If you think our current economic difficulties are all about subprime mortgages, securitization, the drying up of credit, falling house prices and the like, think again. That’s not how the rest of the world sees it.
Yes, all of these problems are on the list. But more important, foreigners see this as the end of what Henry Luce memorably called the American century. America caused the world’s economic problems; America will pay a terrible price.
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