By Eric Margolis on LewRockwell.com:
…The real $1 trillion-plus costs of the Afghan and Iraq wars were quietly added to the $12 trillion national debt, America's credit card. Funds to finance these huge war loans was borrowed from China and Japan, putting America ever deeper in thrall to the Asian powers, and undermining its finances.
The Obama administration and Democratic-controlled Congress continued Bush’s dishonest method of war finance, hiding costs from the public.
Compare this to the across-the-board, draconian budget cuts being implemented by Britain's new Conservative-Liberal/Dem coalition.
America's wars should be fully funded through direct taxes. History shows great powers cannot long go on waging imperial wars on credit. Look at Spain, Holland, France, Britain, and the Soviet Union. Which empire do we think will be next?
A special war tax ought to be levied on all Americans to fully cover the mounting costs of Afghanistan and Iraq. We must pay for our wars and world hegemony.
It will be interesting to see how all the flag-waving Republican "patriots" will react when asked to pay for the wars they so passionately support from the safety of their sofas, and at no…
Read full article…
Read more the debt crisis:
Gov't budget expert reveals U.S. debt far worse than Greece
Legendary advisor Jim Grant: I'd give the Obama administration an F-minus
Hedge fund guru Sprott: "The U.S. government is broke"