Wednesday, March 26, 2003

The Fall of the American Empire? 

The dollar falling, debt rising, tax cuts for the rich, war price not yet in, but rising...could all of this signal the beginning of the decline of the American empire? Mark Tran, business editor for the Guardian Unlimited, explores this question:

"Bush fiddles with economy while Baghdad burns

Could a faltering dollar and global rebellion against its values presage the decline, and eventual fall, of the American empire, asks Mark Tran

Wednesday March 26, 2003

The war in Iraq is not going as smoothly as the Bush administration would like and the conflict is looking less and less like a walkover by the day.
Yet there can be little doubt that the US, backed by Britain, its loyal junior ally, will eventually prevail. The conflict will bring the US little glory, pitting the world's most powerful military machine against a dilapidated army, but when American and British troops enter Baghdad, the US will surely cement its status as a hyperpower.

But does the US colossus have feet of clay? It takes a brave soul to argue that America, the world's largest economy and by far its most potent military power, is about to go into decline, when it is widely perceived as a hyperpower. But Independent Strategy, a financial research company for institutional investors, has made the case in a paper that is making the rounds of big investment banks such as Goldman Sachs."