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US losing superpower status due to global financial crisis: British historian

Posted: 2008-10-16
From: MNN
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The ongoing crisis of the international financial markets will strongly weaken the US superpower status, while the importance of emerging Asian nations will be massively boosted, British historian Paul Kennedy told the online site of the weekly Die Zeit newspaper.

Once today's crisis is over in three or four years, one will see that China, India and the rest of Asia will assume a much stronger position in the International Monetary Fund (IMF) and in coordination talks with central bankers and so on, Kennedy was quoted as saying according to the German-language translation of the interview.

Kennedy predicted that many up-and-coming American companies would also encounter future problems to have their projects financed.

If there is a lasting problem to borrow money or to secure investments through insurance deals, these promising firms will dry out financially, the scholar said.

As a result, pension funds and private investors would prefer to invest their money in Asia than in American companies, he added.

Kennedy is currently lecturing at Yale University in the US and the London School of Economics. --IRNA
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