US Default looms large as Politicians squabble
I turned on Meet the Press at 8am Pacific time this morning to see one of the Gang of Six declaring that he would not agree to severe cuts in spending so long as President Obama insisted on raising taxes for the wealthy. I had to shake my head and clear my thoughts as my brain started to focus on what I was hearing.
The Guardian leader that has appeared in the UK publication’s Monday morning edition (see graphic) makes clear the fears others in the world have for the consequences for the world economy if the US defaults on its debts.
The song that came to my mind was “The Lunatics have taken over the Asylum”. And by this I don’t mean only republicans but politicians in general and the asylum that is Washington DC right now.
As a recent US Citizen I view these events partly through the eyes of a Brit. I’m 54 years a Brit and only 2 an American.
America is in relative decline as the worlds strongest nation. China is growing in both absolute and relative terms. The failure to decide on an approach to paying off the national debt is merely a symptom of the American political class failing in the game of world leadership. Petty domestic squabbles dominate debate even as major global events unfold. The thought that best sums up the future of the global economy, and with it humanity, under the leadership of these politicians is “Oh Shit!”.
Here’s hoping somebody reads this and remembers the world scale consequences of the failure of American leadership. It isn’t about the Congress or about the White House. Its about the whole world and the rest of this century as the world copes with America’s decline as the unchallenged global leader.