Are we becoming a banana republic? John Hinderaker poses the question ominously, just as Mark Steyn notes, and then answers it still more ominously.

As it happens, just a couple of weeks ago I found myself having this very conversation with a Cuban and a Colombian. Both were close and longtime observers of Latin American politics and experts, therefore, on banana republicdom. They insisted — just insisted — that Barack Obama was moving us in that direction, and fast.

I had a much harder time refuting their argument than I’d have liked.