When the world’s only superpower gets weighed down with this much debt — to itself and other nations — everyone will feel it. How? Hard to predict. But all I know is that the most unique and important feature of U.S. foreign policy over the last century has been the degree to which America’s diplomats and naval, air and ground forces provided global public goods — from open seas to open trade and from containment to counterterrorism — that benefited many others besides us. U.S. power has been the key force maintaining global stability, and providing global governance, for the last 70 years. That role will not disappear, but it will almost certainly shrink…

Europe is rich but wimpy. China is rich nationally but still dirt poor on a per capita basis and, therefore, will be compelled to remain focused inwardly and regionally. Russia, drunk on oil, can cause trouble but not project power. “Therefore, the world will be a more disorderly and dangerous place,” Mandelbaum predicts…

An America in hock will have no hawks — or at least none that anyone will take seriously.