Blame America first? Yup.

The more I think about it, the more that China's "nuclear option" — as touted by Ambrose Evans-Pritchard and exploited for maximum jingoistic effect by Matt Drudge — has some very ugly parallels with the consequences of U.S. foreign policy.

Assume this scenario comes about.  What is it other than "blowback" for Washington's prodigious generation of fiat money?

Yet at this stage of the game, anyone who actually points this out is liable to get shouted down as "blaming America first" with, if anything, even more vitriol than someone who points out that U.S. meddling in the Middle East begat 9/11.  After all, how dare anyone question America's right to spend itself into oblivion?  We're Americans, dammit!

I really cringe at the consequences.  If after 9/11, a wounded pitiful giant lashes out by getting mired in Iraq, what might ensue when that wounded pitiful giant's currency is cratered… and there's a convenient scapegoat?