What If America Falls?

Whether you were a friend or foe, everyone is now calling on America to find a solution to the financial crisis that has shaken the world. I wonder why… Well, the reasons are many, but it appears that the most important among them is that the fate of America is the fate of the world.

Thus, representatives of the 20 countries considered the world’s most economically important—holding 90% of the world’s economy—arrived at the U.S. capital this week to find a resolution to this difficult crisis. For the first time, Saudi Arabia, Turkey, Argentina, and Brazil were among these countries. This group is not the group of the past, which, aside from Japan, did not include a single country outside Europe or America. The representatives were hosted by President Bush. President-elect Obama excused himself, saying that there is only one president for now, and that’s Bush. This was a smart move, considering that many concerns and problems will be waiting for him when he assumes office on January 20. For one reason or another, no constructive conclusion was reached at this historic meeting. The world awaits the next meeting planned for this spring, when the new American president will be at the head of the negotiation table.

For purely personal reasons, the world is interested in the fate of America. The economy of each of these countries depends on the American economy. For example, China and Japan depend almost entirely on the sale of their products in U.S. markets, especially since their products, which are of equal quality, sell for a lower price, as a result of U.S. laws, such as restrictions imposed by labor unions, limits on the number of working hours, and the minimum wage. All of this has made it so that American merchandise is not available to all. More than that, however, some U.S. businessmen have moved their factories off-shore, to countries such as China, the Philippines, and Mexico.

Some industries, including the footwear industry, have disappeared from the U.S. Now we find that the auto industry, one of the most important industrues in America, is being squandered, as American streets are filled with Japanese, Korean, German, Swedish, and Chinese cars. Although American cars still outsell foreign vehicles, its big three—Ford, General Motors, and Chrysler—are asking for a $24 billion government bailout for the second time in order to forestall bankruptcy. This happened what is considered the word’s leading industry, having the most beautiful, most famous, and most loved cars worldwide. The response comes to us from Japan, who learned a great lesson after World War II: America has won the battle with the atomic bomb, but we will win the economic war. So why isn’t Japan applauding America? Why is it so upset? Why isn’t it happy with what is happening in America where the way is paved for one to stand alone in everything?! In fact, most Japanese money is in America- in its industries and banks, even in television, cinema, and especially real estate. In the event of a failure, Japan will be completely shaken.

This applies to most countries in the world whose money America chooses to take. For some, their fate is linked to America, and for others, their fate relies on America. So imagine that in the recent financial crisis of the stock market, Saudi Arabia lost $400 dollars, as did most countries in different proportions, whether seller or buyer. America is the brightest market on the economic horizon. The dollar is still the primary currency of global capitalism, regardless of whether the Euro rises or falls. So the fate of the dollar is the fate of the world because of cash. Whether the funds were personal or national, they were put into American projects.

Moreover, there are many countries that depend on the U.S. for aid. If this crisis overpowers it, how will it help others who really need help? The first test facing Obama is to save the auto industry from collapse. The opposition rejects this, claiming thatif we help every industry that fails, we will destroy the capital. The Democrats, conversely, claim that if we do not save the auto industry, more than three million people will be standing in unemployment lines.

Therefore we urge America to succeed because we know, just as the world knows, when America sneezes, the whole world gets the flu. And as the Irish writer James Joyce said, “Mistakes are the portals of discovery.”