With world on the edge of its seats waiting to see how the American economic crisis will shake out David Leonhardt of the New York Times compared the United States with the British Empire in 1905, bloated, in denial with the first cries of dissent coming up the totem pole.
The Liberals would quickly take control of Britain and usher in an era of reform. (Sound familiar Mr. Obama?) With the Stock Market finishing up one of its worst weeks in history on Friday the problems have showed quick jabs won’t fight off the economic beast, it’s going to take a real concentrated patient effort by the Government and its citizens.
Yes as a country we are in uncharted territory as we spend money that hasn’t been made yet thanks to a national debt that not even Bill gates, the Super friends and Mike Ditka could take down. Today’s 24 hour news doesn’t help the situation either, “There is a profound mood shift occurring.” Said historian, Niall Ferguson.
Another problem is the Growing threat of China's economic dominance, which was put on dis
play with thousands of drummers, light bulbs and children during the Olympic opening ceremonies. But China lacks the punching power that the United States had over the British Empire in the early 20th century. This is evident by the extreme gap in wealth and lack of faith in the Chinese government on a global scale, and the fact they used a little girl to lip sync and added digital fireworks to the broadcast of the opening ceremonies.Though it’s not yet over we seem to be in a better position than a few weeks ago because of the National governments ability to act quickly for the right reasons.
