American Century: Cut Short By 92 Years
By Mike Whitney
-- - America's time as a superpower is coming to an end.
The financial crisis was just the last straw. Whatever good
faith was left after the invasion of Iraq, the shrugging off
of international treaties and the shameless disregard for
human rights, is now gone. The United States has polluted
the global economic system with worthless mortgage-backed
securities and, by doing so, has pushed 6 billion people
closer to a long and painful recession. That's not something
that can be easily forgiven.
The anger at the US seems to be surfacing everywhere at
once. It was particularly noticable at the recent opening of
the UN General Assembly. Typically, this is a tedious event
full of empty political blabbering and pretentious
ceremonies. But not this time. With the world sliding
towards a US-created recession; patience have worn thin, and
foreign leaders have started to lashing out at the United
States more vehemently. The speeches have been blunt and
acrimonious; no one is "pulling their punches" any more.
Venezuela's Hugo Chavez summed up the mood of the meetings
"I think that, sooner rather than later, this empire will
fall - to the benefit of the whole world, enabling a balance
in the world to be created: polycentric and multi-polar.
That will guarantee peace in the world. To the creation of
this multi-polar world we are making our small
Chavez likes the American people but opposes the American
Empire; it's that simple. He was the first foreign leader
to offer food and medical assistance to the victims of
Hurricane Katrina. (Bush refused his offer) Also, he
regularly supplies tons of heating oil to low-income
families in the Northeast USA.
What Chavez objects to is Bush's "unipolar" model of
global governance whereby all the world's crucial
decisions--on everything from global warming to nuclear
proliferation--are made by Washington. No one likes being
told what to do, just as no one likes the US constantly
meddling in their affairs. That's why none of the UN
attendees seem particularly bothered by the fact that the US
financial markets are in freefall. It's called schadenfreude,
taking pleasure in someone elses misfortune, and there was
ample supply of it at the United Nations last week.
Many of the dignitaries seem to believe that America's
sudden downturn presents opportunities for a change in the
way the world is run. That's what everyone wants; change.
Real change. No one wants another 8 years like the last.
That's why the central theme in Chavez's speech was repeated
over and over again by the other world leaders. They reject
the present system and want a bigger role in shaping the
That doesn't mean that the world hates America. It just
means that everyone wants a breather from the torture, the
abductions, the bombing of civilians, and now, the financial
contagion that the US has spread throughout the global
system. The US's lack of regulation and low interest
monetary policies have driven up inflation, triggered food
riots, and sent oil prices skyrocketing. Enough is enough.
The United States is like the dinner guest who doesn't know
when it's time to go home. Perhaps, a touch of recession
will help to rebalance Washington's approach and make its
leaders more responsive to the needs of the rest of the
world. In any event, other nations are already preparing for
a world where America's role is greatly reduced.
Journalist John Gray summed it up like this in his article
in The Observer, "A Shattering Moment in America's fall from
"The control of events is no longer in American
hands.....Having created the conditions that produced
history's biggest bubble, America's political leaders appear
unable to grasp the magnitude of the dangers the country now
faces. Mired in their rancorous culture wars and squabbling
among themselves, they seem oblivious to the fact that
American global leadership is fast ebbing away. A new world
is coming into being almost unnoticed, where America is only
one of several great powers, facing an uncertain future it
can no longer shape."
The US is about to join the family of nations and learn
how to get along with its neighbors whether it wants to or
not. There's simply no other choice; the dollar is falling,
the deficits are soaring, and the financial markets are in a
shambles. America will either learn to cooperate or become
isolated in a world that is rapidly integrating. It's "get
along or get out"; a message that Washington needs to learn
quickly so it can adapt to a new power-paradigm.
Yes; plenty of money will still go into covert operations
and CIA-sponsored dirty tricks just to keep alive the hope
the Superpowerdom will be restored. That is to be expected.
The well-heeled rogues in the British royal family still
dream of rebuilding the Empire, too. But realists know that
it's just a harmless fantasy. Nothing will come of it.
Empire's have a short shelf-life and they're impossible to
stitch-back together. They usually end on a corpse strewn
battlefield or in a towering financial bonfire which leaves
nothing behind but a pile of ashes and shards of broken
glass. We can only hope that the yawning economic chasm
ahead of us all, will involve less hardship than we
anticipate. But when a nation sows dragon's teeth, it
shouldn't expect a harvest of sweet plums.
Journalist Steve Watson reports on Infowars:
"A Council on Foreign Relations member and former
policy planner under prominent Bilderberger Henry Kissinger
has penned a piece in the Financial Times of London calling
for a “new global monetary authority” that would have the
power to monitor all national financial authorities and all
large global financial companies.
“Even if the US’s massive financial rescue operation
succeeds, it should be followed by something even more
far-reaching – the establishment of a Global Monetary
Authority to oversee markets that have become borderless."
writes Jeffrey Garten also a former managing director of
The biggest global financial companies would have to
register with the Global Monetary Authority (GMA) and be
subject to its monitoring, or be blacklisted. That includes
commercial companies and banks, but also sovereign wealth
funds, gigantic hedge funds and private equity firms. The
GMA’s board would have to include central bankers not just
from the US, UK, the eurozone and Japan, but also China,
Saudi Arabia and Brazil. It would be financed by mandatory
contributions from every capable country and from
insurance-type premiums from global financial companies –
publicly listed, government owned, and privately held
The dream of "one world" government does not die
easily, but it is dead all the same. The center of the
present global financial system is the Federal Reserve. Its
offspring includes the Council on Foreign Relations, the IMF,
The World Bank, the G-7 banking cartel and thousands of
predatory NGOs which have expanded the grip of the
Washington banking cabal and the dollarized system across
the planet. Neoliberalism is collapsing. What we are seeing
now is the erratic spasms of a terminal heart patient
entering the final stages of cardiac arrest. There is no
drug or medical procedure that will restore the victim to
No one is looking to the US or its "economic hit-men" to
chart a course for their country's economic future. Those
day's are over. The US will have to pull itself from the
rubble and start over without the massive infusions of low
interest capital from China, Japan and the Gulf States. The
money spigots have been turned off. It's thin gruel and hard
times ahead. That's the price one pays for swindling the
world with worthless mortgage-backed snake oil and other
Russian President Vladimir Putin summed up recent events in
the financial markets like this:
“Everything that is happening in the economic and financial
sphere has started in the United States. This is a real
crisis that all of us are facing, and what is really sad is
that we see an inability to take appropriate decisions. This
is no longer irresponsibility on the part of some
individuals, but irresponsibility of the whole system, which
as you know had pretensions to (global) leadership.”
Back at the United Nations, Germany's Finance Minister Peer
Steinbuck echoed similar sentiments when he said:
“The United States is solely to be blamed for the
financial crisis. They are the cause for the crisis and it
is not Europe and it is not the Federal Republic of Germany.
The Anglo-Saxon drive for double-digit profits and massive
bonuses for bankers and company executives that were
responsible for the financial crisis.”
He added,"The long term consequences of the crisis are not
clear. but one thing seems likely to me; the USA will lose
its superpower status in the global financial system. The
world financial system is becoming multipolar."
Steinbuck was merely reiterating the feelings of Chancellor
Angela Merkel who used more diplomatic language in her
“The current crisis shows us you can do some things on the
national level, but the overwhelming majority must be agreed
to on the international level. We must push for clearer
regulations so that a crisis like the current one cannot be
Merkel knows that Europe was blind-sighted by America's
deregulated system which allows crooks and chiselers to rule
the roost. Even now--in the middle of the biggest financial
scandal in history--not one CEO or CFO from a major
investment bank has been indicted or dragged off to prison.
US markets are a lawless "free for all" where no one is held
accountable no matter how large the crime or how many people
are hurt. But, there's a price to be paid for running a
crooked system and fleecing investors, and the US will pay
that price. Already, the purchase of US Treasurys has slowed
to a crawl. In the coming months, America's life-support
system will be disconnected altogether and the oxygen tent
removed. Kissinger's protege is not worried about that; but
working class American's should be. There's a train wreck
just ahead and many people will suffer needlessly.
This is how Spiegel Online puts it:
"The banking crisis is upending American dominance of the
financial markets and world politics. The industrialized
countries are sliding into recession, the era of
turbo-capitalism is coming to an end and US military might
is ebbing....This is no longer the muscular and arrogant
United States the world knows, the superpower that sets the
rules for everyone else and that considers its way of
thinking and doing business to be the only road to success.
A new America is on display, a country that no longer
trusts its old values and its elites even less: the
politicians, who failed to see the problems on the horizon,
and the economic leaders, who tried to sell a fictitious
world of prosperity to Americans....Also on display is the
end of arrogance. The Americans are now paying the price for
their pride." (Spiegel Online, "America loses its Dominant
President Dmitry Medvedev was not present at the opening
ceremonies at the United Nations, but his views on the
nascent "multipolar" world are worth considering. In a
recent interview he said:
"We cannot have a single polar world. The world has to
have various poles. A policentric world is the only way of
ensuring security for the years ahead. So I think it is a
very promising direction for our country to pursue...The
world is more stable when there are a range of major,
important political players. In a multipolar world, everyone
influences everyone else. We will work to extend ourselves.
I do not think that the bipolar world that existed between
NATO and the Warsaw Pact (The Cold War)has any future
prospects. But it is clear today that the single-polar world
is completely unable to manage crisis situations."
Both presidential candidates have vowed to continue the
unilateralist Bush Doctrine. Obama is just as eager as
McCain to violate sovereign borders, invade countries that
pose no imminent national security threat to the US, and
carry out the many flagrant violations of human rights and
international law as long as it advances the geopolitical
objectives of western mandarins. There's no doubt that the
impending financial meltdown will bring our leaders back to
their senses and help to restore the republic. The US needs
a foreign policy that doesn't require slaughtering people in
their homes or ripping off their retirement savings to
maintain our standard of living.
The war that Bush has launched against the world--the war on
terror--will persist for years after the US financial system
collapses in a heap. The will to power is fueled by
arrogance, class consciousness, and a "sense of entitlement"
that is stronger than even the will to survive. This is the
force that animates the destructive, suicidal impulses of
the current conflict. And that is why the war will
continue. The social fabric within the US will be torn to
shreds long before the fighting stops. A strong sense of
entitlement creates the belief that "The world is mine to do
with whatever I choose; the claims of others are of no
consequence". These feelings cannot be changed through logic
or rational discussion; they must be eradicated with a
scalpel the same way one would remove a cancerous tumor.
There's trouble ahead. The multi-polar world is about to
collide head-on with the "faith-based" unipolar world and
millions are bound to suffer. But there is no doubt about
the final outcome. The geopolitical plates are shifting
inexorably away from Washington. America's ability to wage
war will steadily erode as capital and resources dry up.
Its only a matter of time before the war machine sputters to
a halt and the troops return home. When the killing stops, a
truly new world order will begin.
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