MAY BE DECLINING, BUT STILL THE UBERPOWER
Regardless of whether you are among those who are baffled about the economic problems that continue to ail the U.S. with no end in sight, or among those who are cheering the noisy fall of the mightiest among nations, here is one of the most cogent explanations that Nathan Gardels provides in the Fall 2008 issue of the New Perspectives Quarterly about the grim situation that the lone uberpower faces. He writes:
In the space of a few short months, we have morphed from the citadel of free-market capitalism and freewheeling consumerism — from a land of high-flying hedge funds, Hummers and homes that doubled as ATMs — to a system in which the banks, insurance companies, mortgage industry and auto manufacturers are quasi-socialized