America cannot live so carelessly forever
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History suggests that this complacency is justified. Congress has played Russian roulette with government shutdowns before – and the bullet chamber has always been empty. More broadly, the 50 years since the assassination of John F. Kennedy have thrown up repeated political melodramas – from Watergate to the impeachment of President Bill Clinton. Each time, many thought that the American system was unravelling. Yet, each time, the US bounced back. For while America’s political flaws are very visible, its economic and social strengths are too easily discounted.
By contrast, foreigners have sometimes paid a heavy price for careless behaviour in Washington. It is a standard, self-pitying complaint in Brussels that the crisis in the eurozone was triggered by the collapse of a US investment bank, Lehman Brothers. A large part of the rest of the world’s grim fascination with the budget crisis reflects the fear that if the US economy catches another cold, the rest of the world will get pneumonia. China has told the US not to imperil the value of its holdings of US Treasury bills and Christine Lagarde, head of the International Monetary Fund, has warned of the damage the crisis could do to the world economy. But such complaints are drowned out by self-interested bickering in Congress.
The sense that the US is prone to “careless” behaviour that puts others at risk extends to international politics. America paid a high price in lives lost and money wasted during the Iraq war. But the US has now gone home and lost interest. Iraq, meanwhile, is still in the grip of the terrible civil conflict that followed the overthrow of Saddam Hussein.
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. America cannot live so carelessly forever - FT.com
History suggests that this complacency is justified. Congress has played Russian roulette with government shutdowns before – and the bullet chamber has always been empty. More broadly, the 50 years since the assassination of John F. Kennedy have thrown up repeated political melodramas – from Watergate to the impeachment of President Bill Clinton. Each time, many thought that the American system was unravelling. Yet, each time, the US bounced back. For while America’s political flaws are very visible, its economic and social strengths are too easily discounted.
By contrast, foreigners have sometimes paid a heavy price for careless behaviour in Washington. It is a standard, self-pitying complaint in Brussels that the crisis in the eurozone was triggered by the collapse of a US investment bank, Lehman Brothers. A large part of the rest of the world’s grim fascination with the budget crisis reflects the fear that if the US economy catches another cold, the rest of the world will get pneumonia. China has told the US not to imperil the value of its holdings of US Treasury bills and Christine Lagarde, head of the International Monetary Fund, has warned of the damage the crisis could do to the world economy. But such complaints are drowned out by self-interested bickering in Congress.
The sense that the US is prone to “careless” behaviour that puts others at risk extends to international politics. America paid a high price in lives lost and money wasted during the Iraq war. But the US has now gone home and lost interest. Iraq, meanwhile, is still in the grip of the terrible civil conflict that followed the overthrow of Saddam Hussein.