The Meb Faber Show · Friday, August 14, 2026
Luke Gromen points out that the US military has been warning about the national security risks associated with offshoring the defense industrial base. Citing Admiral Michael Mullen's 2011 statement, he explains that borrowing from China to build weapons against China with Chinese components is a critical vulnerability.
“We're borrowing money from China to build weapons to face down China using Chinese components. This is what the Chairman of the Joint Chiefs of Staff, Admiral Michael Mullen, said in 2011.”
“So the US military has been warning about the national security risks of anti-Hamiltonian economics for well over a decade, almost 20 years now.”