The United States’ growing debt burden means the American empire is on the decline while China is on the rise, says Harvard history professor Niall Ferguson.
“People have predicted American decline in the past. . . and been wrong,” he told Yahoo! News.
“But let’s face it. If you’re trying to borrow $9 trillion to bail out your financial system and economy and already half your public debt is held by foreigners, it’s not really the conduct of a rising empire, is it?”
He compared the United States to Spain in the 17th century and Britain in the 20th.
“Excessive debt is usually a predictor of subsequent trouble.”
The government debt burden is expected to total 56 percent of GDP this year.
While the U.S. is fading, China is rising, Ferguson says. “There is a fundamental relationship between economic change and political change,” he points out. Read More
I feel that Obama intended to bankrupt America from the start, just look back at what he has done over the last 9 months to put the country in debt to China!