The US - its bankrupt mortgage institutions nationalised and its gigantic war machine effectively funded by foreign borrowing - is in steep decline. With its financial system in the worst mess since the 1930s, the west's ability to shape events is dwindling by the day. Sermonising about "law-based international relations" is laughable after Iraq, and at bottom not much more than nostalgia for a vanished hegemony. (John N. Gray)

The US - its bankrupt mortgage institutions nationalised and its gigantic war machine effectively funded by foreign borrowing - is in steep decline. With its financial system in the worst mess since the 1930s, the west's ability to shape events is dwindling by the day. Sermonising about "law-based international relations" is laughable after Iraq, and at bottom not much more than nostalgia for a vanished hegemony.

John N. Gray

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ability borrowing bottom day foreign hegemony international nostalgia war worst relations 1930s iraq

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