“How long can the world’s biggest borrower remain the world’s biggest power?”

That question was asked by Obama’s Chief Economic Adviser, Lawrence H. Summers, one year ago.  It’s a question worth asking, because America’s skyrocketing deficits will eventually have a global political impact. This is a chilling wake up call for those who believe arrogantly that the U.S is immune to the bankruptcies of empires in the …