This was written in 2007 and it looks like it's all coming true. However, a spectacular failure might be the only thing that convinces the majority of Americans that this type of governance is ludicrous. The sooner it happens, the sooner we can get to setting down the long road to recovery.

My real concern is that with a spectacular failure comes hardship and exposure. When the dollar implodes, even though China has effectively taken all of our manufacturing capacity, they may still come calling for repayment. With nothing to offer, the "easiest" thing to give them would be land.

If China puts that on the table, what are we going to say - no? And back it up with what Army? They have more troops, more manufacturing capability - and in that scenario, the moral upper hand.

Hope you like Chinese food!