Day By Day

Monday, November 30, 2009

Ameican Decline

Economic historian Niall Ferguson takes a look at the financial crisis and explains why Obama-style deficits are likely to continue through the foreseeable future and why they will in all probability result in a decline in American influence in the world.

If the United States doesn't come up soon with a credible plan to restore the federal budget to balance over the next five to 10 years, the danger is very real that a debt crisis could lead to a major weakening of American power.
Read it here.

He's right! This is, as he says, "the fatal arithmetic of imperial decline". What I would note, though, is that many Americans, and most importantly those Americans who are currently calling the shots in Washington, would heartily welcome a drastically reduced American role in the world.