While I am certainly bearish in my tendencies, I find the “end of the empire” routine that accompanies bad financial news a wee bit tiresome.
I agree that this country needs to re-define itself in terms of mores, responsibility and our role in the world, but to relegate the US to the ash heap of history so quickly really rankles me.
I hear incessantly the talk of China’s ascendance and am reminded of the talk during the 1980s of Japan, Inc. and how that country’s business and social “model” was going to outstrip our own and in short order.
During the post-Vietnam War malaise of the mid- to late-1970s, it was talk of the Soviets finally putting an end to the capitalist model, and of all the successes that their system and influence seemed to enjoy.
So, here we go again. And I certainly will profess to more than a little personal unease as this whole situation begins to unwind. Does it presage the end of the American “empire”? Somehow, I don’t think so. This country has shown remarkable resilience over the years and against some pretty tough competition. I wouldn’t count us out just yet.
Do we need to do some serious work? Yup, and hopefully this upcoming gargantuan systemic enema will do just that.
And, if that doesn’t work: I am counting on Hillary!
