Not So Super Anymore
http://www.msnbc.msn.com/id/6728155/site/newsweek/
New Era: America is still No. 1, but no one is at the wheel of the
global economy any longer. Who will run the next crisis?
By Robert J. Samuelson
Newsweek International
Issues 2005 - The United States is the world's leading economic
power-but perhaps no longer the world's economic leader. There's a
difference. No one doubts the singular wealth or position of the
American economy. It's roughly 2.5 times bigger than Japan's, six times
larger than Germany's and eight times bigger than China's. The dollar,
the reigning currency for world trade and international investment,
represents about two thirds of governments' foreign-exchange reserves.
American capital markets and investment banks remain supreme. In 2003
global companies and governments sold more than $5.3 trillion worth of
stocks, bonds and other debt, says Thomson Financial; 58 percent of
that money was raised in the United States, and the top five
underwriters were American (led by Citigroup, Morgan Stanley and
Merrill Lynch). There's no end of superlatives for the U.S. economy.
Robert J. Samuelson
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