President Obama, like FDR, is a pragmatist. He will do whatever he thinks is necessary to try and keep growth economics going while increasing employment. This strategy will eventually fail because the growth economy needs enormous foreign energy and material inputs. The consumer consumption of stuff is 70% of the growth economy. When this strategy fails, he will put the country on a war footing by expanding the war in Afghanistan and Pakistan. The US economy was going nowhere in the 1930s until FDR increased industrial war preparation in anticipation of WWII.
Unlike the 1930s, in 2009 the US lacks the energy and material resources to maintain a permanent global war footing. We have just enough "stuff" for one more really big war. Energy resources in the Middle East will be seized by military force as the costs of the Iraq invasion must be recouped. Chinese or Russian objection to our activities in either sphere will result in a nuclear exchange. I believe we'd much rather have this fight with China than with Russia.
The Japanese and Germans in the 1930s were reduced to similar tactics because they needed energy and material resources to maintain their military machinery.
Unlike the 1930s, in 2009 the US lacks the energy and material resources to maintain a permanent global war footing. We have just enough "stuff" for one more really big war. Energy resources in the Middle East will be seized by military force as the costs of the Iraq invasion must be recouped. Chinese or Russian objection to our activities in either sphere will result in a nuclear exchange. I believe we'd much rather have this fight with China than with Russia.
The Japanese and Germans in the 1930s were reduced to similar tactics because they needed energy and material resources to maintain their military machinery.
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