A quote from Spengler at The Asia Times, 25 February 2008

Be afraid – be very afraid. America is at a low point in its fortunes, and feeling sorry for itself. When Barack [Obama] utters the word “hope”, they instead hear, “handout”. A cynic might translate the national motto, E pluribus unum, as “something for nothing”. Now that the stock market and the housing market have failed to give Americans something for nothing, they want something for nothing from the government. The trouble is that he who gets something for nothing will earn every penny of it, twice over.

The George W Bush administration has squandered a great strategic advantage in a sorry lampoon of nation-building in the Muslim world, and has made enemies out of countries that might have been friendly rivals, notably Russia. Americans question the premise of America’s standing as a global superpower, and of the promise of upward mobility and wealth-creation. If elected, Barack Obama will do his utmost to destroy the dual premises of America’s standing. It might take the country another generation to recover.