We are watching history unfold as two empires decline, one European, the other American.
The European empire is unable to reach a meaningful agreement on saving Greece's welfare state. Its ability to hold itself together is very much in doubt as a result. The liquidation of its member states' debts will be painful, public, and possibly quite sudden.
The American empire, by contrast, has over two hundred years' experience in the peaceable resolution of internal conflicts, with the Civil War an unpleasant interregnum. This empire is about to enact a huge stealth tax on its bourgeoisie disguised as reform of its private-sector health care system. The reform is a big, messy package that will extract more revenue from citizens, cut services paid by Medicare, and ration the underwriting of future care by emasculating the insurance industry. This reform is in fact a small, marginally effective step in curtailing America's unfunded entitlements. Its genius lies in the disguise: The Left actually thinks its constituencies are getting a great deal. Suckers.
Both empires are on track to relegation as global has-beens. The difference is that America's path will be less bumpy than Europe's. Buckle up for the ride.
