Paul Craig Roberts Quote

The US owes the world. The US "superpower" cannot even finance its own domestic operations, much less its gratuitous wars except via the kindness of foreigners to lend it money that cannot be repaid. The US will never repay the loans. The American economy has been devastated by offshoring, by foreign competition, and by the importation of foreigners on work visas, while it holds to a free trade ideology that benefits corporate fat cats and shareholders at the expense of American labor. The dollar is failing in its role as reserve currency and will soon be abandoned. When the dollar ceases to be the reserve currency, the US will no longer be able to pay its bills by borrowing more from foreigners.

"A Bankrupt Superpower," CounterPunch (2008-03-18)