Banking Crisis Will Erode US Geopolitical Hegemony
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.
Tue, Oct 21st 2008, 01:52
Donald Stadler, Self-employed, Diamond Contributor (1052)
Karon also claims that the long-planned military wothdrawl from Iraq is completly prompted by fiscal concerns; I wonder what Obama Barck makes of the slur that he didn't actually mean his campaign promises; obviously Mr. Karon's view given that Obama's withdrawal policy from 2 years ago was prompted by foreknowledge of the bank crash; one wonders why Senator Obama did not share this intelligence with the rest of us?
What do I think? That the enforced increase in the US savings rate will increase the US power in the long term. Back to being the 'hegemon' - that is the nation which makes all important decisions for the entire world?
Well, no, not that. But then the US has never held that power; claiming that it somehow has in order to measure how far the US crest has fallen is simply lying. To oneself if nobody else.