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The Great Destabilization
British prime minister Gordon Brown thought long and hard about what gift to bring on his visit to the White House last week. Barack Obama is the first African-American president, so the prime minister gave him an ornamental desk-pen holder hewn from the timbers of one of the Royal Navy’s anti-slaving ships of the 19th century, HMS Gannet. Even more appropriate, in 1909 the Gannet was renamed HMS President.

The president’s guest also presented him with the framed commission for HMS Resolute, the lost British ship retrieved from the Arctic and returned by America to London, and whose timbers were used for a thank-you gift Queen Victoria sent to Rutherford Hayes: the handsome desk that now sits in the Oval Office.

And, just to round things out, as a little stocking stuffer, Gordon Brown gave President Obama a first edition of Sir Martin Gilbert’s seven-volume biography of Winston Churchill.

In return, America’s head of state gave the prime minister 25 DVDs of “classic American movies.”

...Europe had embraced Obama as a “European American.” Very true. The president is the most European American ever to sit in the Oval Office. And, because of that, he doesn’t need any actual European Europeans getting in the way — just as, at his big victory-night rally in Chicago, the first megastar president didn’t need any megastar megastars from Hollywood clogging up the joint: Movie stars who wanted to fly in were told by his minders that he didn’t want any other celebrities deflecting attention from him. Same with world leaders. If it’s any consolation to Gordon Brown, he’s just not that into any of you.

What Mr. Brown and the rest of the world want is for America, the engine of the global economy, to pull the rest of them out of the quicksand — which isn’t unreasonable. Even though a big chunk of the subprime/securitization/credit-bubble axis originated in the United States and got exported round the planet, the reality is that almost every one of America’s trading partners will wind up getting far harder hit.

And that was before Obama made clear that for him the economy takes a very distant back seat to the massive expansion of government for which it provides cover. That’s why he’s indifferent to the plummeting Dow. The president has made a strategic calculation that, to advance his plans for socialized health care, “green energy,” and a big-government state, it’s to his advantage for things to get worse. And, if things go from bad to worse in America, overseas they’ll go from worse to total societal collapse. We’ve already seen changes of government in Iceland and Latvia, rioting in Greece and Bulgaria. The great destabilization is starting on the fringes of Europe and working its way to the Continent’s center.

We’re seeing not just the first contraction in the global economy since 1945, but also the first crisis of globalization. This was the system America and the other leading economies encouraged everybody else to grab a piece of. But whatever piece you grabbed — exports in Taiwan, services in Ireland, construction in Spain, oligarchic industrial-scale kleptomania in Russia — it’s all crumbling.
Posted by: g(r)omgoru 2009-03-07
http://www.rantburg.com/poparticle.php?ID=264404