Debt Brinksmen Are Encouraging American Decline Posted by Jacob Stokes

CAP's Nina Hachigian surveys the world's reaction to the manufactured crisis surrounding American debt, and comes to some staggering conclusions.

On the signal this episode sends for democracy as a form of government:

For the Chinese, this has to be a rich but unsettling role reversal. They have been on the receiving end of countless American entreaties to be more responsible themselves. Some in China are even citing the budget impasse as evidence of the shortcomings of democracy as a political system. As the Xinhua report asks, “How can Washington shake off electoral politics and get difficult jobs done more efficiently?”

On the effects this sort of political theatre will have on American power, deal or no deal:

Sadly, even if Washington manages to avert disaster, we will pay a price for this moment. The calls for a new international reserve currency, which gained momentum after the global financial crisis, are only going to get stronger. China and others will shift away from dollar-denominated assets as soon as they can. And another pillar of U.S. power will begin to erode.

On how the very people who beat their chests about American exceptionalism don't understand the sources of that exceptionalism, or what is needed to ensure the effectiveness--indeed, the greatness--of the American model:

Ironically, it’s the same right-wing choir that (falsely) accuses President Obama of not adequately embracing American exceptionalism that are pushing proposals with no chance of passage. Moreover, their proposals eviscerate diplomatic resources as well as domestic investments into future American greatness, thwarting our long-term ability to reclaim our role as an economic, political, and moral leader around the globe. They do not seem to understand that an exceptional future is what we need, not just an exceptional past.

When the accounting for this crisis and its effects is done, it will be clear who was advocating for policies that would hasten the decline of American power.

It doesn't have to be this way.

Photoillustration: Flickr

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