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Debt ceiling

Although it is still very likely that Republican leaders in Congress will strike a last-minute deal with the White House, the very fact that the two sides can contemplate a fight to the death over this issue is truly frightening, not only for America but for the world as a whole.
Anatole Kaletsky, The Times July 6 2011

It reminds us that the greatest threat to global prosperity and peace in the coming decades is not global warming or public debt or the rise of China.

It is the risk that America, the nation that has led, protected and inspired the world, both politically and economically, for the past century, may now be in terminal decline.

When the Soviet Union began to collapse it was described as “Upper Volta with rockets”.

Is it possible that the US could become a Greece with Google?

This is a question that does not bear asking — just like the question of whether the US Treasury will decide to pay its debts.

Read more here

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