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FTR #396 Economics, Geopolitics, & Proxy War In the Middle East

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This broadcast presents the events in and around 9/11 as a continuation of a geopolitical struggle between the Underground Reich and the United States. With recent events underscoring the rapid growth of post-Cold War friction between the US and Western Europe, this broadcast analyzes the conflict in the context of the theories of several prominent political intellectuals. Of central importance are the formulations of Prussian military theoretician Karl Von Clausewitz, German economist Friedrich List, and German “geopolitician” Karl Haushofer—all have strongly influenced the current development of events. Von Clausewitz noted that: ‘war is the continuation of diplomacy by other means.’ The converse of that statement is also true (‘. . .a post-war is the continuation of war by other means.’) Friedrich List posited the idea of German-dominated central European economic union as a vehicle for establishing German economic and imperial superiority to Britain, Germany’s top geopolitical rival. Karl Haushofer (a key influence on a number of important Hitler aides) developed the concept of German allegiance with “the Colored Peoples” of the colonial world as a further vehicle for securing German economic and political control. These thinkers’ applied (and combined) theories are central to an understanding of the theme presented here.

Another major element of the discussion is the further analysis of “the Battle of Menwith Hill,” the conflict between the U.S. and Britain on the one side and Germany and the EU on the other over the Menwith Hill electronic intelligence facility and related ECHELON network. Bin Laden’s awareness of US intelligence signals intelligence capabilities was central to his escape from Afghanistan. The broadcast also presents further scrutiny of the German role in 9/11.

A central element of the program concerns the use of Islamofascist and secular Arabo/fascist elements in the Middle East as “proxy warriors,” carrying out the designs of the Underground Reich (in many cases unknowingly.) The PLO, Iraq, Al Qaeda and related elements are essential to the Underground Reich’s efforts at the destruction and/or subjugation of the United States.

Much of the broadcast deals with the applied concept of the “virtual state.” The “virtual state”—a state without formal geographical/legal borders as such—is exemplified by both Al Qaeda and the Bormann Organization/Underground Reich. This program underscores the “poly-ethnic” nature of the Underground Reich by highlighting the fascist heritage of key elements of the Hindu Nationalist movement that is currently gaining influence in Indian politics. An associate of this fascist element within the Hindu Nationalist movement assassinated Mahatma Gandhi. At the same time that the Underground Reich is present in the fascist presence in the Hindu Nationalist forces, it is vitally represented in the Islamofascist movement in Pakistan, India’s mortal enemy.

Program Highlights Include: analysis of the Franco/German revisions to the governing structure of the EU; the significance of German control of French corporations; the pro-Palestinian activism and apparent anti-Semitism of the wife of the president of the ECB; the geopolitical ramifications of the Iraqi and Israeli/Pakistani conflicts for the deepening friction between the US and the EU; a terrifying presentation of the precarious economics of the current US world political stance.

1. The discussion begins by touching on a central premise of the thinking of Prussian military theoretician Karl Von Clausewitz. Von Clausewitz noted that: ‘war is the continuation of diplomacy by other means.’ The converse of that statement is also true (‘. . .a post-war is the continuation of war by other means.’) In order to understand how the events of 9/11 fit into the paradigm, it is important to comprehend the fact that the Underground Reich’s geopolitical thinkers have a deep understanding of the continuity of wars and postwars.

“The end of battle in 1945 had singled the start of a new kind of war-a post-war. Germany’s classical military theorist, Von Clausewitz, is famous for having declared that ‘war is the continuation of diplomacy by other means.’ In dealing with a Germany which had gone to school with Von Clausewitz for generations, we knew that, conversely, a post-war is the continuation of war by other means. Since Bismarck, wars and post-wars have formed a continuous series, changing the quality of the events only slightly from year to year, with no such thing as a clear distinction between heat of battle and calm of peace.”

(All Honorable Men; James Stewart Martin; Copyright 1950 [HC]; Little, Brown & Co.; p. 235.)

2. Friedrich List is another of the theoreticians whose ideas are central to an understanding of the geopolitical contest between the Underground Reich and “Anglo-Saxonia” (the United States and Britain.) List posited the idea of German-dominated central European economic union as a vehicle for establishing German economic and imperial superiority to Britain, Germany’s top geopolitical rival. List’s formulations are the basis for the German-dominated European Monetary Union. List understood that economic control led automatically to political control. That awareness is central to an understanding of the operations of the Bormann Organization.

“Many of the major elements of economic imperialism were enunciated in the 1840’s by the ubiquitous Friedrich List. List argued that overseas colonies were needed to supplement his favorite scheme for economic development: a central European economic union. He foresaw an economic organization with an industrialized Germany as its center and a periphery of other central and eastern European states that would supply food and raw materials for German industry and would purchase German industrial products. A semiautarkic structure would thus be created; it would have the advantage of permitting control, or even exclusion, of British competition, thus allowing central Europe to industrialize successfully in an orderly, planned manner.”

(The Ideological Origins of Nazi Imperialism; by Woodruff D. Smith; Copyright 1986 [SC]; Oxford University Press; ISBN 0-19-504741-9 (PBK); p. 30.)

3. Karl Haushofer (a key influence on a number of important Hitler aides) developed the concept of German allegiance with “the Colored Peoples” of the colonial world as a further vehicle for securing German economic and political control.

“In its struggle to break British dominance, German military intelligence also looked to nationalist independence movements in the Middle East, Asia, and Ireland. After World War I, Haushofer continued to support these anti-British groups. In the 1930’s, Indian nationalist leader Subhas Chandra Bose [whose Indian national Army later received military support in World War II from both Germany and Japan] was a correspondent for the Zeitschrift fur Geopolitik. [Haushofer’s publication.] . . . In July 1942, foreign policy expert Hans Weigert profiled Haushofer’s ‘Eurasian liberation front’ policies in Foreign Affairs. Weigert pointed that Haushofer actually welcomed ‘the rise of the colored world,’ even writing that ‘the struggle of India and China for liberation from foreign domination and capitalist pressure agrees with the secret dreams of Central Europe.'”

(Dreamer of the Day: Francis Parker Yockey and the Postwar Fascist International; by Kevin Coogan; Autonomedia Inc.; Copyright 1999 [SC]; ISBN 1-57027-039-2; pp. 68-69.)

4. Putting Haushofer’s theories into practice, the Underground Reich has utilized the “colored world” in the realization of its political agenda-the subjugation of the United States, in particular. This program underscores the “poly-ethnic” nature of the Underground Reich by highlighting the fascist heritage of key elements of the Hindhu Nationalist movement currently gaining increasing influence in Indian politics. An associate of this fascist element within the Hindhu Nationalist movement assassinated Mahatma Gandhi. At the same time that the Underground Reich is present in the fascist presence in the Hindhu Nationalist forces, it is vitally represented in the Islamofascist movement in India’s mortal opponent, Pakistan. The discussion focuses on the RSS-a key Hindhu Nationalist organization.

“During the 1940’s the RSS’s new leader, Madhev Golwalkar, following the death of [RSS founder Keshav Baliram] Hedgewar, sympathized both with German Nazism and Italian fascism. In 1939, Golwalkar said: ‘German race pride has now become the topic of the day. To keep up the purity of the Race and its culture, Germany shocked the world by her purging the country of the Semitic races-the Jews. Race pride at its highest has been manifest here. Germany has shown how well nigh impossible it is for Races and cultures, having differences going to the root, to be assimilated into one united whole, a good lesson for in Hindusthan to learn and profit by.’ (Golwalker [1939] in We, or Our Nationhood, Defined.'”

(“Hindu Fundamentalism: Why We Are Concerned” by Paul Crofts and Anjona Roy; Searchlight Magazine; January/2003 [#331]; p. 20.)

5. “There has been no explicit and unconditional disavowal of nazi-like doctrines by the RSS/HSS or a repudiation of Golwalker’s ideas. Indeed, Golwalkar is held up as an example and spiritual leader for young RSS/HSS Swayamsevaks (members) and affectionately referred to as ‘Guruji.'”


6. “Following Mahatma Gahdhi’s assassination by a former RSS member, Nathuram Godse, the RSS was banned by the Indian government from 1948 to 1949. After the ban was reversed the RSS, while claiming to devote itself solely to cultural activities, created several offshoot organizations, including the Vishwa Hindu Parishad (VHP), or World Hindu Council, in 1964, the Jana Sangh political party in 1951, which was the precursor to the current Bharatiya Janata Party (BJP) and numerous other organizations.”


7. Numerous programs have focused on the Islamofascist Al Taqwa milieu. We have examined the Bush administration’s efforts on behalf of a Saudi national who sits on the board of directors of the DMI. In considering the Islamofascist Al Taqwa network, it is important to bear in mind its profound links to Saudi Arabia and the Bush administration’s links to the Saudis. The Bush family, in turn, has strong historical connections to the Third Reich. The “poly-ethnicity” of the Underground Reich is evident on both sides of the US conflict with the Islamofascists.

“In 1981, in the backrooms during the Islamic summit in Taef, Mohammed Bin Faycal al-Saud, brother of Prince Turki’s brother, brought together major investors from Saudi Arabia and the United Arab Emirates to create a private Islamic bank, Dar al-Mal al-Islami. DMI, the ‘Islamic financial house,’ shares a headquarters in the Bahamas with the bank of the Muslim Brothers [Al Taqwa].”

(Dollars for Terror: The United States and Islam; by Richard Labeviere; Copyright 2000 [SC]; Algora Publishing; ISBN 1-892941-06-6; p. 240.)

8. The Saudi-based DMI is a principal shareholder in Al Taqwa.

“Dar al-Mal al-Islami (DMI) is an investment consortium made up of various economic and financial institutions like Faysal Finance, the Islamic Investment Company of the Gulf, etc. Based in Geneva, DMI had subsidiaries in ten countries (Bahrain, Pakistan, Turkey, Denmark, Guinea, Senegal, Niger and Luxembourg). The King Faysal Foundation of Riyadh figures among the principal shareholders. Created by the heirs to the late King of Arabia, this foundation is known for its many schools, Islamic arts centers and mosques. DMI is also one of the principal shareholders of Bank Al Taqwa Limited, the Muslim Brothers of Egypt’s bank, which also plays a central place in financing many Islamist organizations.”


9. Germany’s strange behavior in connection with 9/11 exemplifies the contemporary application of Haushofer’s theories on utilizing “the colored peoples” of the world as vehicles for conquest-with the United States being the main target of this “proxy war.” Supplementing discussion of a topic presented in FTR#395, the program presents more information about the German physical surveillance of the 9/11 cell that launched the attacks. Mohammad Zammar (a Syrian national) was a key personage monitored by German intelligence officials.

“The investigators watched him [Zammar] closely, obtaining warrants to tap his phone and follow him, according to German intelligence documents. On Aug. 29, 1998, for example, investigators noted that Mr. Zammar attended a meeting on Buntaweite Street in Hamburg. Also present: Mr. Motassadeq and Said Bahaji, who fled Germany just before the Sept. 11 attacks and remains at large.”

(“Pre-9/11, Germany Had al Qaeda Cell In Sights for Years” by David Crawford and Ian Johnson; The Wall Street Journal; 1/17/2003; p. A6)

10. The German failure to thwart the 9/11 attacks is all the more interesting in light of the fact that Mr. Zammar’s activities were of an obviously unsavory nature.

“Two months after that meeting, authorities had another clue that Mr. Zammar had links to dangerous people. According to German intelligence documents, his name, address and two of his phone numbers were discovered in a raid by Italian police on an apartment used by members of Jihad Islami in Turin. The Italian police arrested three men and found an Uzi submachine gun, handguns, ammunition, wigs, false beards and Mr. Zammar’s contact information. By then, German investigators had begun another operation that would lead them to some of the Hamburg cell members. Action on a U.S. warrant, police arrested a Sudanese businessman, Mamdouh Mahmud Salim. The charge was that he was one of al Qaeda’s chief financiers.”


11. “German police noted that Mr. Salim had regular ties to Germany; it was his fifth trip in three years. He regularly met with Mamoun Darkazanli, a Hamburg-based trader who ran an import-export company. German investigators were skeptical that Mr. Salim was much of a threat, but under pressure from the U.S., they extradited him to New York, according to investigators. And they put Mr. Darkazanli under observation.”


12. “They soon noticed that Mr. Darkazanli had regular contact with a fellow Syrian immigrant: Mr. Zammar. They also found that both men, as well as Messrs. Motassadeq and Bahaji, paid regular calls to a certain apartment on Marienstrasse in Hamburg. Occupying that apartment was Mr. Atta, later the pilot of one of the planes that struck the World trade Center. . .”


13. In evaluating the behavior of the German authorities under the circumstances, one should remember that all residents of Germany are required to register with the police. The laxity of German intelligence with regard to the 54 Marienstrasse cell is all the more suspicious in light of this fact.

“On another occasion a man named ‘Marwan’ called. Mr. Zammar, who urged him to visit him in Hamburg as soon as possible. ‘Marwan’ later moved back to Hamburg. Investigators have said that they didn’t know who all the men discussed in the phone calls were. But German residents must register with police where they live. A check of some of the addresses Mr. Zammar called could have revealed, for example, that ‘Marwan’ was Marwan al-Shehi, later a roommate of Mr. Atta and the pilot of the other plane that hit the World Trade Center. . .”


14. Taken in conjunction with their failure to successfully interdict the 9/11 attacks, the German attempt to deflect responsibility to US intelligence is more than a little interesting under the circumstances. It is particularly important to note that US intelligence was pressuring the Germans to do more with the field intelligence information highlighted above.

“The Central Intelligence Agency was aware of at least part of the German efforts, according to German investigators. They say that in December 1999, the CIA assigned a case officer to the U.S. consulate in Hamburg. The agent tried to push his German counterparts to take stronger action against Mr. Darkazanli, according to a German intelligence officer. When the Germans replied that they hadn’t been able to find any criminal activities, the agent suggested turning him into a double-agent. Skeptical, the Germans approached Mr. Darkazanli but were rebuffed. Mr. Darkazanli, who remains free in Hamburg, declined to comment. According to German investigators, the CIA officer then turned to the Federal Office for Protection of the Constitution, which was conducting Operation Tenderness. It couldn’t be established whether he learned about the operation. The CIA had no comment.”


15. Supplementing discussion of “the Battle of Menwith Hill” the program notes that Osama bin Laden’s awareness of US signals intelligence capabilities figured prominently in his escape from Tora Bora. Is there a connection between the beginning of the German/EU attack on the Menwith Hill station and bin Laden’s abandonment of satellite phone technology to communicate with his lieutenants?

“With U.S. forces closing in on him, Osama bin Laden deceived U.S. spy technology and vanished into the mountains that led to Pakistan in late 2001, according to senior Moroccan officials. A Moroccan who was one of bin Laden’s longtime bodyguards took possession of the al Qaeda leader’s satellite phone on the assumption that U.S. intelligence agencies were monitoring it to get a fix on their position, said the officials, who have interviewed the bodyguard, Abdallah Tabrak.”

(“Guard’s Phone Ploy Helped bin Laden Flee, Moroccans Say” by Peter Finn [Washington Post]; San Francisco Chronicle; 1/21/2003; p. A5.)

16. “Tabarak moved away from bin Laden and his entourage as they fled. He continued to use the phone in an effort to divert the Americans and allow bin Laden to escape. Tabarak ws captured in the Tora Bora mountains in possession of the phone, officials said. ‘He agreed to be captured or die,’ a Moroccan official said of Tabarak. ‘That’s the level of his fanatacism for bin Laden. It wasn’t a lot of time, but it was enough.”


17. With the US and Britain (“Anglo-Saxonia”) ranged against a renewed Franco-German axis within the EU, the program notes a German initiative to maximize its control over Europe.

“Denis MacShane, Britain’s Europe minister, has accused Germany of wanting to appoint an all-powerful ‘kaiser’ at the top of the European commission and warned Gerhard Schroder, Germany’s chancellor, that the English decapitated such a figure 350 years ago. In an interview with the Financial Times, Mr. MacShane dismissed suggestions that Britain might lose influence in Europe to a renascent Franco-German axis.”

(“UK Attacks German Plans for ‘Kaiser” to Lead Europe” by Christopher Adams and James Blitz; Financial Times; 1/2/2003; p. 2.)

18. “He attacked the German proposals for a stronger head of the Commission, arguing that they would sideline national governments and their leadership. One idea being touted by a Joschka Fischer, Germany’s foreign minister, is for a single person to be president of both the Commission and the European Council, the body representing member states.”


19. “At December’s European Union summit, France backed Britain by supporting alternative proposals for the appointment of a new EU president to lead the European Council. Mr. MacShane said: ‘I was very struck at Copenhagen by how France completely lined up with Blair on the necessity for an elected chairman for the European council of ministers, whereas the German position is for giving all power to a new kind of European kaiser, a Commission president who will tell all the other European institutions what to do. ‘I had long discussions with Gerhard Schroder on this and I explained that 350 years ago we separated a king’s head from his body because we didn’t want to take orders from one individual.'”


20. A column by William Safire in The New York Times placed the French endorsement of the German proposal for the EU in the context of the divergence between the US and Germany over war in the Middle East. (Recall that “Corporate France” is controlled by “Corporate Germany” and, by extension, the Bormann Organization and the Underground Reich. It is credible that the break between the US and its Western European allies is due to far more than the myopia and stupidity of the Bush administration. Those very real and evident shortcomings are being taken advantage of by the Underground Reich. Again, the interchangeability of war and diplomacy as formulated by Von Clausewitz is important to bear in mind.

” . . . In its [Schroder’s second triumph] wake came the second Schroder triumph, his recent spinaround of Jacques Chirac of France. Chirac had made a deal with the U.S. last fall: we agreed to postpone the invasion of Iraq until after U.N. inspectors had been jerked around long enough to satisfy the world street’s opinion, and in return France would not demand a second U.N. resolution before allied forces overthrew Saddam. . . “

(” ‘Bad Herr Dye’ by William Safire; The New York Times; 1/23/2003; p. A27.)

21. ” . . . Then Schroder, reliant on his militantly antiwar Greens, made Chirac an offer he could not refuse to permanently assert Franco-German dominance over the 23 other nations of Continental Europe. In a stunning power play in Brussels, Germany and France moved to change the practice of having a rotating presidency of the European council, which now gives smaller nations influence, to a system with a long-term president. This Franco-German czar of the European Union would dominate a toothless president of the European Commission, chosen by the European Parliament.”


22. “Little guys of Europe hollered bloody murder this week, but will find it hard to resist the Franco-German steamroller. France then had to repay Schroder by double-crossing the U.S. at the U.N. that explains France’s startling threat to veto a new U.N. resolution O.K.’ing the invasion of Iraq-a second resolution that France had promised Colin Powell would not be needed.”


23. Another area of divergence between the US and Europe concerns the Israeli/Palestinian conflict. In the context of the present discussion, the Palestinians are also seen as an Underground Reich “proxy force”-working against the US in both military and diplomatic modes. One should not lose sight, however, of the connections between international fascism and the Israeli right-wing-the “virtual state” of the Underground Reich is to be found on BOTH sides of the Israeli/Palestinian conflict. In addition to the fascist/Third Reich heritage of Arafat, it is important to remember that Saudi Arabia is the number one financial backer of the PLO, while the German-dominated EU is the primary financial backer of the Palestinian Authority. Exemplifying the divergence between the US and Europe with regard to the Palestinian/Israeli conflict is the pro-Palestinian activism of Gretta Duisenberg (the wife of European Central Bank president Wim Duisenberg.)

“Here and abroad, some Palestinians treat Gretta Duisenberg like a queen. Yassir Arafat refers to Ms. Duisenberg as Her Excellency. She is not a queen and her husband, Wim Duisenberg, is not a king or a prince. Mr. Duisengerg is president of the European Central Bank-the European version of the Federal Reserve-and the political activism of his wife on behalf of Palestinian causes has created a royal problem for him and for their country, the Netherlands.”

(“Pro-Palestinian Wife of Europe’s Banker Upsets the Dutch” by Gregory Crouch; The New York Times; 1/9/2003; p. A6.)

24. “The Dutch Ministry of Foreign Affairs said diplomatic passports issued to civil servants and their spouses should only be used on official business. One Dutch politician has called on the government to rescind Ms. Duisenberg’s diplomatic privileges.”


25. “Ms. Duisenberg first drew attention last April after she draped a Palestinian flag over a balcony outside the couple’s Amsterdam home. ‘That came straight from my heart because I wanted to show what my feelings were,’ she said. That display in turn led to a rally speech and petitions along with contributions to a pro-Palestinian Web site.”


26. A remark made by Ms. Duisenberg about a petition she was circulating on behalf of the Palestinians is more than a little revealing. It is difficult to imagine that social justice is the real concern of Ms. Duisenberg, under the circumstances.

“Some Jewish groups were outraged several months ago after a radio interview Ms. Duisenberg gave. The reporter asked her how many signatures she intended to collect for a pro-Palestinian petition. She paused, laughed and then responded, ‘Six million?’ [Italics are Mr. Emory’s]”


27. The use of the Muslim population of the Middle East as “proxy warriors” is implicit in the passage that follows.

“It is much easier to appreciate the evil of September 11 than it is to grasp that the US and its civilization are widely seen in the Middle East as the unique source of all the evils that beset the Islamic world-the existence of Israel, the dispossession of the Palestinians, the US military presence in the holy places. As the fount of all evils, the US then becomes the only target that matters. America’s allies may say that they are all targets now. But they hope and believe the in the globalization of terrorism as spectacle, Big Ben, the Eiffel Tower the Reichstag or St. Peter’s in Rome will remain just tourist attractions, not military objectives, for the assassins of al Qaeda. [Emphasis added.]”

(“The Divided West” by Michel Ignatieff; Financial Times; 8/31-9/1/2002; p. 4.)

28. Although many analysts have placed the growing divide between the United States and Europe in the context of Europeans’ progressive political attitudes, it is worth remembering that European politics are swinging rightward. This rightward shift is partially due to the resentment of “immigrants” from the Middle East-many of them Muslim. Exemplifying the successful manipulation of the anti-immigrant theme is the Austrian Jörg Haider.

“And if Mr. Haider’s party is floundering others are not. The Swiss People’s Party led by the businessman Christoph Blocher, almost won a referendum it had called for, on the issue of banning all except relatively wealthy asylum seekers from Switzerland-one of the richest countries on earth. . . “

(“No to Brussels, No to Immigration: How Rightwing Populism Entered the Mainstream” by John Lloyd; Financial Times; 11/28/2002; p. 11.)

29. “Elsewhere in Europe, populism still surges. The October conference of the Danish People’s party was an exultant affair of a vastly successful grouping that had risen to become third party in the elections of the previous November. Under the banner of Et Frik Danmark (A Free Denmark), it gave the country notice that it would make it free from too much immigration, free from too much Europe. . . .”


30. “. . . Sudden success caused the implosion of one of the best known of the populist groups, Pim Fortuyn’s List, which came from nowhere to be the Netherlands’ second largest party in May’s elections.”


31. Umberto Bossi’s Northern League is a coalition partner with former P-2 member Silvio Berlusconi’s Forza Italia and the Allianza Nationale of Gianfranco Fini.

“The conclusion, widely drawn, is that power does not become populists. That may be true-but only in particular instances. The Northern League under Umberto Bossi is part of the ruling coalition in Italy and Mr. Bossi is himself a minister, with some influence. More importantly, when the populists stay out of power but are seen to have identified a popular issue, they can be highly influential-as both the DPP and Norway’s Progress Party are.”


32. This broadcast concludes with discussion of the economic vulnerability of American power. It is Mr. Emory’s view that economic subjugation of the US is the primary goal of the Underground Reich.

” … The US, unlike the British Empire, is building its rule on a foundation that is potentially quite unstable. The British Empire in its 19th-century heyday ran enormous current account surpluses (7 per cent of gross domestic product on the eve of the First World War). For more than 20 years, in the period of its cold war victory and of the conversion of the world to a new consensus about markets, the US has had quite large current account deficits. In 2001, the deficit was 4.2 per cent of GDP.”

(“Lessons to Learn from the Decline and Fall of Empire” by Harold James; Financial Times; 12/30/2002; p. 11.)

33. “One way of reading this odd situation-which is popular with many Americans-is that the rest of the world has bought into US stability. The deficits are financed by capital inflows, as the non-American world buys the stock of fast-growing US companies or -when the stock market looks bad, property . . . ”


34. ” . . .But nobody thinks that this kind of inflow can be sustained indefinitely. The inflows of foreign capital could be rapidly reversed on some chance piece of bad news. Such a reversal would involve a collapse of the US stock market, the property market and the dollar. US consumers would no longer be able to binge on cheap goods supplied by the rest of the world. American producers would try to protect their markets; foreign producers would be thrown out of business and no longer see any gains to be realized by peaceful integration in a benign world economy.”


35. “The financial reversal would also bring the collapse of the US security policy and of its calculated strategy of world pacification. The cost of US defense spending would look much too high and scaling it down would give a chance to would-be rivals, at least on a regional basis-China, for example.”


36. Reference is made to Edward Gibbon’s history of the fall of Rome.

“The American case would then look more like that of Spain (which also ran a current account deficit, financed by the outflow of precious metals from its imperial possessions) than that of 19th-century Britain. And Gibbon’s story of decline would begin.”



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