NYT Norris: The Decline of American Power

TW: I will continue to harp on American debt being at the center of this crisis, Norris adds support:

From Norris: "Following is an excerpt from a recent book, “For the Soul of Mankind: The United States, the Soviet Union and the Cold War,” by Melvin P. Leffler, a historian at the University of Virginia. He is discussing Dwight Eisenhower’s policies when he became president in 1953:

"The real challenge, Ike maintained in one of his campaign speeches, 'is to build the defense with wisdom and efficiency. We must achieve both security and solvency. In fact, the foundation of military strength is economic strength. A bankrupt America is more the Soviet goal than an America conquered on the field of battle."

More from Norris:
If Ike were able to hear what is going on now, he would probably cringe at the comments made today by Peer Steinbrueck, the German finance minister, as reported by Bloomberg:
“One thing seems probable to me: The U.S. will lose its status as the superpower of the global financial system.”

http://norris.blogs.nytimes.com/2008/09/25/the-decline-of-american-financial-power/