Peter Ferrara | The Coming Crash of 2013
Because of the willfully mindless irresponsibility and ideological self-indulgence of Obamanomics, America is mortally vulnerable to another recession at any time soon. The result would be precisely the national bankruptcy of Greece, where we cannot raise in the world credit markets the further debt to finance what will be well over half of our budgeted federal spending. We are already borrowing and adding to the debt to finance 43% of our federal spending today.
That is bad enough for a puny, insignificant nation like Greece, where riots increasingly leave the government dysfunctional, with the EU likely to take over the country effectively. But what is the effect when that happens to the world’s supposed superpower? America financed World War II by running up our national debt to its all-time record as a percent of GDP (for now). But that won’t be possible when we have already run ourselves into national bankruptcy.
Our potential military enemies will be quite aware of this historic vulnerability of America. Just as Reagan brought us Peace through Strength, Obamanomics will be inviting War through Weakness. With a 2013 American economic collapse that will also disable the entire West, the world’s uncivilized rogues from Russia, to China, to North Korea, to the Middle East Islamists dreaming of renewed world conquest, will all be tempted probably beyond resistance and reason to strike. They don’t need even to attack the homeland to deal America a decisive defeat. They can just decimate our suddenly overwhelmed allies, from Israel to South Korea to Taiwan to our allies in the Middle East, let alone some even in Europe.
The only way to get off this bullet train to oblivion is to radically reverse Obamanomics in dogged detail. The American people get one more chance to do that in 2012.