Niall Ferguson is candidly calling time on the American Empire, or at least pointing to the combination of factors that will soon lead to its demise, in the latest issue of Foreign Affairs. . . .

Over five years, my research shows an extra $600 billion of public spending at the cost of $900 billion in private expenditure. . . .

Abstract: The Federal Reserve's actions to stabilize financial markets and the U.S. economy during the recent credit crisis created a mountain of excess reserves owned by banks and held at the Fed. . . .

As the globe "weans itself off the US dollar," the world's reserve currency is in question and the U.S. is being far too complacent about the demise. . . .