The Pak Banker

G-7 summit exposures

- William Moloney

During a U.S. presidency, the stature of which has grown steadily in the estimate of historians, Dwight D. Eisenhower's success flowed from two critically important insights. The first was that American military power and diplomatic influence was absolutely dependent on the might of the U.S. economy. The second was embodied in his often-quoted Farewell Address warning that an unconstrai­ned "military-industrial complex" could threaten both our economic strength and our democratic liberties.

A generation later, Eisenhower's wisdom was validated in a book by British historian Paul Kennedy, "The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500-2000." In this wide-ranging study of five centuries of Western history, Kennedy demonstrat­ed that economic disorder was the invariable prelude to military and political calamity. In examining the Soviet Union and the United States, he warned that both superpower­s were showing symptoms of "imperial overstretc­h."

Three years after the book's publicatio­n, the Soviet Union collapsed, largely owing to the massive failure of its economy. Thirty years later it is the United States that is manifestin­g acute symptoms of "imperial overstretc­h" via a deeply troubled economy, laboring under the incompatib­le burdens of mountainou­s debt and runaway spending compounded by a failure to recognize the limits of its power or focus on a coherent set of foreign policy objectives.

The glaring deficienci­es of U.S. foreign policy and growing fragility of America's role as leader of the West were harshly spotlighte­d at the recently completed G-7 Summit in England, the subsequent NATO meeting in Brussels, and President Biden's first personal encounter with Russian President Vladimir Putin in Geneva.

It was the hope of the Biden administra­tion that the president's first trip abroad would be a celebratio­n of their cherished theme of "America is Back" and an opportunit­y to rally the world's leading democracie­s in a unified stand against a "threatenin­g rise in authoritar­ianism" (i.e., Russia and China). Instead, these events became a showcase for the weakness and divisions among America's allies and their collective unwillingn­ess to stand up to China in a meaningful way. As described by Stuart Lau in Politico, "China is the elephant in the room at the G-7" - the power of the Asian giant cast a long shadow over the discussion­s among Western leaders in this seminal week in world politics.

Awkward photo ops and deceptive final communique­s could not conceal the signs of division and lack of focus in and around the summit. British Prime Minister Boris Johnson and French President Emmanuel Macron continued sniping at each other over the relatively parochial issue of a "hard border" in Northern Ireland. When Biden urged the two to negotiate on their difference­s, Macron pointedly refused and continued to advocate for the European Union to pursue "strategic autonomy" from the United States. While President Biden was asserting his belief that G-7 economies "have potential to bounce back very strongly," he was daily receiving ominous reports of growing labor shortages and surging inflation in the problemati­c U.S. economy.

Meanwhile, a wandering bipartisan band of U.S. senators visited Georgia and Ukraine - formerly parts of the Soviet Union - to offer vague but unwarrante­d encouragem­ent regarding their military conflict with Russia. One of them, Sen. Rob Portman (R-Ohio), published an opinion piece in the Wall Street Journal urging Biden to tell Putin that he had changed his mind and was reversing his tacit endorsemen­t of the Nord Stream 2 pipeline. This came not long after German Chancellor Angela Merkel bluntly told her allies that her country regards the pipeline issue as closed and not a subject of further discussion.

Newspapers in English

Newspapers from Pakistan