Free No More

In his latest book, Day of Reckoning, Pat Buchanan argues that hubris, ideology, and greed are among America’s deadliest enemies.  Hubris led to overreach.  Hegemonic neoconservative ideology turned most of the world against the United States.  And free trade has become a no-think cult that permits a greedy few to destroy America’s economic position for their own gain.

Some of the information in Day of Reckoning will startle Americans.  For example, hard-pressed states are selling off their toll roads to foreigners for up-front money.  The Indiana toll road that connects the Ohio Turnpike to Chicago has been leased for 75 years to foreign companies.  Foreigners have acquired 99-year leases on the Chicago Skyway, the Dulles Greenway in Northern Virginia, and the Pocahontas Parkway near Richmond, Virginia.

The gigantic U.S. trade deficit is financed by turning U.S. assets over to foreigners, who thereby acquire ownership of the future income flows from the assets—the profits, dividends, capital gains, interest, tolls, and rents—thus worsening the current-account deficit.

China and Japan control a couple of trillion dollars in U.S. assets between them, and sovereign wealth funds of energy producers, such as Abu Dhabi and Saudi Arabia, control several trillion dollars more, a sum expanding with the price of oil, which the aggressive military...

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