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Here's a possible rational that Republicans (and Democrats) may have, its not a bad game plan really:
There's always money to borrow if you can find a lender. If we can sell "future cash flow" (aka government securitized bonds or government BACKED securitized bonds), then we'll always have a lender.
On a national scale, why change our lifestyle until our line of credit is cut off? There's no need. If people call in our debts, we sell more "future cash flow". As long as we can sell the idea, we're ok. We can live on a Ponzi scheme.
When we can no longer sell the idea, then we can declare bankrupcy and reneg on our debt. What's China going to do to us? As long as we can beat them militarily, we're ok. Consider this, If Bernie Madoff was the USA and the folks he swindled was China, what's Bernie have to fear?
WMD's throw a monkey wrench into this gameplan. It is also possible that it could be the USA vs the world in a world war...but I find that unlikely. But hey, some warmongers might love to see USA vs the world in a war.
Anyway, this will become more an issue around 2015...with oil considerations. Senator Webb is advocating a policy of "encircling" China with bases right now.
