Some Countries Are Now Openly Stating That U.S. Dominance Is About To End

Angela Merkel and Dmitry Medvedev at a forum in St. Petersburg on Thursday. (Presidential Press Service, via the Associated Press)

Russia Sees In Credit Crisis End Of U.S. Domination
-- International Herald Tribune

MOSCOW: The Russian president said in a speech Thursday that the financial crisis in the United States should be taken as a sign that America's global economic leadership is drawing to a close, reiterating an argument that leaders here have been making for some time, though investors in recent weeks have been fleeing Russia and depositing money in U.S. Treasury bills.

Perhaps inevitably for a country long lectured to by the United States, Russia is using the occasion of the U.S. financial crisis to do some lecturing of its own.

President Dmitri Medvedev said Thursday that the U.S. crisis showed that "the times when one economy and one country dominated are gone for good." Speaking of the United States, Medvedev said the world no longer needed a "megaregulator."

Russia has argued that the freewheeling Anglo-American style of capitalism is to blame for the crisis, a position echoed by Germany and other Continental European nations. Medvedev even called it financial "egoism."

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My Comment: Note to President Dmitri Medvedev: The weakness that exists in the U.S. at the present time stems from financial mismanagement of Congress, ignorance from the main stream media, and a lack of leadership from the White House. Hint .... this can all turn on a dime. The cultural components that makes the U.S. the world's most powerful economy are still there .... when faced with a challenge the American people have always risen to it.