I hate to put a damper on anyone’s holiday cheer, but there is a side to the economic meltdown that has largely been ignored; the national security aspect.

As James Rickards, a financial adviser to the Director of National Intelligence explains, the financial crises is not simply threatening to bring the American or global economies to a grinding halt, but could also pose some grave existential threats to the United States. For example, an America facing rising unemployment and general sense of unease, would make a perfect target for a terrorist to deal a body blow to an already damaged American psyche and bring about a total collapse of the American economy.

Another potential vulnerability is the dollar itself. The dollar has been the dominant currency simply because of a lack of a true viable alternative to it. However, Rickards can envision a scenario where a global coalition banded together to create a gold-backed alternative to the dollar that would drive investors away from dollar backed securities, causing high unemployment, deflation, and skyrocketing interest rates.

These scenarios, while all outside the mainstream, are still not completely beyond the realm of possibility and adds an additional layer of urgency to the current economic crisis, and the need for a real solution as soon as possible. If there was ever a time for bipartisan cooperation, now is it. We are facing crisises on all fronts (not to mention a need for health care, education, and a host of other domestic reforms), and do not have the luxury of time to engage in our old partisan bickering. So far, it looks like the Obama team is moving in the right direction. Congressional leaders need to get on board and get to work!

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