'THE
DEVIL'S TAIL'
[Hoje Macau, People's Republic of China'
Die Zeit,Germany
America's Final
Downfall? We Had Better Hope Not!
"China is now America's
largest creditor; the dollar's role as the dominant global reserve currency is
seriously endangered; the American financial system is threatened with
collapse; and the only answer to this crisis, an existential threat to the
entire global economy, is nationalization by Washington's Republican
government! … One must hope that it's only a temporary phase of weakness and
not the beginning of America's final downfall. "
By Joschka Fischer*
Translated By James Jacobson
September 22, 2008
Germany - Die
Zeit - Original Article (German)
In a few weeks,
it'll be the 19th anniversary of the night that the Wall came down and the Cold
War came to an end. In the following years, the United States stood alone at the
summit of global power. A new American century emerged, designed and determined
solely by the global power of the United States.
Today, just 19
years later, we are witnessing the decline of American power. This decline can
be traced essentially to a mixture of arrogance and blindness on the part of
the active participants in the United States.
The current grave
crisis in the American financial system is a provisional climax in this decline
in power, which can be compared in its magnitude only to the global crisis of
1929.
The U.S. State
and its citizens have long lived in debt, driven by a policy of cheap money
from the Central Bank [the Federal Reserve]. Eventually, the adjustment to hard
economic reality had to come.
Furthermore,
through the use of so-called "new financial instruments," a shadow
economy in the banking and financial systems has been created, in which
existing legislative controls and restrictions have been successfully overcome.
The markets made themselves independent, and unbridled greed openly ruled -
proving itself a program for self-destruction - and not for the first time in
global capitalism.
Certainly, this
process didn’t begin with the election of George W. Bush as 43rd President of
the United States. But since he took over in 2000 - and with him the
neoconservatives of the Republican Party - the U.S. government has been headed
rapidly into decline.
[Stuff, New Zealand]
Under the banner
of a "New American Century," Bush and the neoconservatives chose a
policy based on sole American predominance. The results are now clear to be
seen:
Due to Guantanamo
and torture, America has lost her moral credibility; Thanks to the Iraq War,
Iran has achieved regional supremacy in the Middle East; American military
power has become overstretched due to a wrong and unnecessary war; Bush
inherited a balanced budget from Clinton and has since acquired a huge mountain
of debt; China is now America's largest creditor; the dollar's role as the
dominant global reserve currency is seriously endangered; the American
financial system is threatened with collapse; and the only answer to this
crisis, an existential threat to the entire global economy, is nationalization
by Washington's Republican government!
Posted by WORLDMEETS.US
When reality
makes the gags of cabaret artists look old and tired, it is at its most bitter.
The motherland of the free market economy has nationalized its financial system
and its mortgage loans! And all of this is happening under a Republican
President! If the situation weren't so serious and dangerous, one could have
quite a laugh. In fact there's nothing to laugh about, because with the decline
of the global growth engine known as the United States, the global economy is
being pulled down with it. This will also increase the danger of domestic
conflicts and social tensions, which could spill over into foreign policy.
'CHINESE
MILK'
[Hoje Macau, People's Republic of China'
One may at times
harshly criticize the United States over its foreign policy. But as a
regulating power, it cannot be replaced by Russia or China. And unfortunately,
not by a stymied and divided Europe. The negative impact of the decline of
American power will therefore become apparent within international politics,
since the U.S. no longer has the influence that it once did as a power that can
keep the peace.
Historically,
there has always been a correlation between economic crisis and political
tension and even war. Thus, the crisis of 1929 lead directly to the Second
World War. Thank God the danger of such a hot global confrontation doesn't
exist today, since nuclear deterrence prevents this. In addition, with about
6.6 billion people - in 1929 there were only over 2 billion - a drop in free
trade along with entirely new communications technologies can produce only
losers. And increasing regional and even global tensions are by no means out of
the question.
Posted by WORLDMEETS.US
Considering the
negative consequences of declining American power, one must hope that it's only
a temporary phase of weakness and not the beginning of America's final
downfall. However, we Europeans must finally wake up and unite politically and
responsibly to prepare for tougher times and greater responsibility.
*Joschka
Fischer was German foreign minister and Vice Chancellor in the government of
Gerhard Schroeder from 1998 to 2005.
CLICK HERE FOR GERMAN
VERSION
[Posted by WORLDMEETS.US
September 23, 11:28pm]
