Financial Crisis Shows Why U.S. is a Long Way from Toppling: Clarin of Argentina
Contrary to the now-popular wisdom about the end of American financial dominance, Jorge Castro of Argentina’s Clarin newspaper argues that the crisis merely demonstrates the inherent strength of the United States and its primacy within the global economy.
After agreeing with those that believe John McCain is running out of options this election cycle, Castro writes in part:
“The U.S. economy is, like its currency, the reserve and the most technologically advanced platform in the world. More than in normal times, this crises is revealing of the essential nature of this phenomenon. U.S. productivity is as important to the structure of global power as the law of gravity is to physics.”
By Jorge Castro
Translated By Halszka Czarnocka
October 10, 2008
Argentina – Clarin – Original Article (Spanish)
We are in a new phase of the North American electoral process, when the race is about to enter the home stretch toward the voting on the first Tuesday in November. The economy has become the central theme on the electoral agenda, after the intensification of the financial crisis and Congressional approval of the $700 billion rescue plan. In this new phase, Democratic candidate Barack Obama is significantly ahead of Republican John McCain in the crucial states, where the votes of White workers with a minimal level of education and income, are going to decide the election.
Last Friday, McCain withdrew his campaign from the heavily industrial state of Michigan, which now has the highest level of unemployment in the U.S.: 8.9%. In the auto industry alone, 390,000 jobs were lost in the past four years. In Michigan, Obama has a nine-point lead over McCain, five of which have been gained in the last ten days. Michigan seems to show the tendency sweeping other “blue states” like Pennsylvania and Ohio – with a high proportion of working people who voted for Hillary Clinton in the primaries and still haven’t connected with Obama.
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