Economic power

Josh Marshall:
It is very difficult to draw practical lessons from history. But one of the closest things to a law is that military power is almost always built on economic might. And the former seldom long outlasts the latter. Indeed, countries with sound finances have routinely been able to punch over their weight -- great Britain and the Netherlands during different periods are key examples. So fiscal soundness even over the medium term is much more important than any particular weapon system or basing right.