The pages of history are a great place for people who like to place their own twist on events or revise what actually happened.
So the elevation of the first Afro American to the White House will obviously be an event that many remember as pivotal in the history of the United States of America. (check out the recent Foreign Correspondent for those who think I am on my own when I am particular about what America means.)
I digress, will Barack Obama be remembered for the beginning of the end of the empire that currently is the U.S.?
For those of you who play sport or any other competitive pursuit, there is nothing more satisfying than beating the top team and if you are the top team you find that others always elevate their efforts against you. It is only a matter of time before the number 1. falls and others rejoice. So when you are the number 1 world power (U.S) and you have been that way since 1945 then it is reasonable period of time to consider when the end is nigh.
In the article 'An empire in decline as the world turn upside down' Peter Hartcher considers the amount of debt held by the Unite States and how it is becoming an issue. Commentators and the opposition in Australia bemoan the $50 billion Budget deficit Australia has- well consider $1.4 trillion with current interest repayments of public debt at 8% and heading towards 17%.
Obama may be the President that was in power when the Global Financial Crisis of 2008 happened however he does not deserve to be blamed. According to Alan Greenspan (the previous head of the Federal Reserve (US Central Bank) he just did not believe that businesses would operate in a non-rational fashion. That is why did they lend to people when there was a high risk that there would loan defaults? Greenspan believed that the profit motive would prevent this stupidity, well he was wrong and so whilst socialism collasped so to is uncontrolled capitalism now under pressure.
We shall have to wait and see the end result. What is your view? I can see a merit for anyone who makes a comment.
