...

As has been written here before, we are not an imperial people. We do not have the will or perseverance for empire. We have no desire to rule other nations. Now the “white man’s burden” is beginning to weigh on our military and imperil the re-election of a president who, at the instigation of the neocons, has foolishly committed American power and wealth to some enterprise called “the world democratic revolution.”

...

The $55.8 billion June trade deficit points to a deficit for 2004 of $670 billion, with a deficit in traded goods of over $700 billion. No nation can sustain trade deficits of 6 percent or 7 percent of GDP.

...

Not only are we borrowing 6 percent of GDP to finance our trade deficit, we are borrowing another 4 percent to finance a budget deficit estimated at $440 billion. You cannot run an empire on borrowed money. Just ask the cousins who bankrupted themselves fighting world wars and maintaining the world’s largest empire until it came crashing down after 1945. We, their creditors, inherited the estate.

...