Page B7: "The first panacea for a mismanaged nation is inflation of the currency; the second is war." Earnest Hemingway,Esquire Magazine,Sept. 1935
This is changing under our feet. The golden moments that enveloped the global economy for most of this decade is fading - at least psychologically if not materially - as we reach the end of an era of habris in global affairs.
It is coming not just for Americans but for the population of other developed economies. It is coming not just in US military setbacks in the sands of Iraq and the mountains of Afghanistan but in a spreading lack of trust in the counting houses of Wall Street and the chanceries of the world's finance ministries.
All three Presidential candidates: Obama,Clinton and McCain seek a mandate to restore a commanding American leadership in global affairs that was taken for granted until recently.
Any lingering assumptions about the ability of a single superpower to manage for the good of mankind are evaporating abroad as the Federal Reserve rushes through emergency measures and slashes interest rates to guard against a collapse of US and European financial markets. The value of the US dollar affects oil and other commodity prices. My comment: We are witnessing the impacts of such dark scenes.
It is hard to see how the financial systems can be fixed or even rebalanced without committed and credible American leadership based on REALISM and not HUBRIS. Jim Hoagland's conclusion is to put US own house in order. My comment: Charity starts at home. It is a matter of priority of paying attention to demestic needs versus international involvement. Such change of direction remains to be seen after November election of a new leader to be in charge after January 20, 2009.
Francis Shieh a.k.a. Xie Shihao on Sunday, April 6, 2008 at 1.30 p.m.
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