hurra usa no longer economic superpower

THE United States will cease to be the economic "superpower" because of the financial crisis, and Wall Street and the world "will never be the same again," Germany's finance minister says.

"The long term consequences of the crisis are not yet clear. But one thing seems likely to me: the USA will lose its superpower status in the global financial system. The world financial system is becoming multipolar," Peer Steinbrueck said in a speech to parliament.

"Wall Street will never be the same again. A few days ago there were two Mohicans left remaining out of the investment banks. Now they no longer exist," Mr Steinbrueck said, referring to the change in status of Goldman Sachs and Morgan Stanley into bank holding companies.

"The world will never be the same as it was before the crisis. The whole world over we must adjust ourselves to lower rates of growth and - with a time lag - unfavourable developments on labour markets," the centre-left minister said.

He added that what was needed is "stronger international regulation