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China takes advantage

The financial crisis is threatening American economic hegemony and already the next challenger for global influence—China—is taking advantage.

The financial crisis will do great harm to the US economy. But more importantly America’s image as the global economic leader, which has carried it through past military victories and defeats, has been irreparably damaged. The sheer scope of US banks’ speculation is causing other nations to question whether America will ever be a safe investment again. And after years of lecturing others, the US dithered in its response, at first even failing to approve a rescue package. Now, Washington is even looking to London for leadership. But it is events in Beijing that should most worry US policy makers.

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