I read quite a few blogs, and Tim Bray, over at ongoing, generally doesn’t comment on politics or the “War Against Fundamentalism”. His recent post Political Wisdom leads me to believe things are getting pretty bad. Tim says:
Like I’ve said before, I was in favor of taking down Saddam. But the crumbling tower of stinking lies used to sell the war, then the nauseating incompetent brutality with which it’s been pursued, have pushed the cost/benefit equation way negative.
And he quotes US. Representative John Murtha, who said:
The only solution to this is to redeploy. Let me tell you, the only people who want us in Iraq is Iran and al-Qaeda. I’ve talked to a top-level commander the other day, it was about two weeks ago, and he said China wants us there also. Why? Because we’re depleting our resources, our troop resources and our fiscal resources.
Another sign things are getting bad is Dan Gillmor’s post on Warren Buffett. Gillmor’s blog over at Bayosphere, quotes Berkshire Hathaway’s CEO Warren Buffett in his letter to shareholders, where Buffett says:
The underlying factors affecting the U.S. current account deficit continue to worsen, and no letup is in sight. Not only did our trade deficit – the largest and most familiar item in the current account – hit an all-time high in 2005, but we also can expect a second item – the balance of investment income – to soon turn negative. As foreigners increase their ownership of U.S. assets (or of claims against us) relative to U.S. investments abroad, these investors will begin earning more on their holdings than we do on ours. Finally, the third component of the current account, unilateral transfers, is always negative.
The U.S., it should be emphasized, is extraordinarily rich and will get richer. As a result, the huge imbalances in its current account may continue for a long time without their having noticeable deleterious effects on the U.S. economy or on markets. I doubt, however, that the situation will forever remain benign. Either Americans address the problem soon in a way we select, or at some point the problem will likely address us in an unpleasant way of its own.
Gillmor concludes by saying:
But America’s government is controlled by people who are reckless. The nation’s powerful business people, with too few exceptions, have not lifted a finger in challenge of this recklessness. And average Americans have been taught that we can live on credit cards forever.
Combine the trade deficit with the outrageous and unnecessarily large budget red ink, a function in significant part of tax cuts for the wealthy, and you have a recipe for major trouble. Read between the lines of Buffett’s words, and you suspect that he doubts whether we have the national will, or moral fiber, to take this on ourselves before it’s too late. If that’s how he’s thinking, he’s probably right.
I think we should take another look at George Washington’s thoughts on government, when he said:
Government is not reason and it is not eloquence. It is force! Like fire it is a dangerous servant and a fearful master. Never for a moment should it be left to irresponsible action.
Apparently, the Bush regime has gone far beyond irresponsible action, at least when it comes to fiscal behavior and the “War on Fundamentalism”.