While Britain stagnates, America is roaring back
From our UK edition
Predicting the decline of the United States has been in vogue since the birth of American hegemony. Sputnik, Vietnam, stagflation, budget deficits, trade deficits and even the end of the Cold War all triggered predictions of the end of America. With the 2008 financial crisis, however, there seemed to be a sense that this time was different. Tomes with titles like The Post-American World and The End of Influence began to appear on bookshelves. Germany’s finance minister confidently predicted that the United States was entering its last days as a financial superpower. Serious commentators spoke about how a ‘Beijing consensus’ would supplant the ‘Washington consensus’. America looked as if it would disappear in a vortex of debt.