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The Crisis of U.S. Imperialism
by Joel Geier
International Socialist Review, April 2007

military budget
foreign policy
The cost of the [Iraq] war officially is over $660 billion, but that vastly underestimates its true costs. The Pentagon budget for this coming year is $481 billion. If you add the $141 billion supplement for Iraq and Afghanistan, it equals $622 billion before additional funding requests. To this sum $35 billion should be added for “homeland security,” for a subtotal of $657 billion. The true amount would have to include various veterans' benefits and the interest on borrowed Iraq War expenditures, for an informed estimate in the neighborhood of $700 billion for this year alone. The Pentagon budget for 2001 prior to the war on terror was $299 billion.

... The U.S. has borrowed internationally over $3 trillion in the last five years, an astounding 80 percent of world savings. China now holds over $1 trillion in foreign reserves, 90 percent in dollars ...

... The deficits and the dollar's dependence on the kindness of strangers has created the new contradiction that China, the major long-term strategic rival of the U.S., has become its major banker.