The Keys to the Kingdom

The United States is in a war. This war is not fought with missiles and bullets, but with dollars, yen, and deutsche marks. This is a war for dominance in the global marketplace, a war for economic supremacy. The United States is losing this war. Year after year, tens of billions of dollars flow from American bank accounts to Japanese pockets—the stark meaning of the oft-cited "merchandise trade deficit"—half a trillion dollars worth in the last decade. The United States is not losing becau...