Robert Hormats, a vice chairman of Goldman Sachs, has a new book out - The Price of Liberty - on the history of America’s war financing. From the time of Alexander Hamilton, this country has always financed its wars when they occurred - until the current war in Iraq. “One central, constant theme emerges: sound national finances have proved to be indispensable to the country’s military strength” (and long-term national security). Obviously, our finances have never been more unsound. So where are we headed this time?

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