American Hegemony Bites The Dust

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By Paul Craig Roberts (about the author) Page 2 of 2 page(s)

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Gone are the days when the US could go into debt with abandon, without considering who would end up footing the bill. And gone are the days when it could impose its economic rules of engagement on the rest of the world, rules that emphasized profit above all else -- without ever considering that such returns cannot be achieved by doing business in a respectable way.

A new chapter in economic history has begun, one in which the United States will no
longer play its former dominant role. A process of redistributing money and power around the world -- away from America and toward the resource-rich countries and rising industrialized nations in Asia -- has been underway for years. The financial crisis will only accelerate the process.

Looking at his defeated adversary, George W. Bush, brought down by military and economic failure, Iranian President Ahmadinejad observed: "The American empire in the world is reaching the end of its road, and its next rulers must limit their interference to their own borders."

Truer words were never spoken.

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Paul Craig Roberts, a former Assistant Secretary of the US Treasury and former associate editor of the Wall Street Journal, has held numerous academic appointments. He has been reporting shocking cases of prosecutorial abuse for two decades. A new (more...)

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