yet another alarum being raised by nicholas kristof about america's profligacy. these are getting to be pretty frequent. the answer, alas, is to lower the standard of living in america, and go to fewer wars, or if the latter is not possible, to be more efficient in getting others to pay for your wars.
this is why it's a bad idea to tie india's or one's own personal future to america's. diversification is a good idea. i am bearish on china (as may be rather obvious), bearish on europe (the defeat of the referenda dooms europe to fractiousness -- i recommend an excellent kqed forum discussion as to why), bearish on russia. i am bullish on southeast asia (for cultural reasons -- they are likely to do well), india, and much of the asia-pacific (it is going to be the asian century after all).