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American Hegemony Is Not Guaranteed

By paul roberts  Posted by Paul Craig Roberts (about the submitter)       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.   10 comments

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What would the Bush regime do? Wet its pants? Push the button and end the world?

If America really had dangerous enemies, surely the enemies would collude to take advantage of a dramatically overextended delusional regime that, blinded by its own arrogance and hubris, issues gratuitous threats and lives by Mao's doctrine that power comes out of the barrel of a gun.

There are other less dramatic scenarios. Why does the U.S. assume that only it can initiate aggression, boycotts, freezes on financial assets of other countries, and bans on foreign banks from participation in the international banking system? If the rest of the world were to tire of American aggression or to develop a moral conscience, it would be easy to organize a boycott of America and to ban U.S. banks from participating in the international banking system. Such a boycott would be especially effective at the present time with the balance sheets of U.S. banks impaired by subprime derivatives and the U.S. government dependent on foreign loans in order to finance its day-to-day activities.

Sooner or later it will occur to other countries that putting up with America is a habit that they don't need to continue.

Does America really need more political leadership that leads in such unpromising directions?

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Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His books, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available (more...)
 

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