“September 15, 2008, is an important date in the economic history of the United States, and indeed the entire world. On that day the New York-based international investment bank Lehman Brothers collapsed, creating a panic in the nation’s financial system and an immense loss of wealth, and deepening an already serious global economic downturn. That day is also significant, however, for the history of American foreign policy. What happened on September 15, 2008, accelerated a series of developments that will change the resources at the disposal of policy-makers in Washington, limiting the financial means available to conduct American foreign policy. The events of that day, in combination with trends in the American economy that were already under way and will expand in the years ahead, will reduce what the United States does in the world.”
via Guernica / The Frugal Superpower, seen first at the delicious bookmarks of archizoo.
