The United States growing debt burden means the American empire is
on the decline while China is on the rise, says Harvard history
professor Niall Ferguson. People have predicted American decline in the past. . . and been wrong, he told Yahoo! News.
But let's face it. If you're trying to borrow $9 trillion to
bail out your financial system and economy and already half your public
debt is held by foreigners, it's not really the conduct of a rising
empire, is it?