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7 Jul, 2010 00:25

Economic recession to bring down American Empire?

The US is overextended in multiple wars and its economy is continuing to falter; is the American Empire beginning to fall?

Many have claimed that the budget deficit is the greatest threat to the United States. Some have said the best way to tackle the deficit is to reduce military and defense spending. The US is planning over the next five years to save money by re-appropriating how they spend.

The American empire is in decline, but the military spending is not following suit,” said Andrew Gavin Marshall, a research associate with the Centre for Research on Globalization in Canada.

Marshall argued that US economic troubles have lead to its currency concerns and to the UN calls to replace the dollar as the international reserve currency.

What makes this situation, this imperial decline different than any in history is the rise of the east. For the first time in human history the rise of new powers, in this case Сhina, is taking place, not in opposition to the hegemonic powers but within the system of power structures that exist,” said Marshall.

He argued that Сhina is working to integrate economically and are working towards new currency and global governance structures.

China doesn’t want to be dictated to; it wants to come to the negotiating table, as do the other BRIC countries – Russia, India, Brazil. They don’t want to be told how to enter the system; they want to be a part of the system,” said Marshall.

Marshall argued that the due to this, the US is seeking to dominate global resources by continuing to expand the military and the empire as the empire declines.

We’ve only seen the beginning of the global economic crisis.” said Marshall.

He added, “All the G-20 nations have agreed to impose fiscal austerity which essentially means the destruction of society, the elimination of the middle class and the downgrading of democracy.”