'HEADED HOME'

[Het Parool, The Netherlands]

[click for jumbo version]

 

 

Financial Times Deutschland, Germany

At G20, Obama Tastes Bitter Reality of American Decline

 

"What we witnessed was the end of American global dominance. The 'American Century' is over. Barack Obama, who in contrast to Bush Jr. advocated a multilateral world order, now must bitterly experience what that means in practice."

 

By Peter Ehrlich

                            

 

Translated By Ulf Behncke

 

November 12, 2010

 

Germany - Financial Times Deutschland - Original Article (German)

SEOUL: In times of peace, thankfully, there's no need for historic battles like those of Trafalgar or Waterloo to change the balance of power in the world. These days, change happens little by little, day by day - only becoming noticeable at meetings like the G20 Summit in Seoul. What we witnessed was the end of American global dominance. The "American Century" is over.

 

At least since the First World War, the United States has been the most significant power both militarily and economically. Twenty years ago after the collapse of the Soviet bloc, it became the only remaining "superpower." When then-U.S. President George H.W. Bush spoke of a "new world order," he was thinking of a Pax Americana. But from then on, it was all downhill.

 

Portraits of G20 leaders by Korean artist Sion Khan displayed

at Gwangju City Hall, Seoul, during the G20 Summit.

 

Militarily, the U.S. still dominates, but today, even America can no longer afford to go it alone as it did in Iraq. Economically, it is still by far the most significant nation, but the fate of the global economy now lies in Europe and China. Barack Obama, who in contrast to Bush Jr. advocated a multilateral world order, now must bitterly experience what that means in practice. Once staunch allies like Germany now openly criticize the monetary policy of the U.S. Federal Reserve.

 

The G20 Summit communiqué doesn't warn of "undervalued currencies," as the U.S. demanded, but rather of "competitive devaluation." The former would have been clearly aimed at China, whereas the latter could also be applied to the U.S.

 

With France taking over the presidency of the G20 from South Korea in 2011, the new G20 president, Nicolas Sarkozy, has been given a mandate by the 20 leading industrial and emerging nations to begin policy discussions on the world monetary system. Where this may lead was made clear after the summit by Brazil Finance Minister Guido Mantega: the strengthening of other reserve currencies at the expense of the dollar. [see video below].

 

G20 President Nicolas Sarkozy says world must pursue

'international reserve asset not issued by one country.'

[click here or click photo to watch]

 

It was symbolic that the meeting took place in Asia - and in a country that for the first time has organized an event of such global magnitude. The Koreans showed that a meeting of this size can be organized easily and in a friendly manner - and without any of the grotesque security efforts put in place a few months ago in Canada.  

Posted by WORLDMEETS.US

 

The self-confidence of such medium-sized nations shows as well that American dominance will not be immediately followed by a Chinese equivalent. This time, the human race might in fact try a new world order, because for the first time it isn't military balance but economic interdependence that is the most decisive force on earth.

 

From time to time and without justification, a Bill Clinton would arrive at similar summits an hour late, and everyone else had to wait. Obama is more polite and punctual. These days, there's no guarantee everyone else would be waiting for him.

 

CLICK HERE FOR GERMAN VERSION

blog comments powered by Disqus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Posted by WORLDMEETS.US November 13, 9:14pm]

 








Bookmark and Share