More on Our Ruling Class

Further to the Codevilla essay, Wretchard discusses Caroline Glick's article on the foreign policy implications of The Essay Read Round the World. Plus thoughts on Niall Ferguson's positions, presented in Australia: Ferguson describes how rapidly empires can fall.

The Bourbon monarchy in France passed from triumph to terror with astonishing rapidity. The sun set on the British Empire almost as suddenly. The Suez crisis in 1956 proved that Britain could not act in defiance of the US in the Middle East, setting the seal on the end of empire.

But those things happen only to the denizens of history.   People who live in the today usually think they are different. So despite evidence of dramatic change, people who have spent their whole lives among the policy certainties of the postwar period find it difficult to accept they may have to build a world of their own from first principles. Ferguson asks his audience: “what would you do in a world without America? Has the question even crossed your mind?” . . .

Australia’s post-war foreign policy has been, in essence, to be a committed ally of the US. But what if the sudden waning of American power that I fear brings to an abrupt end the era of US hegemony in the Asia-Pacific region? Are we ready for such a dramatic change in the global balance of power? Judging by what I have heard here since I arrived last Friday, the answer is no. Australians are simply not thinking about such things.

But if the Australians are not thinking about it, the Chinese are certainly preparing for it. . . .

Don't know if I am ready for China to be "policeman to the world".

More:

If the love of money is the root of all evil, the lack of it is the cause of the fall of empires. Ferguson gave some examples:

Think of Spain in the 17th century: already by 1543 nearly two-thirds of ordinary revenue was going on interest on the juros, the loans by which the Habsburg monarchy financed itself.

Or think of France in the 18th century: between 1751 and 1788, the eve of Revolution, interest and amortisation payments rose from just over a quarter of tax revenue to 62 per cent.

Finally, consider Britain in the 20th century. Its real problems came after 1945, when a substantial proportion of its now immense debt burden was in foreign hands. Of the pound stg. 21 billion national debt at the end of the war, about pound stg. 3.4bn was owed to foreign creditors, equivalent to about a third of gross domestic product.

Alarm bells should therefore be ringing very loudly indeed in Washington, as the US contemplates a deficit for 2010 of more than $US1.47 trillion ($1.64 trillion), about 10 per cent of GDP, for the second year running.

But alarm bells aren’t ringing in Washington. The entire alarm system has been disabled, disconnected, perhaps scrapped. Anyone who wants to turn it back on will have to root through the dumpster to see if any usable parts can still be retrieved. No better symptom of the absence of alarms is the genuine astonishment of Charles Rangel that it is illegal to break the law. Almost as a matter of course he concealed hundreds of thousands of dollars in income, used Congressional letterhead to solicit donations for private causes, took four rent controlled apartments for himself. Innocently. He probably didn’t think he was doing anything wrong. . . .

Everyday evidence of the existence of a Ruling Class:

The Academic-Industrial Complex: University presidents on corporate boards, etc.

Social Privilege and the career of Elena Kagan. Written by a lefty.