“Make poverty history!” A catchy slogan, and an admirable aim, it was adopted by world leaders at the United Nations summit in New York on the eve of the New Millennium. A decade later, it is America which has made history — even if in the opposite direction. The latest U.S. Census Bureau statistics show that, in 2009, one in seven Americans was living below the poverty line, the highest figure in half a century. Last month’s 95,000-plus home foreclosures broke all records.
These were only two of the recent glaring signs of the sagging might of the globe’s “sole superpower,” now heavily indebted to Beijing. Other recent indicators include its failure to corral China into revaluing its currency, the yuan, against the dollar, and to compel Russia, China, India, or even Pakistan to follow its lead in suppressing the oil and natural gas trade with Iran. With Washington failing to impose its monetary or energy policies on the rest of the world, we have entered a new era in history.