THE DECLINE & COMING FALL OF US HEGEMONY

K Gajendra Singh
...An editorial titled ' Collapse of U.S. economy ' in Belleville Intelligencer of 27 Feb, 2008 confirms , by now generally accepted ill health of US economy . Harry Koza in the Globe and Mail recently quoted Bernard Connelly, the global strategist at Banque AIG in London, that the likelihood of a Great Depression is growing by the day. Martin Wolf of U.K.'s Financial Times cited Dr. Nouriel Roubini of the New York University's Stern School of Business, who outlines how the losses of the American financial system will grow to more than $1 trillion, an amount equal to all the assets of all American banks. The next domino to fall will be credit card defaults, and after that... who knows? There are so many exotic funds out there, with trillions of dollars in paper - or rather computer-screen money - all carrying assorted acronyms, and all about to disintegrate into nothingness...US has lost the war on the ground in Iraq and Nato is in disarray in Afghanistan . At the end of 'Operation Iraqi freedom ' transmuted into a ' war on terror' , really the mother of all battles for oil, raw materials and strategic space in west , south and central Asia , the frontiers in the Middle East and even Pakistan are likely to be redrawn , but not by the West but by the movements , militias and peoples of the region...
continua / continued