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US Dominance Is Dead

Posted Sep 28, 08 11:38 AM CDT in World,  Business,  Opinion 

(Newser) – After decades of a scolding countries for irresponsible behavior, Uncle Sam has finally had his comeuppance, John Gray opines in the Guardian, concluding that “The era of American global leadership is over." Unable to silence Hugo Chavez, thwart Russian aggression in Georgia, appreciate Chinese fiscal practices, and halt its own shoddy fiscal policy, America’s fate is now being sealed.

“The Iraq war and the credit bubble have fatally undermined America’s economic primacy,” Gray writes. “How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury secretary is on his knees.” The countries that once succumbed to US pressure will soon be ruling the roost, argues Gray: “The control of events is no longer in American hands.”
Source: Guardian (UK)

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"China's success has been based on its contempt for Western advice," John Gray says. "How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury secretary is on his knees."   (AP Photo/CCTV via APTN)
Condoleezza Rice meets with Georgia's President Mikheil Saakashvili in Tbilisi last month. "Georgia showed Russia redrawing the geopolitical map, with America an impotent spectator," John Gray says.   (AP Photo/Irakli Gedenidze, pool)
American supremacy has tumbled in its backyard, John Gray argues, "with Venezuelan President Hugo Chávez taunting and ridiculing the superpower with impunity."   (AP Photo/Michel Euler)
"Power is leaking from the US at an accelerating rate," John Gray asserts.   (Shutter Stock)
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An unprecedented expansion of government is the only means of averting market catastrophe. The consequence, however, will be that America will be even more starkly dependent on the world's new rising powers. - John Gray

The fate of empires is often sealed by the interaction of war and debt. America is no different. The Iraq war and the credit bubble have fatally undermined America's economic primacy.
- John Gray

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Financial Crisis • China • bailout • United States • Cold War • capitalism • free markets


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