Many Americans gave up hope last year – 2012 will be worse
by Joseph Stiglitz
Joseph Stiglitz comments on the recent woes of the U.S. economy, which came as a rude awakening for the apostles of the "American dream." It is thanks to the special status of the dollar that Washington still enjoys an authority disproportionate to its objective economic capacities. So far, the U.S. military managed to deter any challenge to this privileged status. Nevertheless their position is eroding, both morally and militarily, in the face of emerging powers. Accordingly, the double veto by Russia and China on 4 February rang like a wake-up call back to reality. A rebalancing is inevitable, and it is the geopolitical impact of this economic readjustment that we have to brace for in 2012, according to the Nobel Prize in economics.
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Many Americans gave up hope last year