The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
WHEN the Spanish philosopher, Ortega y Gasset, finished his lecture before an American audience at Aspen, Colorado, in 1949, the great German scholar Ernst Robert Curtius pointed to him and said: "There you have the Mediterranean and a country that ruled the world." The remark is worth keeping in mind when one thinks of Spain. I don't mean, of course, that Spain has preserved any of her former power or that she will regain it in the future. But a country which ruled the world--so few did--must have some features that are not likely to vanish into thin air. Such a country cannot be a nonentity; it should not be ranked among others which "statistically" seem similar in population, output, income, manpower or military strength, but have a quite different background and perhaps are newcomers on the historical stage instead of having had major parts in the making of history.