A little something from Bill Bonner over at the daily reckoning.
[FONT=Arial, Helvetica, sans-serif]And - perhaps most ominous - in the United States of America, the military grew into a greedy, grasping Goliath...the very thing Eisenhower had warned against.[/FONT]
[FONT=Arial, Helvetica, sans-serif]
[/FONT]
[FONT=Arial, Helvetica, sans-serif]Then, there were counter-trends in the '80s...led by Margaret Thatcher in England and Ronald Reagan in the United States. But these were mostly frauds. Top marginal tax rates were rolled back. And there were some cuts in regulatory procedures. But government spending tended to go up anyway. Worse, Ronald Reagan mistook the Soviet Union for a genuine threat and increased military spending even further to combat it.[/FONT]
[FONT=Arial, Helvetica, sans-serif]
[/FONT]
[FONT=Arial, Helvetica, sans-serif]And now, the United States staggers under the weight of its eternal wars...its imperial illusions...and its everlasting efforts to provide bread and circuses. If it kept its books like a private enterprise, it would be broke. If it were a public corporation, it would be De-listed.[/FONT]
[FONT=Arial, Helvetica, sans-serif]
[/FONT]
[FONT=Arial, Helvetica, sans-serif]Still, it spends and spends...and there is no stopping the spending. Trillions are spent on wars in Iraq and Afghanistan, for no apparent reason. But who complains? Too much money is at stake. There are too many lobbyists for too many industries and too many special interests involved. Military spending - even in a time when America faces no substantial challengers - cannot be rolled back. Neither can social spending.[/FONT]