US stocks fell by 7 per cent and more than $US1 trillion in value was destroyed as investors despaired. It was one of the biggest one-day falls on Wall Street..."The era of American global leadership, reaching back to the Second World War, is over."
The conservative American commentator (British political philosopher John Gray), one-time adviser to Ronald Reagan and former presidential candidate Pat Buchanan agreed. Comparing the crisis to a devastating hurricane, he said it was "a Katrina-like failure of government, of our political class, and of democracy itself. The party's over. What we are witnessing today is how empires end."
From the SMH
It may be a little exaggerated, I'm sure. But I wonder if some turbulent times are coming for the West in general in the next 5 -10 years.