Is America approaching its economic nemesis?

“Military spending today consumes 40% of every tax dollar. Sooner or later, higher military spending forces inflation and interest rates up, reducing demand in interest-sensitive sectors of the economy. Job losses follow.”

These are the words of Dr. Chalmers Johnson, distinguished scholar and best-selling author, who will speak in Fallbrook, Saturday, June 2. The event, at FPUD at 3:30pm, is open to the public. Dr. Johnson will address some key ideas in his just published book, ‘Nemesis: The Last Days of the American Republic.’

Johnson’s writings are controversial but deeply researched and highly respected. He speaks bluntly and authoritatively on matters of highest urgency to the nation, in particular the consequences of prolonged deficit spending. With passage of Mr. Bush’s war funding bill last week, direct spending on the Bush War will now be over $624 billion, and we are promised increasingly large borrowing in the future to fund the war. War spending already exceeds the budgets of the Korean and Vietnam War eras, adjusted for inflation. In addition there will be over $1 trillion in indirect costs, such as Veterans health, rebuilding the National Guard and interest on the war debt. There are further incalculable costs resulting from lost opportunities caused by the war.

“Imperialism and militarism have thus begun to imperil both the financial and social well-being of our republic”, wrote Johnson. “What the country desperately needs is a popular movement to rebuild the Constitutional system and subject the government once again to the discipline of checks and balances.” Johnson emphasizes that a mere change of political parties in Washington will not solve the enormous problems the nation if facing.

Joe Crews