Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions.
He writes on counterpunch.org:
“What does America offer Europe, aside from the millions of dollars it pays to buy off Europe’s political leaders to insure that they betray their own peoples? Nothing whatsoever.
The only military threat that Europe faces comes from being dragged into America’s wars for American hegemony.
The US is financially bankrupt, with budget and trade deficits that exceed the combined deficits of the rest of the world together. The dollar has wilted. The American consumer market is dying from the offshoring of American jobs and, thereby, incomes, and from the wealth effect of the real estate and derivatives collapses. The US has nothing to offer Europe. Indeed, American economic decline is killing European exports by driving up the value of the euro.
America long ago lost the moral high ground. Hypocrisy has become America’s best known hallmark. Bush, the invader of Afghanistan and Iraq on the basis of lies and deception, thunders at Russia for coming to the defense of its peacekeepers and Russian citizens in South Ossetia.”