A Crisis of Political Economy

The "mess" of which I speak is, of course, U.S. Political Economy. And make no mistake about it: We are talking about political economy...

That's why, I maintain, it does not matter one iota who gets elected President. The emphases might vary slightly under Obama or McCain, but the fundamentals of U.S. political economy, and, I should add, U.S. foreign policy, will not change. Indeed, even for those of us who view the current Bush administration as the worst in our history, well, certainly the worst in our lifetime.... it is clear that nothing proposed by Obama or McCain is going to change the structural defects of this system.

It is the government's monetary, fiscal, and global policies that have created insurmountable debt and record budget deficits, speculative booms and bubble bursts. In such a "crisis of global statism," nationalizations and bailouts are not the only goodies in this "rescue package," being wrapped up as an unwanted gift for taxpayers. And because there is an organic link between domestic and foreign policy, be prepared for even more tragic fiscal and monetary irresponsibility at home, and an ever-expanding institutionalized war abroad...

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