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February 28, 2013

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An article that I can fully agree with. No military force imaginable can protect us against everything. It should have been clear to all for a very long time that we have been overspending on defense. We have been fighting the cold war for years after it was over:
- military bases all over the world
- staffing way more than can possibly be used
- procurement programs for weapons that don't work and the military doesn't even want.

Surely we should have learned by now that we are unable to create democracy around the world by force: Viet Nam, Iraq, Afganistan. And now the drumbeat for Iran.

We need realistic vision of what we can do, and especially what we cannot do.

DEBT REDUCTION? Nice piece, Bill. I like it. However, the one comment that bothers me is the one on we may have turned the corner on debt reduction. Sequestration will cut the spending increases by $44B in FY13. The Fed ads $85B to the Fed debt every MONTH by printing money. The annual deficit is $1 trillion a year. Now less $44B but we are printing another $1 Trillion. So turning the corner? The net is adding another $2 Trillion less $44 Billion to the US debt this year. No corner has been turned and you know as do I that there will be no corner turned until the "I" man is out of office. Repubs may slow the growth of debt but not reduce it.

Ironic isn't it that the $800B in stimulus seems to have become annual in the form of Fed spending? And, that we got no deductions in the spending from the Iraq war ending and the draw down from Afghanistan. The economic news other than new monthly highs in the Dow continues to be spotty and that allows the Fed to justify the contimued devaluation of the dollar.

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