"The Europeans have always had a bone to pick with the United...

"The Europeans have always had a bone to pick with the United States. Remember that."

Everyone always has a bone to pick with the US, especially the Taliban (sorry for being honest here).

"It is also remarkable that throughout the course of history, the U.S.A has shown the world that quintessentially and uniquely American resilience when staring into the abyss."

Well hopefully the country did manage with all that debt creation.

"Comments like these from the German were made in the 1930s and also in the 1980s. They were wrong on both counts."

Ask anyone last year if they thought the five invincibles (Bear, Lehman, Merrill, Goldman, Morgan) would dissapear and they'd laugh at you too.

"Speaking of which, the contention that this financial crisis will defeat the perennial superpower does not really hold water given the U.S.A bounced back stronger than ever from the Great Depression."

Not denying it won't bounce back, it just won't be a very good bounce and owning US assets will be a very unattractive option for investors going forward, I for one will never have a US stock/ETF in my portfolio.

"Besides, who would become the next economic superpower? London's financial market is too small. Shanghai has an immature financial market despite the size of its broader economy. Russia is grossly mismanaged. Any suggestions?"

A country growing at 10%pa won't be the fourth-biggest forever and Russia has learnt its lessons seemingly from the debt crisis, and mismanged in what sense, look at the US, who's the one that needs a $1 trillion bailout?

Russia recently took the right steps to reliquify its banks and RTS Index surged 30% in like two days, thats unheard of.