For years the punditocracy has been analyzing American decline. Dynamic Asia, united Europe, exciting BRICs: they’ve all been hailed as the new leaders in the world economy. America, wounded in the Middle East, victimized by its outmoded “Anglo-Saxon” capitalist model, deindustrialized beyond hope or repair, was toast.But a funny thing happened on the way to the funeral. Europe imploded. Chinese and Indian growth revealed serious structural weaknesses. Russia remained a commodity pit. Brazil failed to industrialize, and began to drift back toward the stagnant, rentier state capitalism of its unhappy past.And the US, somehow, staggered on.This morning the Bloomberg organization released a new poll of global investors, and it may do something to puncture the latest hype about the magical powers of state capitalism. From Bloomberg:
Investors are turning increasingly bullish on U.S. markets as they declare its economy in better health than major rivals from Europe to Asia, according to the Bloomberg Global Poll.
Twice as many investors thought the US was the best place to be as favored the runners up China and Brazil.For eight long years we had to listen to the pessimists and the whiners talk about how George W. Bush had wrecked the United States beyond repair. And for three more years we’ve heard more or less the same about President Obama.Fortunately, the sources of American strength and prosperity run deep. They are not infinite and over time we could fritter away the power and wealth we inherit, but for now at least, the state of our union remains fundamentally sound.