Will the US lose its status as the superpower of the global financial system?

  • Posted by a hidden member.
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    Sep 26, 2008 4:57 PM GMT
    The German Finance Minister, Peer Steinbr├╝ck, thinks so.

    http://www.spiegel.de/international/germany/0,1518,580501,00.html

    Since this story made Euro News last night, I was curious to see if any news outlets in the US would pick it up. So far as I can tell, none have. Does this surprise me?

    Your thoughts?
  • Posted by a hidden member.
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    Sep 26, 2008 5:07 PM GMT
    "Never bet against the United States."

    "Those that have during the past 200 years - have always lost."

    Kids, as a former federal regulator: this is very true - without a doubt.

    B787
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    Sep 26, 2008 6:45 PM GMT
    Um I don't know much or care about who considers themselves a financial leader....

    But as long as were among the biggest consumers on earth were going to have weight in almost everything.

    And really what does "superpower" status mean and why should we be worried. Being worried over losing something meaningless like that seems highly egocentric. Do our Canadian members care about the fact they live in a country that doesn't lead the world in much? Does it make them any less as people? Nope. Just some overly worried and overly proud Americans icon_rolleyes.gif
  • coolarmydude

    Posts: 9190

    Sep 26, 2008 6:53 PM GMT
    I think it's our own foreign policies that are hampering our international economic interests. The Euro has made gains in leaps and bounds against the dollar and new trade deals (not involving the US) and free trade agreements are empowering everything but the dollar. Greed takes its toll.
  • Squarejaw

    Posts: 1035

    Sep 26, 2008 7:44 PM GMT
    primuskore saidAll I can say is yes, financially, we are no longer the lead superpower,
    Primuskore, who in your eyes is the lead financial superpower?
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    Sep 26, 2008 7:54 PM GMT
    The US Government deficit this year will be about half a trillion. Your annual trade deficit is about $700bn. The US bailout plan will probably cost at least $1trillion.

    You owe more than your assets. You are broke. Defunct.
  • Squarejaw

    Posts: 1035

    Sep 26, 2008 8:07 PM GMT
    redheadguy saidYou owe more than your assets. You are broke. Defunct.
    The US is in one fucked up financial situation, that's for sure. But we definitely don't owe more than our assets are worth. That's just silly, redheadguy! Our GNP is around $13 trillion, and that's just income, not assets.
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    Sep 26, 2008 8:15 PM GMT
    We're gonna be just fine, chill out.