Vacation's over

For today, just a few articles on the devastation of US economy brought to our attention by our dear friend JL.

The first is from NE favorite and ex-Reagan administration official Paul Craig Roberts, who discusses in this article the position of the US as a bankrupt superpower, outlining US financial dependence on foreign countries that will, he projects, grow increasingly unwilling to cover for the superpower in its fiscal irresponsibility. Along similar lines, here are few about the impending federal bailout of the US financial system: one from Paul Krugman, another, more detailed assessment from Pam Martens (which includes a commentary on the Spitzer fiasco that, frankly, we at No Empires can't quite get on board with).

Undoubtedly, there were be more to come on this front.