Why the US has really gone broke

Here's a long, but worthwhile read on Le Monde diplomatique web-site:

"THE ECONOMIC DISASTER THAT IS MILITARY KEYNESIANSIM

Why the US has really gone broke

Global confidence in the US economy has reached zero, as was proved by last month’s stock market meltdown. But there is an enormous anomaly in the US economy above and beyond the subprime mortgage crisis, the housing bubble and the prospect of recession: 60 years of misallocation of resources, and borrowings, to the establishment and maintenance of a military industrial complex as the basis of the nation’s economic life

By Chalmers Johnson

The military adventurers in the Bush administration have much in common with the corporate leaders of the defunct energy company Enron. Both groups thought that they were the “smartest guys in the room” — the title of Alex Gibney’s prize-winning film on what went wrong at Enron. The neoconservatives in the White House and the Pentagon outsmarted themselves. They failed even to address the problem of how to finance their schemes of imperialist wars and global domination." (read more....)