[quote=UCGal]Um we are at war, on two fronts. It’s not the same scale as WWII – but we are at war.

No comment on the bond thing. I don’t know enough on the topic to have an opinion.[/quote]

Right, but I think the distinction here is that we are not in a *world* war. In truth, there’s always a war (or wars) going on in some part of the world. A world war consumes the entire financial system with massive spending. Afghanistan and Iraq have not caused a massive surge in global spending – only a massive surge in U.S. spending.