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Europeans are no longer willing to tolerate American fiscal mismanagement – America may have lost its superpower status
P N Sarin
Oct. 2, 2008
The first sign of rejecting American superpower status is coming from the European Union. They understand what American politicians have led the world into. It did not happen overnight. The current financial meltdown is the result of failed American policies for more than sixty-five years.
Europe is eager to provide a back seat to American politicians and their representatives in world forums. It will take a little while, China, India and other developing countries will soon do the same.
It is an interesting world now without any real superpower. Jean-Claude Trichet, ECB president, said EU governments should not try to copy the $700bn US financial-market rescue devised by Treasury secretary Hank Paulson.
Europeans are pushing for Internal Monetary Finds to montor American fiscal acitivities. That is a great insult for American national pride.
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