T. Karon, The National (United Arab Emirates) | October 20, 2008
It is clear that it was the free-market fundamentalism and reckless stewardship of the US government that led to the current financial crisis. ++ The US will pay a high price for its sins. ++ The bailout, which is likely to end up costing more than the Iraq war, will not only erode US financial hegemony, but undermine its geopolitical domination as well. ++ Financial troubles will prompt American withdrawal from Iraq and cuts in its other military commitments. ++ They will also limit Washington’s leverage in relations with Iran.