In the winter of 2011, a television commercial from an organization called Citizens Against Government Waste caused a bit of a stir. In it, a professor speaking in Chinese lectures his students about the inevitable fall of empires. He compared great civilizations from the ancient Greeks to the modern United States. All were magnificent in their day. But in the end, all great civilizations crumble, he said. The professor concluded by saying that excessive debt was the primary reason for the fall of all these empires. Referring to the tremendous amount of American debt held by China, he punctuated his conclusion by stating that now the United States works for China.

Later that year, on August 5, 2011, ...

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