The New World Order

A quote from Tom Friedman's latest column:

“The next round of capital that comes in from abroad is going to be much more demanding and move into real assets,” argued Jeffrey Garten, professor of trade and finance at the Yale School of Management. “Being a bigger debtor nation means losing even more of our sovereignty. It means conducting our economic policies with an eye toward whether others approve. It means bearing the advice and criticism that we have dispensed ad nauseam to other countries for over half a century. It means far more intensive consultations with other capitals on our fiscal policies and our monetary policies.

Welcome to the Twenty first Century. Friedman follows this up with the observation, almost certainly true:

Of course, neither Barack Obama nor John McCain dare talk about this now. They want to pretend nothing has really changed. The minute one of them steps into the Oval Office, they will tell us otherwise. That will be the January surprise.