America's century: is the sun setting on an epoch? (Sydney Morning Herald)

[struggle4progress]

Peter Hartcher
October 4, 2008

In the same week that the US Treasury Secretary sank to one knee to implore a congressional leader to vote for the $US700 billion ($890 billion) package to save the American economy, Colonel Zhai Zhigang became the first Chinese astronaut to walk in space. It was a striking juxtaposition of American vulnerability with Chinese success, of US crisis with Middle Kingdom might. It was heavy with the symbolism of an empire in decline in contrast with one on the rise ...

... "Ever since the end of the Cold War, successive American administrations have lectured other countries on the necessity of sound finance," <British political philosopher John Gray> wrote this week. "China in particular was hectored relentlessly on the weakness of its banking system. But China's success has been based on its contempt for Western advice and it is not Chinese banks that are currently going bust."

He identified it as a profound moment: "The era of American global leadership, reaching back to the Second World War, is over." ...

The world's tallest building is in Taipei, the richest man is a Mexican, and the biggest listed corporation is Chinese. The world's biggest casino no longer is in Las Vegas but Macau, and the biggest movie industry is no longer Hollywood but Bollywood. Even shopping, America's greatest sporting activity, has gone global - of the top 10 malls in the world, only one is in the US; the world's biggest is in Beijing." ...

http://www.smh.com.au/news/world/uncle-sam-is-down-on-his-knees-/2008/10/03/1223013791575.html

[JDPriestly]

1. We don't need to be the riches or biggest when it comes to money.

We need to have the richest and biggest hearts -- the most humanity and love for one another. That is what the world needs now. We need to be the most caring nation. The sad thing is that we are so, so far from being that.

I remember when school lunches were the pride of the nation, we basked in the glory of our land-grant universities and when our Marshall Plan lifted a devastated Europe to its feet. What changed? We did not become a smaller nation, we became a nation of smaller people. And the Republicans, the Reagan revolution did this to us.

[MasonJar]

2. Well, so much for the neos' plan for the 21st to be the American century.

They are in large measure culpable for the country's accelerating decline, IMHO. Personally, I welcome a return to sanity. We have become a country where consumption is king and big is better. Let others take the lead in wielding power and influence. Maybe they will be superior in their concern for the less fortunate and the Earth itself. We have failed miserably in the really significant and crucial responsibilities of a leading power. While other countries are trying to stop pollution and scourge global warming, we lead the world in the slogan, "drill,baby, drill." We use up 25% of the world's resources. We now torture as a government policy. We refuse to fund stem cell research. The list goes on. Stack the desire to learn of USA teens against most other countries and their knowledge of other cultures, languages, and etcs. and they will come in at the bottom third at best. Our power has been misused against others and against our own children.

[TankLV]

3. I certainly hope so - this is not the america that I was born into...

and since we are likely to be stuck with more bushes and cheneys and asshole repukes making us wonder each new day if it can get any worse than the last day, I'd rather pass the mantle on to others who can do a better job of it - we certainly have proved we can't do it any longer...

[UK populist]

4. Correct me if I'm wrong but isn't

The worlds tallest building the Burj Dubai. I know it is not occupied yet but I am pretty sure it has already surpassed the height of the Taipei 101 building.

[Livluvgrow]

5. I feel for the world

I read that and unfortunately what I see is America won. She won at exporting all of her worst crap worldwide. Malls, casinos, the biggest is best attitude, multi billion dollar space programs while people grounded on earth starve. I feel for these people because they seem to have bought into this crap hook line and sinker.

[muriel_volestrangler]

6. An interesting factoid from the markets: US govt seen more likely to default than France

The long-term creditworthiness of Uncle Sam has been coming under daily scrutiny in recent weeks, and the risk, as priced in financial markets, has risen to record levels. The cost of insuring against the risk that the US might fail to repay holders of its 10-year Treasury bonds has risen to 20, 30, and now 37 basis points in recent days. Thirty-seven basis points is 0.37 of a per cent. The comparable cost on French government debt is 20; on German it is 13.