Independent Strategy believes that the US shows many symptoms of an empire that is cresting. First, it sees deepening mistrust of the US and predicts a rise in terrorism in reaction to US unilateralism.
That is certainly the case with the Bush administration, which has made a habit of tearing up international treaties from Kyoto to the anti-ballistic missile treaty. Iraq is the culmination of the Bush administrations unilateralist streak, as the White House plunges into an unpopular war in disregard of the UN security council.
Second, Independent Strategy sees trouble ahead for US economic policy. It notes that Mr Bush has boosted discretionary government spending more than at any time since the Vietnam war. Inheriting big budgetary surpluses from the Clinton administration, the Bush White House is heading for record deficits.
True, budget deficits were probably unavoidable as a 10-year economic expansion ran out of steam. But Mr Bush is not helping matters with a $726bn (£462bn) tax cut that, even though reduced by the senate to $350bn, benefits mostly the rich and a war that will add at least $74bn to the books, and probably considerably more.
Third, what was known as the Washington consensus - free market economics and deregulation - has broken down. As Bob McKee, chief economist with Independent Strategy, notes, a populist reaction has taken hold in Latin America, while in Asia, Malaysia has gone its own way economically. Moreover, South Korea and Taiwan never really bought into supply side reform.
http://www.guardian.co.uk/Iraq/Story/0,2763,922217,00.html
Tuesday, March 25, 2003
Popular Posts
-
...These measures, based on the US Digital Millennium Copyright Act (DMCA) give far too much power to publishers, at the expense of individu...
-
The challenge of having the United States as a neighbour was one of the topics discussed Tuesday during a meeting with Mexican President Vic...
-
William Gibson's latest novel, Spook Country is awesome. Not as frantic or kinetic as Pattern Recognition or All Tomorrow's Parti...
-
This is not bad. A mix of 70s rock and 80s punk with some good lyrics. Songs range from boring to excellent. Id give it a B+. http://www.ama...
-
Finally went out and picked up a Nintendo Wii. My god the thing is fun. Ridiculously, ludicrously fun. Hiyat and I had to tear ourselves...
-
nother bottle of the doublewood -- arguably one of my favorite scotches. Balvenie just doesnt make a bad blend. A fab birthday gift from my ...
-
"The International Space Station will have ultra-sensitive clocks on board, and it is a good place to test the theory," said Dr. A...
-
Here's my (edited) journal entry for this event dated 12/01/98: Wow. I just sessioned and started reading "The Tao of Physics"...
-
This is from a 1932 episode of The Little Rascals . Man, I've had jobs like that. http://www.boingboing.net/2007/10/23/perpetually...
-
OK, if you have to go, this is the way to do it. Just like Spock in Star Trek II: The Wrath Of Khan. I'm serious. http://www.eter...