So it is useless for me to wave my fist at the Americans — satisfying as it might be. That is not the route to take.
Before we talk about the route we ought to take, let's deal with the standard chest-pounding whine of the Americans as they purple up in self-righteous anger, screaming, "we give you $3 billion a year in foreign aid!!!"
No, it don't work that way. The American government pays about $3 billion of its taxpayers' money for the privilege of controlling Israel's defense budget. Let's repeat that point to drive it home: THEY ARE BUYING CONTROL. It's kind of like buying the services of a whore. The john enjoys the whore and the whore gets to keep his money. The Americans have bought control, and we get to keep their money. If they can't comprehend that concept, they can screw themselves instead of us for a change. Indeed that appears more and more to be what "hope and change" is all about - Americans screwing themselves over.
Bless them. Now, back to telling the Americans to go to hell.
Up until the year 2000, telling the Americans to go to hell would have been unthinkable. The American dollar (and its T-bills) were viewed as though they possessed the solidity of gold. But in 2000, investors in the dot.com start-ups, having blown up the value of these stocks like kids blow up balloons, panicked. They did not comprehend the exponential growth of information technology, and fearing for their profits, they ran to sell their shares. This panic ruined the companies that were to carry America triumphantly into the 21st century. The failure of these investors to realize that the companies they had invested in needed a few more years to turn out fantastic profits killed the future of the American economy.
And countries produce their way out of recessions. American businessmen, having killed off (temporarily) the engine of growth in the States, were reluctant to allow the economy to really recede because they had nothing to produce. So they started selling snake oil instead of prosperity and recovery. Real estate prices ballooned, credit expenditure ballooned, the packaging of bad mortgages ballooned into a growth industry, and the relaxations of regulations over equity sellers and banks (from the Reagan and Clinton administrations) turned Wall Street into a casino.