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(Fox News) - There have been predictions that the current economic crisis signals the coming end of American global dominance economically. However one Harvard University economist says the crisis may in fact give the United States new financial authority. Ricardo Hausmann writes in the Financial Times, "The U.S. has become the only remaining super-borrower, able to issue thousands of billions of dollars in debt at record low rates while the dollar strengthens."

"The Dow Jones is down by almost 40 percent so far this year but this makes it pretty much the best performing stock market in the world."

"Unfriendly states such as Russia, Iran and Venezuela are suffering from a dual collapse in the price of their oil exports and the value of their sovereign bonds" while many other nations have "essentially lost access to external finance."