West's Financial Fallout

You still do not believe they're in crisis? Give it a second look, if it's so. Of course, they're shaken, but not blasted away yet. Yes, I am talking of financial crisis. I cannot go into deeper details that of causes and effects, the consequences, etc. They need profound insights for a general outlook. I only wish here to quote Roger C. Altman's ('he is Chair and CEO of Evercore Partners, was U.S. Deputy Treasury Secretary in 1993-94') article The Great Crash, 2008: A Geopolitical Setback for the West. He says:

"The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe. Over the medium term, Washington and European governments will have neither the resources nor the economic credibility to play the role in global affairs that they otherwise would have played. These weaknesses will eventually be repaired, but in the interim, they will accelerate trends that are shifting the world's center of gravity away from the United States."

The article appeared in Foreign Affairs,

Jan/Feb, 2009, Vol 88, No. 1.