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In fiscal year 2020, which ended on Sept. 30, the U.S. government set some impressive new records.

The deficit came in at $3.1 trillion, twice the previous record of $1.4 trillion in 2009, which was set during the Great Recession, and three times the 2019 deficit of about $1 trillion.

Federal spending hit $6.5 trillion, one-third of U.S. gross domestic product, a share unrivaled except for the later years of World War II when federal spending exceeded 40% of GDP.

The U.S. national debt, $14 trillion when Donald Trump took office, now stands at $21 trillion, roughly the same size as U.S. GDP.

In fiscal year 2021, the deficit could be of the same magnitude as 2020.

Why so? First, the economy is not fully recovered from the 2020 depression. Unemployment is still near 8%. Nancy Pelosi has already proposed $2.2 trillion in new spending to battle the effects of the coronavirus pandemic in the first month of this fiscal year. And COVID-19 cases are spiking again.

With the national debt already equal to the GDP, and growing faster now, a question arises: Where does this end?

How many more multitrillion-dollar deficits can we sustain before the quality of U.S. debt is called into question by Japan, China and the other nations that traditionally buy and hold U.S. debt?

How long before the value of the U.S. dollar is questioned?

How long before our creditors start demanding higher interest rates to compensate for the rising risks they are taking in buying the bonds of so profligate a nation?

According to Stein’s Law, named after Herb Stein, the chairman of the Council of Economic Advisers who enunciated it, if something cannot go on forever, it will stop.

Or was Herb Stein wrong, and we can borrow and spend forever?

Consider the built-in engines of spending that were causing trillion-dollar deficits even before the coronavirus hit?

With the huge baby boomer generation, born between 1946 and 1964, only half retired and still reaching 65 and 66 in the millions every year, the claims on Social Security and Medicare, the two largest programs in the U.S. budget, are certain to grow. So, too, are the claims on Medicaid, health care for the poor, the next largest item in the budget.

With unemployment at 8%, other social programs that date to the Great Society days of over half a century ago — welfare, housing, education, nutrition — and consume a large share of our budget, are unlikely to shrink.

Interest on the debt, as the U.S. national debt rises and becomes riskier, is also likely to be headed one way — straight up.

Which brings us to that other major budget item: national defense.

The Trump era has already produced a significant increase in defense spending, while defense commitments have seen no reduction.

ORDER IT NOW

We are obligated to defend some 30 NATO allies from the Atlantic to the Baltic and Black seas. In the Middle and Near East, we have troops stationed in Turkey, Syria, Iraq, Jordan, Kuwait, Bahrain, Qatar, the UAE, Saudi Arabia, Oman, Afghanistan and Djibouti on the Horn of Africa.

With the new strategic “pivot to Asia,” U.S. troops and ships have moved into the Indo-Pacific region to contain China in what is being called Cold War II. Then there are the U.S. treaty commitments to defend Japan, South Korea, the Philippines, Australia and New Zealand dating to the ’50sAllies are our strength, we are told. They are also our dependents.

This morning came press reports that ISIS, whose caliphate in Syria and Iraq we annihilated, is turning up in Africa. A new front may be opening up in the global war on terror.

The question here is a simple one: Can we continue to do it all?

Our resources are not inexhaustible.

Already, U.S. GDP is receding as a share of global GDP, and the defense budget is receding as a share of U.S. GDP.

We are being obligated to do more and more, at home and abroad, while our share of the world’s wealth is less and less.

Can we continue to maintain strategic parity and contain the ambitions of the other great powers, Russia and China?

Can we continue to defend South Korea and Japan from Kim Jong Un and his nuclear arsenal, confront and choke the Ayatollah’s regime in Iran and, at the same time, reconstruct George H. W. Bush’s “new world order”?

While doing all this, can we overcome the worst pandemic since the Spanish flu of 100 years ago, and deal with a national divide and racial crisis as bad as any since the 1960s, if not the Civil War?

We’re going to find out.

Patrick J. Buchanan is the author of “Nixon’s White House Wars: The Battles That Made and Broke a President and Divided America Forever.”

Copyright 2020 Creators.com.

 
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  1. Wyatt says:

    Who cares, boomer? This was all slated to happen once WW2 was “won.” Wars for Israel, social justice for the west. Power mongering dipshits clinging to whatever remains of their power to the detriment of everyone the fuck else.

    The debt is a trivial concern while cities burn, thuggish coloreds attack whites (and browns and yellows and themselves) and socialists try to stage a revolution.

    Who in the fuck would look at the debt while the country is on fire?

  2. Biff says:

    We are obligated to defend some 30 NATO allies from the Atlantic to the Baltic and Black seas.

    It ain’t worth the paper it was written on.

    Washington will dump anyone and any treaty at any time and has done exactly that for the past two hundred years.

  3. We’re a jewdeochristian nation,Right??? Have you read the GOOd Book
    The goal is not to right the wrongs,it’s to save the chosenites.
    To get divine intervention, they need it to get really,really BAD.
    Almost there,blessed holy peaceful people,build more weapons,We’re # 1 in money…

  4. No Pompeo press releases or other big scoops, but plenty of propaganda pronouns and Exceptional! euphemisms in the litter box this morning.

    Which brings us to that other major budget item: national defense.

    The Trump era has already produced a significant increase in defense spending, while defense commitments have seen no reduction.

    We are obligated to defend some 30 NATO allies from the Atlantic to the Baltic and Black seas. In the Middle and Near East, we have troops stationed in Turkey, Syria, Iraq, Jordan, Kuwait, Bahrain, Qatar, the UAE, Saudi Arabia, Oman, Afghanistan and Djibouti on the Horn of Africa.

    With the new strategic “pivot to Asia,” U.S. troops and ships have moved into the Indo-Pacific region to contain China in what is being called Cold War II. Then there are the U.S. treaty commitments to defend Japan, South Korea, the Philippines, Australia and New Zealand dating to the ’50s[.] Allies are our strength, we are told. They are also our dependents.

    Is something about to blow? Consider.

    The next Most Important Election Ever is only weeks away. But three of Mr. Buchanan’s last four columns have dropped the GOP cheerleading for hand wrung deficit dissidence to whitewash an Establishment trying to rule the world with barrels of guns and green ink.

  5. @Wyatt

    Shaddap already you paranoid twat.

    -0.0000000001% of Americans have seen black thugs attacking anyone or a burning city (exluding PNW wildfires) this year.

    The violent crime rate actually DECREASED for the billionth year in a row.

    Just eat a shotgun, please.

  6. There’s something called Modern Monetary Theory which says there’s no cause to worry about deficits or debt because a sovereign state can just print all the money it needs. Sounds almost too good to be true, but that’s what the US is doing. We shall see what happens.

    • Replies: @davidgmillsatty
  7. Realist says:
    @JohnPlywood

    Can we continue to maintain strategic parity and contain the ambitions of the other great powers, Russia and China?

    That a boy Buchanan…let the bullshit fly.

    • Replies: @Bill Jones
  8. Rurik says:

    that other major budget item: national defense.

    The Trump era has already produced a significant increase in defense spending,

    am I the only one for whom the word ‘defense’ in this context has come to mean the exact opposite?

    Like the Russian word ‘Pravda’, (Truth, which came to mean its opposite- agenda-driven lies) it’s like the process of Doublethink:

    To know and not to know, to be conscious of complete truthfulness while telling carefully constructed lies, to hold simultaneously two opinions which cancelled out, knowing them to be contradictory and believing in both of them, to use logic against logic, to repudiate morality while laying claim to it, to believe that democracy was impossible and that the Party was the guardian of democracy, to forget whatever it was necessary to forget, then to draw it back into memory again at the moment when it was needed, and then promptly to forget it again, and above all, to apply the same process to the process itself—that was the ultimate subtlety: consciously to induce unconsciousness, and then, once again, to become unconscious of the act of hypnosis you had just performed. Even to understand the word—doublethink—involved the use of doublethink.

    The power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them… To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just as long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies—all this is indispensably necessary. Even in using the word doublethink it is necessary to exercise doublethink. For by using the word one admits that one is tampering with reality; by a fresh act of doublethink one erases this knowledge; and so on indefinitely, with the lie always one leap ahead of the truth.

    recently I was conversing with some fellows about how many states have laws requiring the Holocaust to be ‘taught’ in every grade of the government schools. Because genocide (ethnic cleansing, racial persecution, theft of land and property based on race) is not just wrong, but the most evil crime that (White) people have ever committed against others!

    Genocide can never be forgiven!

    While at the same time, and often by the very same politicians, they have passed simultaneous laws declaring that criticizing Israel- for practicing modern day genocide, is strictly verboten! and the most evil thing that anyone could even imagine doing!

    A complete mind-fuck.

    Genocide is your biggest crime Whitey, and you’ll never expunge the guilt you will always owe us for.

    But when we practice it, it’s the most holy of sacraments and you’re only worthy to kneel in homage (and cough up the funding) for our genocidal campaigns.

    There are other words. Justice and injustice.

    Dept. of Justice, has come to mean the opposite.

    Like the Red leg thug in ‘Josey Wales’, who proclaims with sanctimonious malevolence: “doing right = (rampaging slaughter of innocents) ain’t got no end’.

    ‘doing right’

    pretty much Israel’s and the ZUS’s version of ‘defense’. Israel has to ‘defend’ itself. The ZUS has to defend itself from Iraq and Libya and Syria and so many other places, that ‘menace it, and threaten it’.

    ‘from the Fifth Protocol:

    “To obtain control over public opinion, it is first necessary to confuse it by the expression from various sides of so many conflicting opinions . . . this is the first secret. … consequently, people will lose all their mutual understanding. This measure will serve us also in breeding disagreement in all parties, in disintegrating all those collective forces which are still unwilling to submit to us and in discouraging all personal initiative which can in any way interfere with our undertaking.”

    ‘National defense’.

    George Dubya Bush called Ariel Sharon a ‘man of peace’.

    It’s the equivalent of declaring that Jerry Sandusky was a champion and savior of young boys.

    The Ministry of Truth.

    Like American Pravda.

    National defense.

  9. Rurik says:
    @JohnPlywood

    -0.0000000001% of Americans have seen black thugs attacking anyone or a burning city (exluding PNW wildfires) this year.

    The violent crime rate actually DECREASED for the billionth year in a row.

    Just eat a shotgun, please.

    Yea, the problem we all have are White supremacists!

    huh?

    BLM rioting and burning, racist scum and Antifa goons are making our city streets safe from White supremacists hell bent on burning it all down, because they want to bring back slavery!

    Blacks are lowering their crime rates and no one on this planet has ever seen a ‘black thug attacking anyone! That’s just a racist trope of White supremacists!

    Huh JohnPlywood?

    You tell em John!

    The problem we all have today is White supremacism, not BLM or Antifa or the Squad or Pelosi and Chucky and CNN and MSNBC and the NYT and the Clintons, who’re just trying to restore America’s democracy! Kamala simply wants social justice!

    While Trump tosses red meat to Nazis and domestic terrorists who’re really the ones rioting and burning down our cities!

    It’s White supremacists that are tearing down Thomas Jefferson statues!

    It’s White supremacists that are burning down Target stores and gas stations.

    They’re a menace to us all!

    BLM is just trying to keep the peace, and go out there in the streets to keep violent thugs like Kyle Rittenhouse from murdering us all!!!

    Someone needs to fellate a shotgun, but it’s not the commenter Wyatt.

  10. I’m no fan of many of Trump’s policies yet I fervently hope for his re-election. I thought that Trump’s tax cuts mostly going to the 1%, and pushed by Koch Brothers errand boy House Speaker Paul Ryan, was going to be a disaster. Given what has happened with Trump’s being snookered into initially supporting devastating lockdowns by the devious Dr. Fauci, which exploded an already out of control deficit, I don’t think I was wrong. And much of the Covid stimulus went to the .1% Masters of the Universe who control Wall Street, and with it much of the world economy.

    MMT, which the Trump Admin. is following, can only work so long as the US dollar is the world’s reserve currency. How much longer can this scam go on? If China is still propping up the US economy by buying worthless US securities, they must has an ulterior motive. I surmise that when they finally call in the debt they will own half of America. It’s hard to believe that the Chinese leadership could be as incompetent as Pelosi, master liar Schiff, and the repugnant Nadler. And that just for starters.

    My one hope is that a victorious Trump will have learned from his first term mistakes. Freed from seeking re-election and endless campaigning, will he finally act in the interest of his base, mostly consisting of Whites? Or will he still be captured by the .1%? And will he stop this ridiculous talk of using the military to force an untested, possibly deadly, and unnecessary Covid vaccine onto his MAGA masses?

    But the Biden/Harris/Pelosi neoliberal socialist revolutionary ticket is completely unpalatable. If these incompetent evil people are declared the victors by mail-in ballot subterfuge, days or weeks after election day, one can only hope that Trump’s gun owning MAGA supporters get ready in great numbers and do what must be done.

    • Replies: @Greta Handel
    , @Rurik
  11. @follyofwar

    My one hope is that a victorious Trump will have learned from his first term mistakes.

    When it comes to Washington politics, at this point you should be hopeless.

    Stop sitting in the front row of the Red v Blue puppet show, thinking that your vote does anything but keep it going. If you want things to improve, you need to get up and leave.

  12. Can we continue to defend South Korea and Japan from Kim Jong Un and his nuclear arsenal, confront and choke the Ayatollah’s regime in Iran and, at the same time, reconstruct George H. W. Bush’s “new world order”?

    Like so much of the rest of this article, the above excerpt only makes sense if it is interpreted facetiously, as a parody or joke.

    Strangely, I get the impression that the author was trying to be serious.

    • Replies: @Rurik
  13. anon[773] • Disclaimer says:

    When I pointed out our exploding debt to a fiscal conservative, I was told that the current mantra is we no longer worry about national debt, because we never have to pay it back. I thought at first it was wishful thinking, then I realized he was right. Japan and other “allies” a.k.a. America’s poodles will simply keep buying our debt to all eternity because we tell them to, and countries that dare to question our debt or want their money back like China will just get kicked off the international monetary system (which we control) or bombed to bits.

    It’s good to be King.

    • Replies: @atharvaveda
  14. @Wyatt

    None of that stuff is happening, you nutter. Mr. Buchanan is correct — focus on the deficit, and you find the unmentionable ones.

    You get your panties in a knot over some media-created Patriot Prayer nerd getting himself caught in some urban street violence while you, that idiot Tumpkin, and the baboon who shot him are all getting turned into neo-serfs by finance capital.

    I realize I’m asking a lot of your non-college educated, 75IQ brain, but keep your eyes on the prize.

  15. Emslander says:

    The national debt is a pretty good measure of the gap between the needs of liberal capitalism and the ability of liberal capitalism to successfully provide those needs. The national debt is mirrored on a small scale by the personal indebtedness of Americans.

    Don’t be deluded. Of course we can’t keep doing all of this. No nation can keep promising wealth, health and sex without consequences to all of its citizens. Every civilization fails ultimately because it makes such promises to retain power and then fails to deliver on them.

    Adios, America!

  16. Rurik says:
    @follyofwar

    will he finally act in the interest of his base, mostly consisting of Whites? Or will he still be captured by the .1%?

    no and yes, respectively

    But regardless, he’s still a thousand times better than wokeness – (Nadler, Pelosi, AOC, BLM, CNN, Clinton, Chucky, Max Boot, Kristol, the View, Omar, Goodyear, Google, Gillette, Mitt, NAMBLA, NFL, Apple, Twitter, YouTube, Facebook, Biden, Harris, Soros..

    and my fingers would get arthritis typing all the other butt-hurt scumfucks of mediocrity and malevolent malice that want sooooooo bad to impose their frothing rage of race-hate for Whitey for ‘four hundred years of genocide!, slavery! and systematic racism!! that has had its knee on the necks of POC for too long!!!

    I want to see their heads explode

    I want their souls consumed in the fires Trump’s swaggering, White male, in-your-face Americana.

    I want the anti-White butt-hurts to self-eviscerate in existential angst. Aneurysms triggered by TDS enough to fill an ocean with their tears of ‘unfathomable sadness’.

    So don’t let anyone tell you this election doesn’t matter, or that voting is a waste of time.

    This

    is what I want to see!

    Indictments up the ying and out the yang

    Brennan, Comey, even yes, the War Hag!

    So please vote!

    Vote like your children’s lives are on the line, because if they’re White and middle or working class, they coming after them.

    They owe, and they WILL be made to pay for all they’ve done!!!

    • Agree: follyofwar
    • Troll: Corvinus
    • Replies: @follyofwar
  17. Rurik says:
    @Ultrafart the Brave

    at the same time, reconstruct George H. W. Bush’s “new world order”?

    Like so much of the rest of this article, the above excerpt only makes sense if it is interpreted facetiously, as a parody or joke.

    Strangely, I get the impression that the author was trying to be serious.

    few if any have been more adamant that ‘George H. W. Bush’s “new world order” is a grand folly and recipe for a catastrophic end of the American experiment in liberty; than Patrick J. Buchannan. Who wrote The Death of the West.

    So it’s no joke, but rather a veiled (it sort of looks like it was actually Pat who churned this particular one out), warning that business as usual in DC is not sustainable.

    How long before the value of the U.S. dollar is questioned?

    as long as they can just keep printing trillions, the party will last.

    What happens when it eventually, inevitably ends?

    How much sympathy will the ZUSA receive from the rest of the world, when the zio-bully on the world’s stage is no longer able to menace the planet with sanctions and bombs and drones?

    When the dollar eventually dies, there will be hardship in America like few can even imagine.

    And from Russia to the Middle East to Latin America and Europe, they’ll all sit back and enjoy the show.

    The sad thing is that the people (of all races and creeds) who will suffer the most are the ones who had no part in the wars and serial atrocities and uber-financial swindles that the ZUS has bludgeoned and looted the planet with.

    The guilty will simply fly to their private islands and Swiss chalets and Italian villas to live it up with the likes of Macron and Merkel and May and Johnson.

    That’s the part that is lamentable.

    • Agree: El Dato
    • Thanks: Ultrafart the Brave
  18. Rurik @17

    The guilty will simply fly to their private islands and Swiss chalets and Italian villas to live it up with the likes of Macron and Merkel and May and Johnson.

    Well that’s the plan, but… “The best laid schemes o’ mice an’ men / Gang aft a-gley.” “To a Mouse,” by Robert Burns

    • Replies: @Rurik
  19. @Rurik

    As per usual, Rurik, you said it far better than I could. I disregard those smug cynics like @Greta Handel, who claim to be above it all, and that Red v Blue is but a “puppet show.”

    Team Red, for all its many faults, doesn’t (in general) hate the White Man, and can still be turned around with proper (younger) leadership, like Rand Paul for example. But time is very short. Trump has been a step in the right direction though he’s also, to our collective detriment, often been a self-destructive fool.

    Team Blue, as you say, hates the White Man, which is reason enough to root for its destruction. Sadly it controls the lying scum fake news media. I was raised a democrat but now hate all those slimy f**kers with a passion. I want to live to see many of those seditionists perp walked in handcuffs, as should have happened already. If you’re a Heritage American and not with us, you’re a big part of the problem.

    • Troll: Corvinus
    • Replies: @Greta Handel
    , @Rurik
    , @KenH
  20. We must kill the beast! The stock market that has bern responsible for almost all of the corruption within the government and businesses! Since March 17th, 2020, 43% of small businesses have had to at least temporarily close, and 40% of small businesses have had to lay off employees as a result of the scamdemic. This is all being done in order to transfer assets over from the honest and competent, over to the corrupt and incompetent. It is keeping the parasitic beast on life support at everyone elses expense. Since the lock down, Americas 583 billionaires have increased their networth by over
    $860 billion. The FMAGA tycoons networth surged by over 38% in a fraud scam of data theft and perverted spying program psy-opped as contact tracing. Kill the beast! Or be killed by it! Those are America’s two remaining choices! It devours everything in its path, and is responsible for
    $21 trillion in accounting errors in a Pentagon, Treasury, Wall Street money laundering circuit with more dirty laundry than the Netenyahus visiting the White House!

    Andrea Iravani

  21. @follyofwar

    If you’re a Heritage American and not with us, you’re a big part of the problem.

    OK, let’s test your test. From another of yours (#10) upthread:

    And much of the Covid stimulus went to the .1% Masters of the Universe who control Wall Street, and with it much of the world economy.

    Yeah, that was part of the so-called “CARES Act” that squeaked by in the Senate, 96-0, before being signed by President Trump. Is none of them a fellow “Heritage American”?

  22. Rurik says:
    @follyofwar

    Thanks follyofwar,

    Team Red, for all its many faults, doesn’t (in general) hate the White Man,

    agree

    and can still be turned around with proper (younger) leadership, like Rand Paul for example

    You’re more optimistic than I am, and God bless you for it.

    If you’re a Heritage American and not with us, you’re a big part of the problem.

    I can’t imagine anyone who would even marginally be considered ‘Heritage American’, who’d also vote for ‘wokeness’- anti-White/anti-Heritage America (of all races) hatred on acid.

    And perhaps the biggest enemy of Heritage America are the .01%

    The Koch bros and Buffets and assorted billionaires. They see America as their farm, with bipedal farm animals to milk and fleece for every nickel they can squeeze out of them. And the more and poorer and less organized they are, the better!

    Cue George Carlin, as I was recently reminded. ‘It’s a club, and you (and I) ain’t in it’.

  23. Anon[135] • Disclaimer says:

    “… ISIS, whose caliphate in Syria and Iraq we annihilated. . .”

    I’m having trouble remembering. Did we annihilate ISIS before or after the Russians did?

    • Replies: @RVBlake
  24. Exile says: • Website

    Credit where it’s due – this piece sounds like the Pat Buchanan who helped shake me out of the neo-con stupor in the 00’s. Hope he sticks around awhile. Not perfect but a damn sight better than recent efforts.

  25. RVBlake says:
    @Anon

    Yes, that “we” was a definite speed bump. I labored under the impression that “our” participation in the campaigns against ISIS consisted mainly of carping and bitching at the Russians while they assisted the Syrian Army in combating ISIS.

  26. What Pat Buchanan describes is the fatal limitation of empire. What we will soon find out is whether mankind can avoid WWIII.
    https://www.ghostsofhistory.wordpress.com/

  27. KenH says:
    @follyofwar

    Team Red, for all its many faults, doesn’t (in general) hate the White Man, and can still be turned around with proper (younger) leadership, like Rand Paul for example

    Yikes. You’re forgetting that Rand Paul wanted to host a town hall with BLM back in 2015 to understand the roots of their rage and radicalism. BLM was holding rallies about killing cops and some of their supporters were doing just that yet Rand man still gave them respect.

    He didn’t offer to have a town hall with white nationalists after Charlottesville in 2017 who were victims of malfeasance by the city government and the police with other actors being victims of DOJ and Jewish lawfare for exercising their right. Instead he condemned them in a formal resolution like very other cucked and traitorous member of Congress.

  28. @JohnPlywood

    Your arguments are as flimsy as your name Plywood, you Israel loving goon.

  29. Point taken KenH. As for Senator Paul, maybe he’s changed his mind after he and his wife were assaulted by a vicious BLM/Antifa mob right outside the White House the night they left Trump’s nomination acceptance speech. A dose of reality can do that.

    Unfortunately no politician, not even Trump (as he quickly found out), can say a nice word about White nationalists without begging for forgiveness. I brought up Paul’s name as I think he’s the least likely politician of prominence to get the Empire involved in more wars.

  30. Phibbs says:

    The U.S. is a militarist, Zionist nation. The Afghanistan and Iraq wars cost $5 trillion in direct and indirect costs. Both wars were a consequence of pro-Israel policies. Jewish money manipulation basically caused the economic crisis of 2008. The Jew-owned politicians and media are now aching for war with Iran — a war that will cost t least 10 trillion dollars. Until we Gentile Americans kick out the Jews, we will continue to head towards political and financial hell.

    • Agree: anonymous1963
    • Replies: @Corvinus
    , @Piglet
  31. @Wyatt

    What sort of ignorant dipshit thinks Buchanan is a boomer?

    • LOL: davidgmillsatty
  32. @Realist

    Yup, just what are “The ambitions of the other great powers” that we need/should/wish to contain?
    Who told you?

    • Agree: Realist
  33. @anon

    Obviously it’s true that the money doesn’t need to be paid back. The US can simply declare the debt invalid (i.e. default), which of course doesn’t necessarily mean the affected countries will accept that the debt is no longer there. It can do a soft default by limiting what foreign holders of dollars can actually spend their money on. For example, America doesn’t allow China to buy up strategically important companies in the US (which it defines to mean anything that could in any way be useful to China), it’s limiting the technologies and high-tech products that can be exported there and to other rival countries, etc. It can also radically increase inflation, lowering the real value of the debt, but that’s probably the least attractive option as it also affects the domestic economy and very directly the attractiveness of the dollar to all its holders, not just revisionist powers like China and Russia.

    The US of course points to the reserve currency status of the dollar and that China as a result can use its dollars to buy copper, oil, grain, whatever other commodities it needs (i.e. the dollar is for other countries to trade among themselves, not to buy up US assets that we don’t want to get rid of). But in a situation where China wants to get rid of all its dollars (or dollar-denominated securities), other countries may not be eager to end up holding the hot potato. America’s external debt should in this sense not be understood as a record of how much needs to be paid back to its foreign creditors but rather as a scorecard of how much spending of other countries’ money it has gotten away with.

    In no way does it follow, though, that even compliant (and occupied) countries like Japan and Germany can be forced to buy America’s foreign debt forever (giving up their economic surpluses to America in the process). America’s military and technological supremacy is ending. China has developed its own payment systems and secure networks and offers them to the rest of the world. Kicking a massive and highly integrated economy like China out of SWIFT will only force the adoption of alternative payment systems in international trade, against the huge inertia that preserves the use of the dollar today, including the lower costs of hedging currency fluctuations against the dominant reserve currency as opposed to for example the euro, yen or yuan.

    The US military has been affected as much any other institution (probably more) by the degradation of America’s social structures, its racial, cultural and religious coherence, etc. The global US military system “will always work” only in the same way that the Soviet interventions in 1990 against the Baltic states were undoubtedly going to work just as they had against Hungary in 1956. Once the attempt to use these assets is made, and fails, it’s revealed what kind of rot has taken place under the surface and that the actual underlying power balances have changed. The resulting panic in the ranks of the hegemonic power and the emboldening of the challengers only accelerate the process of collapse.

    Countries like Japan, Germany, Italy, South Korea etc. are more or less completely controlled by Atlanticist captive elites but the importance of China as a trade and investment partner is already enormous and rapidly and steadily increasing. Forcing the population to accept reductions in living standards (like with the anti-Russian sanctions, and their impact on European economies, and with post-2008 austerity) may very well continue to be possible for some time. The process of rapid de-industralization and impoverishment of the populations in the West, which may now come to infect Germany and Japan to a much greater extent than before, contrasted with fast and sustained gains in China’s real economy, isn’t unnoticed by anyone however. The so-called “Systemfrage” (system question) is from time to time openly discussed in German mainstream media. Eventually, the governments in these vassal countries will find it difficult to justify bowing to the US. Threatening your own population with US nukes will probably get you lynched.

  34. @traducteur

    Actually, it is well based in the Constitution. A sovereign nation can print credit as well as debt. And printing credit instruments (called bills of credit in the Constitution) does not require the government to tax or borrow.

    The catch is that the banks hate bills of credit. They want the government to issue debt instruments and tax the people to pay for its debt.

    Two choices of fiat paper money: debt instruments or credit instruments. A sovereign can print either. How do you know the banks own the government? By the fiat money it prints, that is how.

    We are owned by the banks.

  35. Corvinus says:
    @Phibbs

    “Until we Gentile Americans kick out the Jews, we will continue to head towards political and financial hell.”

    Let us assume that Jews are behind many of our troubles. So how do you propose to kick them out? What measures are YOU taking in this vein? I mean, why are you letting yourself be controlled without a fight?

    • Troll: Rurik
    • Replies: @Exile
  36. “If USA wants to spend some coin–they could bail out Canada as in investment—1 trillion for the debt and $1 goodwill—should do the trick” said Bosley Swain to Fester last night- and I agree.

  37. Exile says: • Website
    @Corvinus

    Corvinus, your penchant for dishonest, bad faith arguments outs you as a Zionist, or a shabbos striver and apparatchik at best.

    Given your coolie Fellow White-travelling libertarianism, I’ll bet on the latter.

    More Americans don’t do more to kick out the Tribe because Jewish money and propaganda has subverted both political parties, the judiciary, media, entertainment and our schools to such a degree that merely irritating a Jew is sufficient to cost you your job, your marriage and your bank accounts – or even see you jailed or shot if the FBI or Antifa are involved.

    You are white-knighting for conniving thugs who pretend their victims deserve what they’re getting.

    Libertarians are triangulating appeasers and apologists for the rentier Ashkepaths of vulture capital, a rare brave few accepted.

    GloboShlomo may choose to eat you last but it’s planning to eat you all the same.

    • Replies: @Corvinus
  38. TGD says:

    Buchanan:

    How many more multitrillion-dollar deficits can we sustain before the quality of U.S. debt is called into question by Japan, China and the other nations that traditionally buy and hold U.S. debt?

    Most of the US Treasury debt is actually held by US banks. Banks buy US Treasury paper with new money they create out of free electrons in the ground and in the air. Those electrons occupy memory locations inside a computer, which constitutes money. They don’t have to print it up.

    This is the wonder and magic of fractional reserve banking. Banks can also create new money when they make loans although they must deposit 10% of the loan amount with the Federal Reserve Bank.

  39. Corvinus says:
    @Exile

    “Corvinus, your penchant for dishonest, bad faith arguments outs you as a Zionist, or a shabbos striver and apparatchik at best.”

    Wow, projection, ad hominem, and red herring. A three-fer for you!

    “More Americans don’t do more to kick out the Tribe because Jewish money and propaganda has subverted both political parties, the judiciary, media, entertainment and our schools to such a degree that merely irritating a Jew is sufficient to cost you your job, your marriage and your bank accounts – or even see you jailed or shot if the FBI or Antifa are involved.”

    You do realize that, if true about Jewish machinations, that the white race lacks even the basic wherewithal to realize that they have been perpetually hornswaggled. That, in essence, whites as a race are easily manipulated. Somehow, you managed to escaped their treachery. The problem, though, is that while you lament about Jewish power, more and more of your brethen are being duped. So what specifically are you doing to save them, as well as stop this Jewish propaganda psych-op machine? The more you talk here, the more power they gain. Why are you choosing not to take direct action?

    “You are white-knighting for conniving thugs who pretend their victims deserve what they’re getting.”

    Getting what exactly? Are you willing to give them what they deserve, or is yet more yapping from you?

  40. Piglet says:
    @Phibbs

    If we get in a war with Iran, it won’t be long before we have a million of them living here as “refugees” and we’ll be left scratching our heads and wondering how that happened.

    • Replies: @USA1943
    , @anonymous1963
  41. USA1943 says:
    @Piglet

    We should let Japan and Korea (North AND South), take the refugees, they are in dire need of more diversity. Then we can see Kim Jong Il, The Emperor of Japan and The South Korean Leader all saying Diversity is our greatest strength, why didn’t we take in Immigrants a long time ago?

  42. @Piglet

    Invade the world / invite the world. They are two sides of the same coin.

  43. “National defense”…

    Where exactly is the “defense” part in nay of this? When was the last time American soldiers actually defended America?

  44. Can America do it all? No.

    What people in the mainstream don’t want to admit is that the American Empire is in decline. Declining empires handle crises poorly, and the effect of this one crisis-year has been to deal as much damage to our country’s economy, finances, and global dominance as we suffer in five or six ordinary years.

    I have talked all about this topic in a blog post here: https://www.twilightpatriot.com/2020/04/the-evening-years-of-empire.html

    Eventually, our collapse will bottom out and America – or its successor states – will return to normalcy, with a non-hegemonic foreign policy, and a non-trade-deficit-based economy where the country is less wealthy overall, and much less wealthy on paper, but where conditions are better for the ordinary working man. But it will take a while to get from here to there.

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