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Todd proposes that, if anything, the rest of the world is becoming LESS dependent on the United States, at the very time that the US is discovering that it is immensely dependent on the rest of the world. For example, you correctly identify that the US is not really producing anything anymore, at least not when compared with the other industrialized powers of the world (hence our huge trade deficits). The only thing that is really keeping us going is our massive consumption, which is financed by our hoarding of most investment capital (largely generated by Europe and Japan) under the auspices of the IMF and World Bank.
This puts the United States in a very precarious position, economically-speaking. Of course, this position has been made even more untenable by the actions of the Bush administration, because it requires the tacit cooperation of our European and Japanese creditors to continue. Where Clinton at least tried to cultivate and maintain good relations, Bush has given them a proverbial stick-in-the-eye.
Now, if the US economy were to collapse, it would certainly send shock waves throughout the world. The world's biggest consumer would be taken out of the equation. However, a large sum of investment capital that had previously been hogged by America to fund our wasteful consumption would then be freed up to devote to the "developing" world. Despite the short-term pain involved, this could possibly end up in a significant net positive once the dust settles.
Todd also presents Russia as the wild card in all of this. Brzezinski advocated the isolation and dismantling of Russia. However, US officials went about that effort quite lazily, adopting the "path of least resistance" model that has come to be a recent hallmark of US foreign policy. While Russia's future is still uncertain, there are signs that it is starting to come out of its painful transition following the fall of communism. It is essentially a self-supporting nation, resource wise. It is free to ignore the dictates of the IMF and World Bank, as it maintains a net trade surplus. It is also much closer to Europe in location, culture, and universalist attitude -- as opposed to the increasingly exclusionist United States.
In his book, Todd cites a quote from Russian President Vladmir Putin that is rather telling in revealing not only Russia's designs, but its international savvy: "No one doubts the great value of European relations with the United States. But I think that Europe would consolidate its reputation as a truly independent global force... if it associated its capacities with those of Russia -- with its human, territorial, and natural resources and the economic, cultural and defense potential of Russia."
Todd further theorizes that Russia's current position of relative economic and military weakness might actually be its greatest strength. Because it is weak, it is not susceptible to designs of global domination, and proposes Europe with a much greater spirit of partnership than is offered by the United States. Of course, Todd offers all this forth with the caveat that Russia's future is quite uncertain, and it could most definitely take a turn for the worse. However, the way in which it allowed the former republics like Ukraine, Belarus, the Central Asian states, etc. to drift away peacefully makes it more likely for them to eventually drift back into the Russian fold. Equally important is the way that its political system is becoming more independant, and is demonstrating signs of liberalization while retaining a distinctively Russian communitarian quality that long predates the rise of Bolshevism.
Another area in which Todd's detachment from the United States, I believe, benefits him, is the way in which he parallels the rise of militaristic glory within the United States as it weakens to a similar phenomenon in the Soviet Union during the 1970's. Essentially, as American economic and political institutions weaken, officials turn toward military glory as a rallying force to blind the populace and themselves to the crumbling facade of all other elements of American society and culture. This actually serves, I believe, to help unify many of the observations of Kevin Phillips and Chalmers Johnson which, while quite astute, were lacking in a unifying theme between a declining economy and creep of militarism.
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