The Steering Wheel is Stuck
by GABRIEL KOLKO
".....The World is Changing
Both Europe and the United States are in crisis. For the sake of space I do not focus so much on America’s economic problems, save that its vast military spending is the main cause of its colossal deficit. Sooner or later it must confront the fact that if it does not reduce this debt it may wreck the international role of the US dollar.
The European crisis is both economic and political. And the Germans are trying to use their economic power to resurrect the traditional political power they had before Germany lost two European wars.. They will fail, probably, because the Merkel Government hurts not only Greeks, Spaniards, and other citizens of European nations but also Germans—who may vote against Merkel.
We are entering a turbulent period both in the U. S. and Europe!"