U.S. Facing Federal Debt Cataclysm: The Establishment Is In Despair
by Gary North
Austrian School economists and analysts who have warned that we are facing a Federal debt cataclysm have now received grudging confirmation from a most unlikely source: the Council on Foreign Relations.
The Council on Foreign Relations is the single most influential discussion forum in the United States. Its quarterly journal, Foreign Affairs, is therefore the most influential publication in the country and therefore the world...
A TURNING-POINT ARTICLE
The November/December issue features an article that I think will become a turning point. A decade from now, or a quarter century from now, historians will return to it and summarize its contents. It will be regarded as the first official announcement in the highest of high places that the Federal deficit is out of control, and that this in turn threatens the survival of America's position as the world's most influential political-military participant.
The article is titled, "American Profligacy and American Power: The Consequences of Fiscal Irresponsibility." I have been reading Foreign Affairs for about four decades, but I do not recall any article with a title this inflammatory...