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  #1  
Old 09-27-2008, 03:24 PM
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Default Economics change

US 'no longer economic superpower'

From correspondents in Berlin | September 25, 2008

THE United States will cease to be the economic "superpower" because of the financial crisis, and Wall Street and the world "will never be the same again," Germany's finance minister says.
"The long term consequences of the crisis are not yet clear. But one thing seems likely to me: the USA will lose its superpower status in the global financial system. The world financial system is becoming multipolar," Peer Steinbrueck said in a speech to parliament.

"Wall Street will never be the same again. A few days ago there were two Mohicans left remaining out of the investment banks. Now they no longer exist," Mr Steinbrueck said, referring to the change in status of Goldman Sachs and Morgan Stanley into bank holding companies.

"The world will never be the same as it was before the crisis. The whole world over we must adjust ourselves to lower rates of growth and - with a time lag - unfavourable developments on labour markets," the centre-left minister said.

He added that what was needed is "stronger international regulation agreed at international level" in order to "re-civilise" financial markets so that such a crisis was never repeated.
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Old 09-27-2008, 03:27 PM
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Trudy Rubin: U.S. no longer economic superpower

China and India are on the rise, but no one is ready to replace us, says TRUDY RUBIN

12:00 AM CST on Wednesday, January 30, 2008

The World Economic Forum has proved to be an uncanny barometer of global trends over the 11 years I've attended. Over those years, the United States has been lionized as world leader and economic giant and home of hi-tech wizards such as Bill Gates.

When the hi-tech bubble burst, when deficits rose, when the Iraq war went sour, the shine on the American model dimmed. But, despite widespread dismay over U.S. foreign policy, few at the Davos, Switzerland, conference previously questioned America's role as the world's unipolar power.

What a difference a year makes. Davos 2008 has laid bare a world in which no superpower seems to be in charge. The unipolar American moment is deemed over, in part a casualty of Bush political and economic policies, in larger part the result of global economic changes that are shifting wealth elsewhere. Last week's economic crisis seemed like a coda.

But we have not entered a multipolar world: China and India, though on the rise, aren't ready to take the global lead, nor can Europe do so. The consensus at Davos, where 2,500 top CEOs, politicians and intellectuals gathered, seems to be that we now live in a "nonpolar" world, with America too strong to stand on the sidelines, but too weak to implement its agenda alone.

The U.S. financial crisis grew out of years of massive lending for subprime mortgages during a housing bubble. The collapse of the bubble has undercut banks and revealed serious flaws in the entire U.S. financial system. Yale economist Kenneth Rogoff said here that "we're looking at a situation where the plumbing of the U.S. system is deeply damaged because of the lack of transparency. That's not going to easily sort itself out."

But what makes the American case so acute, in foreign eyes, is that it comes at a time when the United States is massively in debt to China and oil-rich countries like Russia and the nations of the Arab gulf. As America cuts interest rates to keep banks solvent, the dollar becomes less attractive to those countries who are keeping America afloat. Yet we need their capital to keep our ailing banks afloat.

All this debt and a falling dollar make still-powerful America look like a third-world country. And America's financial plight casts the spotlight on the stunning economic rise of China and to a lesser extent India. There is even a new name for this pair, who are frequently referred to as "Chindia."

Another new acronym floating around Davos is BRIC, which stands for Brazil, Russia, India and China, countries where income and hopes are rising steadily. Rising oil prices have made countries like Russia (and Iran and Venezuela) indifferent to U.S. pressures. Russian executives here give huge parties and operate with the confidence that their money talks.

What was also stunning at this year's Davos was the growing self-confidence of Asian nations (except for Japan, which stayed much on the sidelines). China now sends large numbers of English-speaking entrepreneurs to Davos who are investing globally and mix on equal footing with top Western executives. All the panels on Asia were oversubscribed.

"It's remarkable how few have noticed we are entering an entirely new era of history the rise of Asia," says Kishore Mahbubani, dean of Singapore's Lee Kuan Yew School of Public Policy. "By 2050," he adds, "the world's four largest economies will be China, the United States, India and Japan" in that order.
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Old 09-28-2008, 11:46 AM
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Wow, Im sure the world is hinging on the words of the German Finance Minister.. afterall, hes sooooo good at his job!!.......
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Old 09-28-2008, 11:47 AM
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I read about western debt to China yesterday...pretty shocking...and not good at all
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Old 09-28-2008, 11:55 AM
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Originally Posted by jrj1000 View Post
I read about western debt to China yesterday...pretty shocking...and not good at all
Look at the financial relationship between Saudi and the West, and then mate, you will be shocked!!....
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Old 09-28-2008, 12:03 PM
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Look at the financial relationship between Saudi and the West, and then mate, you will be shocked!!....
I know mate Ive seen it....even more shocking!!...if the Saudis took at their money out of western banks and investments our economies would die overnight...and they would be no bouncing back
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Old 09-28-2008, 12:10 PM
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I know mate Ive seen it....even more shocking!!...if the Saudis took at their money out of western banks and investments our economies would die overnight...and they would be no bouncing back
Right on brotherman, and all fuelled by Oil... (Excuse the pun)....
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Old 09-28-2008, 09:41 PM
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Wow, Im sure the world is hinging on the words of the German Finance Minister.. afterall, hes sooooo good at his job!!.......
He's just the first to say it.
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Old 09-29-2008, 03:39 PM
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What a complete load of crap! The largest trading block in the world is the EU.
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Old 10-04-2008, 01:49 PM
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What a complete load of crap! The largest trading block in the world is the EU.
I think the German Finance Minister was referring to the US in general. I perceived it as an Anti US remark.... I would like to see the GDP for EU and US though.. it would certainly confirm your above comment...
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