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4/12/09

CSM: America: a superpower no more - by Walter Rodgers

For the complete report from csmonitor.com clickon this link

America: a superpower no more - by Walter Rodgers

Two American icons, General Electric and Berkshire Hathaway, lost their triple-A credit ratings. Then China, America's largest creditor, called for a new global currency to replace the dollar just weeks after it demanded Washington guarantee the safety of Beijing's nearly $1 trillion debt holdings. And that was just in March. These events are the latest warnings that our world is changing far more rapidly and profoundly than we – or our politicians – will admit. America's own triple-A rating, its superpower status, is being downgraded as rapidly as its economy.

Washington's uncritical support of Israel at the expense of Palestinians is perceived by much of the world as egregiously hypocritical. Consequently, America's collision course with Islam may be irreversible. Muslims believe Islam never lost the moral high ground – and they won't readily relinquish it for Western secularism. Even politically conservative journals such as The National Interest recognize something has gone wrong. In a recent issue, Robert Pape opined: "The self-inflicted wounds of the Iraq war, growing government debt, increasingly negative current-accounts balance, and other economic weaknesses have cost the United States real power in today's world.… If present trends continue, we will look back at the Bush administration's years as the death knell of American hegemony."

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