Monday, October 6, 2008
Meltdowns on the scale we are seeing are not slow-motion events. They are swift and chaotic, cont.
Our gaze might be on the markets melting down, but the upheaval we are experiencing is more than a financial crisis, however large. Here is a historic geopolitical shift, in which the balance of power in the world is being altered irrevocably. The era of American global leadership, reaching back to the Second World War, is over. In a change as far-reaching in its implications as the fall of the Soviet Union, an entire model of government and the economy has collapsed. Meltdowns on the scale we are seeing are not slow-motion events. They are swift and chaotic, with rapidly spreading side effects