24 September 2009

End Of American Exceptionalism Consequences

**Update: AE is becoming a very hot topic. I've heard it mentioned on radio and the news no less than a dozen times in the last 48 hours and since the President's speech before the U.N.

"The whole picture of risk-reward for emerging market currencies has changed. It is not so much that they have risen to our standards, it is that we have fallen to theirs."

More here.

Does "hope & change" mean no more American Exceptionalism?

"No one nation can or should try to dominate another nation. No world order that elevates one nation or group of people over another will succeed." ~ President Barack Obama before the United Nations

I believe this is the practical working out of America's elites and their self-loathing--lower standards of living for Americans due in part to a lack of pride in our history and our potential. Beware academics - there won't be as many teaching positions available at good salaries since fewer and fewer people will be able to afford the costs. Gotta watch out for those unintended consequences.

7 comments:

Chaps said...

"No world order that elevates one nation or group of people over another will succeed."

With this, Pres. Obama reveals a fundamental assumption.... that there is a "world order" that can elevate a nation or group of people. He does not understand that nations, like individuals, rise or fall according to their efforts or lack thereof. Many people with inherited wealth or who are the recipients of special preferences due to race, etc. think this way. They believe that since they didn't earn their place then nobody does. Hence their self-loathing and desire to reduce living standards for others, but, for some reason, not themselves.

Vince said...

Your post strongly implies that the quote refers to *standards of living* by mentioning lower standards of living for Americans. The article actually refers to changes in *standards of sovereign risk*, which is something very different (and I'm not convinced is correlated to changes in standards of living).

And I don't think it's reasonable to attribute the global trade imbalance that has emerged over recent decades to a "lack of pride in our history."

Richard G. Williams, Jr. said...

Vince:

As I already noted. You cannot simply consider these quotes in isolation. Chaps' comment brings my point more into focus. It is a general attitude and philosophy that is prevalent in academia and in this administration. Cause and effect.

Vince said...

That still doesn't excuse completely abusing the quote from the Telegraph article. I still don't understand how you use a quote about changing standards of sovereign risk as evidence in an argument about changing standards of living.

Richard G. Williams, Jr. said...

Vince:

Did you read the entire article? There's no "abuse" of the quote here. It is perfectly applicable to the point. The article goes on to say:

"The pressures will return with a vengeance as these countries roar back to life, leaving the US and other laggards of the old world far behind."

And,

"What is occurring is an epochal loss in the relative wealth and economic power of the old G10 bloc of rich countries compared to rising regions of the world."

You don't think that impacts our standard of living?!

Anonymous said...

"there won't be as many teaching positions available at good salaries since fewer and fewer people will be able to afford the costs." - Richard

What will happen is that demand for higher education will fall as the return of investment in human capital declines under the new socialist order.

Richard G. Williams, Jr. said...

Anon:

True. Let's hope we can forestall the new order for a while.