_ I’m reading in an editorial about the Euro Zone crisis how on December 9 European countries agreed to write into their national constitutions that budgets have to be balanced. And if they are not, automatic corrective measures would be put into effect.

In the United States we could put such a measure in the national constitution and it would probably be struck down as an improper use of the constitution to limit the powers of Congress. Congress is supposed to be able to do whatever it chooses about money — even spend more than it takes in.

But in real terms we Americans are getting away with this kind of behavior about budgets and money because we won World War II and set ourselves up as the super power. We feel that everyone and anyone will buy treasury bonds because the world peace and the world order depends on us. And in practical terms we must be able to overspend and print money so we can send troops here and there at a moment’s notice and import goods, which depends on Americans having lots and lots of money to spend to prop up the rest of the world.