Friedman on Loss of Sovereignty
Great piece on Thomas Friedman that essentially states that America's ability to act in the world is going to be severely hampered because of our financial crisis. The need for foreign money to get us through the crisis (like the $1 plus trillion is US bonds owned by the Chinese and Arab oil backed sovereign wealth funds) will mean that foreigners will eventually own more of America. This will make our economy (and the power that the economy allows us to have) very dependent on cooperation and global engagement.
That means less capacity for unilateralism IF we don't figure our how to save more domestically. This does not have to be the future, but it will be if America persists in failing to wake up...
http://www.nytimes.com/2008/10/05/opinion/05friedman.html?_r=1&ref=opinion&oref=slogin
That means less capacity for unilateralism IF we don't figure our how to save more domestically. This does not have to be the future, but it will be if America persists in failing to wake up...
http://www.nytimes.com/2008/10/05/opinion/05friedman.html?_r=1&ref=opinion&oref=slogin
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