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My essential point is to urge a fuller view of things than the simple categories of win and loss. I do not define Vietnam as a win, but note that in terms of grand strategy, by fighting in Vietnam, we kept Thailand and the Philippines from falling to communism. That was a gain for the US and a key reason for our involvement there. Similar calculations apply to other conflicts that we have a role in as well.

For example, our financial support for and provisioning of Israel results in privileged access to intelligence and the lessons of Israel's military experience. This has had major benefits for the US in electronic warfare, drone system, stealth, antimissiles, and how to fight Soviet and Russian designed aircraft and weapons. American weapons are prized because of their effectiveness, part of which comes from our support for Israel and the benefits of Israeli experience.

Moreover, keep in mind that we can finance our public debt -- most of which is due to Medicare -- because (in part) our large military and willingness to protect other countries help to make the dollar attractive as the primary trade and reserve currency. This gives us access to the world's resources and makes Americans safe in most places.

This cannot and will not go on forever and we need to get our domestic economy and finances in order. I expect though that even as the world gradually relies more on other currencies, the dollar and American weapons and military skill will still be prized.

The much troubled and expensive development process for the F-35, for example, has resulted in a highly valued fighter that is an international sales success. Rich and formally neutral Switzerland, for example, has adopted the F-35 for its air force. Yes, it is that good -- and successor is said to be already secretly flying in testing as an early prototype.

How does one account for all this? Plausibly, it can be said that part of the cost for our large military and willingness to use it can be booked to Medicare. And perhaps the export value of American weapons can be credited there as well as an offset. In effect, I now get absurdly cheap medical care (yes, I am that old) because (in part) we are the world's policeman and supplier of the best arms.

And, by all means, South Korea and Europe should pay more for the cost of their defense in addition to all the US Treasury debt they buy. With pressure and persuasion, they will slowly pay more.