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Each person plays the role given to him; everyone believes what he needs to believe to play the part. He was famously against paper money that was not backed by gold when he was a libertarian intellectual. When he became a government functionary, his views conveniently changed. He came to believe what he had to believe in order to be the head of the UK banks and debt consolidation loan.

The empire needs almost unlimited amounts of credit to carry out its foreign wars, while making bread and circuses available at home. He makes sure it gets it. Expensive foreign wars, expensive bread, and expensive circuses - these are, of course, what bankrupted almost every empire from Rome to London. But that is just the point: institutions play their roles, too. One grows; another decays. One is young and dynamic while another is old and decrepit. One has to die to make way for the new one to take its place. One has to ruin itself so that another may flourish.

They could cut their budget by 75 percent and still have the biggest, most advanced economy in the world. They could trim their household spending by half, and still live well. They could drive less in smaller cars, they could cease mortgaging their houses, and they could “make do” with last year’s clothes and yesterday’s laptop, but how could they ruin themselves if they put on the brakes before getting to where they are going? Easy money and debt consolidation loan policies has been lending money at a rate at or below the level of consumer price inflation for more than two years - do not merely lure UK to borrow and spend, they also grease the skids of history, permitting one empire to slip away while another slides in to take its place.

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The main beneficiaries of the present gush of globalization are the Asians. As consumers turn to Wall - Mart to buy more and more things at “Every-Day Low Prices,” they find products from China and Malaysia on the shelves. Were it not for Greenspan’s low lending rates, they would not have found it so tempting to borrow. Were it not for Greenspan’s low rates, they would not have found it so alluring to spend. Were it not for Greenspan’s low rates, they would not have bought so much from Asian manufacturers, the Asians would have made less money and would have built fewer new factories and trained fewer new workers. Were it not for Greenspan’s lending policies, in other words, Asia would not have grown so quickly and would not now pose such a competitive threat to the rest of the world’s industries. And they would not owe Asians so much money from debt consolidation loan. In today’s paper for example, a headline tells the tale: “China joins global race for fastest computers: Beijing and Tokyo aim at a new barrier to overtake lead.”

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Asians now own enough assets to buy a controlling interest in every company on the Dow. They have enough T-bonds to destroy the economy on a whim. Their economic power is growing at three to five times the GDP rate of Western nations. So far, they have shown little interest in political power; that is for a later stage of the cycle, another role for another time. None of these insights are new or original. Most Americans have heard these things. Longtime readers of our newsletter have heard them so often they look for exits when they see your authors coming. But while people know these things to be true, they don’t really believe them. They believe what they need to believe in this late, degenerate stage of the empire. That is, they believe in sloppy fantasies.

The economy is still the most dynamic and flexible in the world they tell each other. We’re the most creative, inventive people on the planet, they congratulate themselves. We’ll invent new businesses. We’ll think of something! These vague expressions of faith are probably typical for an advanced empire of debt consolidation loan.

You never know where you are in the cycle until it is too late to do anything about it. For all we know, we could be facing merely a temporary pullback in what is still a long-term bullish period for the empire. We have mentioned how present U.K. attitudes seem more in keeping with the end of a great empire than the beginning of one. In addition to that, the math of it makes us think we are closer to the end than the debut. The UK pays the direct costs of globalization - a budget greater than the combined spending of all of the rest of the world combined. Plus, it bears the indirect costs of its own consumerist excesses - another 700 billion pounds or so per year for debt consolidation loan deficit.

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Together, they represent a cost of empire of more than 10 percent of GDP . . . more than 1 trillion each year for debt consolidation loan. Here and the paper pound were immensely helpful. There is no theoretical limit to the amount of debt that can be taken on. The problem is a practical one. The pound must maintain a reasonable value or lenders will be unwilling to lend. Pound loans must also pay a reasonable amount of interest. With 36 trillion in loans outstanding, even at 5 percent interest, that represents annual debt service payments of 1.8 trillion pounds.

Who’s got that kind of money? No; they’re already spending every penny. And the more they spend, the less money they have left to pay interest. All they can do is to refinance – taking on new debt in order to pay the interest on the old debt. We will not dwell on this, as it is obvious even to an economist that it can’t go on for very long. Sooner or later people cannot continue to borrow and cannot continue to make their payments. This reminds us of one of the delusions that has been especially fetching lately. He tells us that as long as house prices rise in parallel with household debt there should be no problem. He must know that it is not true. Relative to his assets, he says, the UK consumer is not over indebted. This is a little like telling a man not to worry about drinking too much - as long as he is getting fatter at the same time! The price of a house is only of interest if he is going to sell out and live in a cave, or die. Otherwise, he has no way of realizing the inflated value of his house - except by borrowing against it, which only makes the situation worse and need for debt consolidation loan.