debt

Guess we still don't get it but according to Colin Powell's former chief of staff, the US is on the economic ropes (duh!) largely due to the fact we're squandering our fiscal autonomy in overseas adventures while foreign debtor nations control the purse strings to finance them. Quote:


Yep, that's more or less correct. I think he's underestimating just how far China and Japan will go to prop us up, but the single most fundamental rule of economics is that anything that can't go on forever, doesn't.

I think as long as we in the US are a culture of instant gratification and material consumption, not to mention implementing foreign policies by other means, our dependence on such debtor nations will only grow. And yes, it can't go on forever and the fact that some members of government concede they are scrambling to chart our national future instead of having a blueprint of some sorts isn't very reassuring.