Will the Financial Crisis Make America Relatively Stronger?
There seems to be unanimity that America's position in the world will be weakened because of the financial crisis. I have my doubts that this will be the case, though a re-think of the structure of the global financial system will be in order once we get through this.
Here is an article by one author who believes that America will become even stronger relative to the rest of the world because of the crisis.
The silliest thing that clever people are saying about the world economic
crisis is that the United States will lose its position as the dominant world
superpower in consequence. On the contrary: the crisis strengthens the relative
position of the United States and exposes the far graver weaknesses of all
prospective competitors. It makes the debt of the American government the
world's most desirable asset. America may deserve to decline, but as Clint
Eastwood said in another context, "deserve's got nothing to do with it".
President Barack Obama may turn out to be the most egregious unilateralist in
American history.
It is an interesting article. I would suggest you read it as it very much is contrary to the consensus. And contrary to the consensus enamours us at Running of the Bulls.
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- Read original article.
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