So I find myself less interested in “life on this planet as we know it today” than in life on this planet as we’re likely to know it tomorrow if Nancy Pelosi and her chums decline to reacquaint themselves with reality. If you kinda dig life on this planet as you know it, ask yourself this: What’s holding the joint up? As the old gag goes, if you owe the bank a thousand dollars, you have a problem; if you owe the bank a million dollars, the bank has a problem. If you owe the banks 15,000,000,000,000 dollars, the planet has a problem. Whatever comparisons one might make with Europe’s soi-disant “PIIGS” re debt per capita or deficit-to-GDP ratio, the sheer hard numbers involved represent a threat to the planet that Portugal or Ireland does not. It also represents a threat to Americans. Three years ago, the first developed nation to hit the skids was Iceland. But, unless you’re Icelandic, who cares? And, if you are Icelandic, you hunker down, readjust to straitened circumstances , and a few years down the line Iceland will still be Iceland and, if that’s your bag, relatively pleasant…

America has had two roles in a so-called “globalized” world: America’s government was the guarantor of global order; America’s economy was the engine of global prosperity. Right now, both roles are up for grabs. And there are no takers for the former. Pace Nancy Pelosi, “life on this planet as we know it today” is going to change, and very fast.