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Power’s world: America’s fading military dreams

By Jonathan Power  

As said Mr Micawber: “Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds, nought and six, result misery.” If you can get past the Dickensian way of counting then there is a message for the US today. It no longer has the financial wherewithal to do what it wants to do.

If Barack Obama wins the election he has pledged to bring in a major reform of the health services and he has promised to cut the tax rate for the middle and working classes. He wants to expand…

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