Perhaps the United States is relevant after all.

Actually, I always thought it was, but since the recession was announced and progressed into what is now called The Cavalcade of Trillions* the rest of the world, who over the last couple of years has suggested that the United States was no longer relevant vis-à-vis international affairs, seems to be thinking differently.

The alphabet soup of European market exchanges fell, as did those in Asia. And of course, Wall Street itself, but hey, we’re getting used to it. It would seem that even today, when the United States catches cold the rest of the world contracts pneumonia. So much for irrelevant notions of irrelevancy.

Could it be that these other countries don’t think our new president, whom I like very much and agree with about almost nothing, is up to the job? Or, it could be that they have realized their level of self-deception based on jealousy and the popularity of US-bashing in general has blinded them to the realities underscoring just how important the US really is to the rest of the planet? Maybe they are just a bunch of whiny schmucks who are just like the home-grown variety, the only differences being language and stylish clothing.

Personally, I think it is ignorance and arrogance. They think that we will ultimately solve our problems the same way they would and do solve theirs. They assume the banks will be nationalized. They think this because in their minds, government is always the solution. Ultimately, so goes the belief, the only entity with the resources to solve big problems is THE GOVERNMENT. Funny, but didn’t I hear President Obama say that yesterday?

I would point out that “government resource” translates into “taxpayer dollar”, and that every one of those dollars comes from you and me. Oh, but wait. There will be prodigious borrowing as well and since we Americans are so bloody unstable the cost will be high. The taxpayers providing those resources are currently attending the second grade. Teach them proper manners so they will be sure to thank you for the debt you plan to let them inherit.

Could the banks be nationalized? The answer is yes, under US law it could happen, but it requires they be in receivership or in serious danger of failing. Generally speaking they just get swallowed up by another bank and six months after all the jocular “business as usual” statements from the two CEOs standing next to each other “like an old married couple”, the CEO of Loserville Bank bails out with his golden parachute and most of the employees that worked for him start looking for boiled shoe recipes.

As I write this, the $700 billion last year is turning into reliable projections of $2 Trillion.

Let the rest of the World worry about our troubles as much as they want. It proves what we’ve always known. The US is just as relevant as it ever was and will continue to be so for some time to come.



*I made that up but it is a cool name.