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"The Reckoning: Debt, Democracy, and the Future of American Power" On March 26, 2012 author and columnist Michael Moran warned that the global financial crisis has weakened the United States’ economic standing globally, which called into question its economic model and global dominance. Mr. Moran argued that the US and its allies must adapt to the new global environment if they are to successfully navigate these transitions and must avoid pitfalls the pitfalls of clinging to the outmoded power structure of the 20th century.