U.S. Response to Europe’s Debt Crisis Is Not Evidence of Decline

In the wake of last week’s G-20 Summit in Cannes, France, a number of commentators have weighed in on the U.S. response — or lack thereof — to Europe’s ongoing financial crisis. Most notably, articles in the New York Times and the Los Angeles Times suggested that the lack of a U.S. contribution to Europe’s bailout fund is a clear sign of American decline. As further support for the “decline narrative,” both trot out examples from the 1990s, when the U.S. led the way in bailing out Mexico and East Asian countries as financial crises gripped their economies. Yet, on […]

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