Wednesday, June 08, 2005

"America is Over" - Michael Ventura

Michael Ventura makes an interesting point about the US transitioning down from militaristic superpower status. After explaining that the US will need to rebuild its transportation and energy infrastructure at a time when it has nearly gone broke, he writes:
There's only one section of our economy that has that kind of money: the military budget. The U.S. now spends more on its military than all other nations combined. A sane transit to a post-automobile America will require a massive shift from military to infrastructure spending. That shift would be supported by our bankers in China and Europe (that is, they would continue to finance our debt) because it's in their interests that we regain economic viability. What's not in their interests is that we remain a military superpower.

This is in a column for the Austin Chronicle: $4 a Gallon. This article is the best single, concise explanation of America's position in the world today.

1 comment:

Jeremy said...

One implication of his scenario is that real estate in East coast cities like New York and Boston, seemingly the most over-valued leading edge of the real-estate bubble, may actually be worth its current price.