Many countries have a sense of being exceptional. The idea here is that their special relationship with God, or their indigenous holy sites, or some ruins of a great civilization past, or a battle that saved civilization, or some political innovation that has become the guiding light of the world, makes their own land a heck of a lot better and more important than all the others.
America has now taken this exceptionalist notion into a brave new realm. We are practicing an economic and financial exceptionalism that clearly sets us apart from all the others.
In most of Europe, for example, they’re focused on austerity measures in hopes these will provide a basis for future recovery. Here we assume a recovery has been underway for a year-and-a-half.
Others are raising taxes to get their national budgets in balance. Here we’re keeping some taxes where they’ve long been while reducing others.
Others are levying special taxes on banks and banker incomes. Here bank profits soar and banker compensation continues to set records.
Others go into 2011 with a smaller annual deficit. Ours is rising sharply.
Abroad unions and other elements of the political left are out in the streets protesting cutbacks in services in hopes this will lead to a change in government policies. Here, as people have come to realize that no matter who they elect, and what’s said during campaigns, basic priorities will never change, there are no street protests, simply a growing contempt for elected officials.
In parts of Asia as well as Europe economists are concerned that too much government stimulus will spawn inflation. Here, stimuli in traditional and new ways keeps being generated.
In most developed and developing countries of the world the idiotic waste of fighting unnecessary and unwinnable wars is recognized and avoided. Here we pretend we can do an endless guns and butter number in one backwater after another and it will somehow be affordable.
Yes, America is a different economic and financial animal. That was once something to be happy about. Today…well, guess we’ll just have to see.
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