Throughout its history, America has experienced many kinds of bubbles. The 19th century brought us a railroad bubble, the 20th, an Internet bubble. Now, 100 days into a new presidency, America has replaced the housing bubble that opened the 21st century with an Obama bubble. But while bubbles usually convey negative connotations, the "Obama Bubble" is one that we in America -- and the rest of the world -- desperately need. When George W. Bush came into office, the United States was still perceived by most countries as an ascendant nation -- one reviving the infrastructure of its post-World War II enlightened leadership through "globalization" and the interconnectedness of both finance and global information flows mostly anchored in America.
The Obama Bubble: Buying Time for Renewed American Engagement
