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."
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.'
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.
