American world power: Links & comments 8/1/14

A chessboard drenched in blood by Pepe Escobar for the Asia Times.

Parsing the East Asia Powder Keg by Conn M. Hallinan on Dispatches from the Edge.  Hat tip to Bill Harvey.

Early in his administration, President Barack Obama was awarded the Nobel Peace Prize, in the hope and expectation that he would pursue a less belligerent foreign policy than President George W. Bush.  I wonder what the Nobel committee is thinking as the Obama administration drifts toward war not only with Russia, but with China.

One of President Obama’s saving graces is that he has been known to pull back from disastrous decisions before it is too late, as in intervention in Syria.  I hope he will pull back from his present course before it is too late.

Orban Says He Seeks to End Liberal Democracy in Hungary by Zoltan Simon for Bloomberg News.

Viktor Orban, the Prime Minister of Hungary says he wants to Hungary to become an illiberal, nationalist state like Russia, Turkey or China.  I don’t know enough about Hungary to know how seriously to take this statement, but I think it is a straw in the wind.

The viability of democracy was severely tested during the Great Depression, and many people looked to Nazi Germany and Fascist Italy as viable alternatives.  If Russia and China weather the current economic crisis better than the USA does, much of the world will, unfortunately, find their form of authoritarianism appealing.

The Vulture: Chewing Argentina’s Living Corpse by Greg Palast.

Clintonians Join Vulture Fund Over Argentina by Conn M. Hallinan for TruthDig.  Hat tip to Bill Harvey.

A U.S. judge overruled a deal made by the government of Argentina with a majority of its creditors to make a partial payment on its debt and avoid national bankruptcy.  All debtors have to be paid in full, the judge ruled.

The reason a U.S. judge has jurisdiction is that the payments by Argentina to its bondholders go through U.S. banks.  I think a consequence of this decision will be that foreign governments avoid U.S. banks whenever possible.

American soft power rests on the fact that the USA is at the center of a lot of things, from the world financial system to the Internet.  But if our government and our corporations abuse this power, it is within the power of the rest of the world to create new systems that bypass the USA.

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