MmeLePen wrote:
Unless I missed it, I haven't seen anyone else blaming Bush and Cheney (and Rove) and the morons who voted for them - twice! Well, if no one else will - I will!
They have their fair share of the blame. But both inherited a enormous chronic trade deficit in even the Clinton-period (current accont balance US; $568 bio. neg.; Germany $267 bio. plus). What they did is to top this trade deficit with a budget deficit. The problem in this respect is less the percentage of the public debt of the GDP (here the US are still with roughly 60% well established), but the sudden raise and the need to borrow the money outside the US.
Your critic is absolutely right: instead of investing the budget deficit, something which can be reasonable, it was used to burn money in war. War is one least economical ways of spending money. In this situation with two major financial problems (trade and budget deficit), combined within a period when the first time since World War I a new currency emergences, which has the potential to replace the US-$ as world currency, the Euro, makes the US much more vulnerable.
The situation would be easier, if Bush/Cheney would acted less ideological.