The US has long inhabited a world of make-believe – of a war that demands no sacrifice, of a consumer boom that demands no payment, of a power and prosperity that seemed America's birthright, whatever events in the real world. Now those fantasies are yielding to the truism coined by Herb Stein, a top White House economic adviser in the 1970s. If something can't go on for ever, it won't.
The world's lone superpower is on the wane
On Monday, August 6, 1945, after six months of intense firebombing of 67 other Japanese cities,...
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