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A worldwide financial collapse a global health crisis -- was surprised are rogue nuclear state.
If -- worst happened we're the world turn for leadership the US Europe Japan.
Author -- Bremer warns the world is facing a leadership vacuum.
His new book is called every nation for itself winners and losers in a G zero world.
In Burma joins that Syria gonna be with -- -- -- the book is actually gripping that was -- tell the viewers at the end that it's not all not all hopeless OK but let me start from the we should read from my party but -- -- for the first time in seven decades we live in a world without global leadership.
What do you mean by that.
Well I mean that the United States whether or not you are a decline this straight it's very clear that the US isn't going to bail out Europe.
We're not going to remove aside from power in Syria we're not gonna lead a new global trade deal.
But neither is anyone else and in for decades we had a world where the United States and its allies with our capital and our values.
We were leading include the world's lender of last resort.
We were the world's policeman that world order is gone and we have to adapt to that.
What happened Naomi wit it used to be that we were the world leader ever when did look for us that we could accomplish those things that we could get the allies together collectively do this.
But -- happen.
-- couple quick things happened the first is that in the last thirty years the underlying balance of power.
Shifted away from the US and its allies so US towards China develop towards developing.
Debtor states like the US towards creditor states.
Another thing that happened is that the United States a lot of America's population.
They didn't benefit as much from globalization.
-- they're not getting the job so why should they support these sorts of policies.
How many people want to keep troops in Afghanistan or Iraq today.
How many people are prepared to support the kind of expenditures on places like Europe or Japan that we did after World War II.
It is a constituency not there because we simply can't afford it I mean that we are drowning in debt we are fortunate to China they've got their foot on our economic throughout imminent is -- Mean the American interest and sort of be in this of the global hero for -- in some ways because we simply can't afford it on the appetite for.
Well we certainly don't have the appetite for whether or not we could afford -- in the near term we could afford to fix K through twelve education if that was our priority and we -- politically that's what we wanted to do.
We're not in that position.
I think the real question is.
In this environment where it is so much more risk and volatility.
A lot of people that put money into the United States I -- in fact the US dollar as reserve currency is frankly somewhat stronger today that it was at the beginning of the 2008 financial crisis.
That's not something we should take any comfort in over the long term because.
It we we have to use this opportunity to invest in what happens after that -- here.
But hagel and I have always say curious how -- countries it is like China's -- -- -- -- to invest in us by our -- we -- we have with better credit downgraded last last -- July -- August.
And and we -- so much we keep having to borrow more we keep raising the debt ceiling -- -- we have historically -- -- -- in some -- it when -- a lot of -- become a little bit.
Weaker it's true we have become -- in that regard but we also have what I would call the safe haven curse.
Right and in the near term.
It there's no urgency the United States is on -- it's not Italy more people will continue to plow money into the US that'll make us feel like we don't need to take these steps.
We have more rope to hang ourselves with in -- G zero world.
But it and -- it's not gonna last forever.
When did this happen anyway I went to transition from when we we were asserted that the strong leaders never looked to us -- able to -- -- said grand sort of world that attention to us tonight and power.
When -- was suddenly just become part of she's your world.
Well it's been coming for some thirty years it's been coming as the emerging markets got stronger as the Americans got deeper and deeper in debt.
But you needed a shock something happy that you that suddenly would change that international system claps the Soviet Union wasn't big enough.
9/11 wasn't big enough.
The 2008 financial crisis was big enough and right after that we had the birth of the G zero order that would disorder what do you want a free trade a good idea in -- set for the fund that states -- not.
Free trades a great idea -- the United States but we are done with US led global architecture and instead we're -- either have the US led institutions that aren't globe.
Or global institutions that aren't -- -- one thing we should watch.
At this G-8 summit in Camp David is whether the United States with its allies will start creating support for new free trade agreements that -- global.
Because if they're global they'll include countries like China Russia the fundamentally don't share our values and priorities and see where we're not gonna do that.
But instead we can create much deeper free trade agreements with like minded organizations coalitions of the willing can't just be about Iraq and Afghanistan they have to be about trade.
In thanks a great look at -- says Napoli could be and there's hope at the end -- -- -- thank you.